1st LD: U.S., EU reach trade deal: Trump, EU chief
The announcement was made at a joint press briefing Sunday afternoon following trade talks at the Trump Turnberry in South Ayrshire, Scotland.
Pharmaceuticals were excluded from the agreement, while existing 50 percent tariffs on EU steel and aluminium exports to the United States will remain in place.
Although both leaders described the deal as a step toward restoring "trade balance" and promoting more equitable two-way commerce, the agreement allows the United States to impose a broad 15 percent tariff on EU goods while securing zero-tariff access for a range of strategic American exports. In contrast, the EU has pledged to purchase 750 billion U.S. dollars' worth of American energy and commit an additional 600 billion U.S. dollars in investments in the United States.
At the press briefing, Trump claimed the agreement would enable American cars to re-enter the European market and make U.S. agricultural exports more accessible in the EU.
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