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Wall Street Journal
an hour ago
- Wall Street Journal
Oil Edges Higher Amid Positive Sentiment
2350 GMT — Oil edges higher amid positive sentiment spurred by President Trump's announcement of a U.S.-EU trade agreement. The deal avoids a damaging trade conflict with the U.S.'s largest trading partner. Meanwhile, the oil market may shift focus to this week's release of the first survey-based estimates for OPEC production in July, Commerzbank Research's Barbara Lambrecht says in a note. 'It will be interesting to see to what extent the five OPEC countries participating in the voluntary cuts have increased their production,' the commodity analyst adds. Front-month WTI crude oil futures are 0.1% higher at $65.25/bbl; front-month Brent crude oil futures are 0.2% higher at $68.55/bbl. (
USA Today
2 hours ago
- USA Today
Trump and EU reach trade deal ahead of looming deadline
The trade deal echoes the arrangement Trump reached with Japan. President Donald Trump announced July 27 the United States had reached a trade deal with the European Union, days ahead of a self-imposed Aug. 1 deadline. Trump met with the European Commission's president, Ursula von der Leyen, during his trip to Scotland over the weekend, where the pair discussed terms and came to an agreement. The deal includes a 15% tariff on most European exports to the United States, similar to agreements struck recently between Trump and other major trading partners, including Japan. The levy is higher than the 10% rate sought by Europeans but a reduction from the 30% Trump threatened to impose earlier in July. The agreement also includes $600 billion in EU investments in the U.S., and the purchase of $750 billion worth of U.S. energy. "I think we both wanted to make a deal,' Trump said. "I think it's going to be great for both.' The 15% tariff will be applied 'across the board,' for items including cars, but steel and aluminum will remain at 50%. "We have a trade deal between the two largest economies in the world, and it's a big deal,' von der Leyen said. 'It's a huge deal. It will bring stability. It will bring predictability.' The president has repeatedly criticized the European Union, saying it was "formed to screw the United States" on trade. The U.S. trade deficit with the EU reached $235 billion in 2024, according to U.S. Census Bureau data. Heading into the weekend meeting, he called the relationship between the EU and the United States "very unfair" and said he thought officials had a "50/50 chance" of striking a deal. After an agreement was announced, von der Leyen said the deal would "rebalance" relations, despite European leaders long claiming there was not an unfair trade balance. German Chancellor Friedrich Merz said the agreement averted a trade conflict that threatened a 27.5% tariff on cars. "This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy hard,' Merz said. Italy's Prime Minister Giorgia Meloni called it a 'positive' trade deal. Ireland's Trade Minister Simon Harris said the tariff provides certainty in trade that 'is essential for jobs, growth and investment.' "A deal provides a measure of much needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world,' Harris said. Trump is seeking to reorder the global economy and reduce decades-old U.S. trade deficits. He has so far reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of "90 deals in 90 days." The EU deal echoes the deal reached with Japan. Despite the recent deals, Commerce Secretary Howard Lutnick said the administration will continue to pursue aggressive tariffs around the world, including potential duties on critical semiconductors in the near future. Contributing: USA TODAY, Reuters
Axios
7 hours ago
- Axios
U.S. reaches trade agreement with Europe with 15% tariff
President Trump said on Sunday that the U.S. reached a trade agreement with the European Union that would impose a 15% tariff rate on its goods. Why it matters: Europe is the latest major partner to accept significantly higher tariffs to stave off worsening trade fights with Trump. Details: Trump announced the deal alongside European Commission president Ursula von der Leyen during a trip to Scotland. Trump said the EU agreed to buy more than $750 billion worth of U.S. energy, as well as invest $600 billion on top of the bloc's existing commitments in America. Trump said that the EU would also purchase military equipment as well as open its markets for U.S. manufacturers. What they're saying: "I think it's the biggest deal ever made," Trump said on Sunday. "It will bring stability, it will bring predictability," von der Leyen said, calling it a "huge deal." Catch up quick: The EU pact comes after one struck with Japan earlier this week. That deal imposed 15% tariffs on U.S.-bound imports, but also included a massive investment mechanism that has come under scrutiny. The big picture: Europe's economy was reeling before Trump took office. Still, White House trade policy has targeted its most dominant sectors, including auto manufacturing. German carmakers — Mercedes, BMW and Audi — have been subject to a 25% tariff rate since April, while other goods faced a blanket 10% tariff. By the numbers: As a bloc, the EU is America's top trading partner, with more than $600 billion worth of goods imported from European nations last year. The U.S. exported slightly more than half of that sum, with $370 billion worth of goods sent to Europe in 2024. That trade deficit has been one source of Trump's frustration with Europe since taking office. The bottom line: Some of the world's largest economies will adjust to far higher tariff rates than initially thought, with huge implications for global economic growth and inflation.
