Trump and EU strike deal for 15 per cent tariffs on most goods, avoiding trade war
Article content
The sweeping announcement came after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland. Their private sit-down culminated months of bargaining, with the White House deadline Friday nearing for imposing punishing tariffs on the EU's 27-member countries.
Article content
Article content
'It was a very interesting negotiation. I think it's going to be great for both parties,' Trump said. The agreement, he said, was 'a good deal for everybody' and 'a giant deal with lots of countries.'
Article content
Article content
As with other recent tariff agreements that Trump announced with countries including Japan and the United Kingdom, some major details remain pending in this one.
Article content
Trump said the EU had agreed to buy some $750 billion worth of U.S. energy and invest $600 billion more than it already is in America — as well as make a major military equipment purchase. He said tariffs 'for automobiles and everything else will be a straight across tariff of 15 per cent' and meant that U.S. exporters 'have the opening up of all of the European countries.'
Article content
Von der Leyen said the 15 per cent tariffs were 'across the board, all inclusive' and that 'indeed, basically the European market is open.'
Article content
Article content
Article content
At a later news conference away from Turnberry, she said that the $750 billion in additional U.S. energy purchases was actually over the next three years — and would help ease the dependence on natural gas from Russia among the bloc's countries.
Article content
'When the European Union and the United States work together as partners, the benefits are tangible,' Von der Leyen said, noting that the agreement 'stabilized on a single, 15 per cent tariff rate for the vast majority of EU exports,' including cars, semiconductors and pharmaceuticals.
Article content
'15 per cent is a clear ceiling,' she said.
Article content
But von der Leyen also clarified that such a rate wouldn't apply to everything, saying that both sides agreed on 'zero for zero tariffs on a number of strategic products,' like all aircraft and component parts, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources and critical raw materials.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
an hour ago
- CTV News
After months of uncertainty U.S. and EU reach trade deal
Watch The U.S. and the European Union have reached a trade deal that imposes a 15% tariff on most EU exports to the U.S.
The Province
2 hours ago
- The Province
How Trump could complicate Canada's 2026 World Cup hosting plans
'No one wants to go to the World Cup to watch some soccer games and then end up in jail,' says professor of sports economy Published Jul 27, 2025 • Last updated 7 hours ago • 5 minute read U.S. President Donald Trump celebrates with members of Chelsea FC after they won the FIFA Club World Cup in July. U.S. immigration policy under Trump is raising concern about travel, safety and cross-border cooperation for the co-hosted 2026 FIFA World Cup. Photo by David Ramos / Getty Images With less than a year to go until the 2026 World Cup, political tensions and U.S. policy threaten to pose problems as Canada, the United States and Mexico prepare to co-host the tournament. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Next year's FIFA World Cup will be the biggest ever, with the three countries hosting a record 48 teams. Between June 11 and July 19, they will play 104 matches, most of them in the U.S. With millions of fans expected to cross borders to attend the games, U.S. President Donald Trump's harsh immigration policies — which include travel bans on some countries, immigration raids and mass deportations — are generating anxiety. 'This is all being driven by the United States. And we're entirely the guilty party here,' said Victor Matheson, a professor at College of Holy Cross in Massachusetts who specializes in sports economics. 'You could have significant immigration problems with fans and players going across borders.' This advertisement has not loaded yet, but your article continues below. The U.S. has travel bans in place for 12 countries and restrictions in place for seven, and is considering banning travellers from another 36 countries. Though there are exemptions for athletes, staff and families, the unpredictability of Trump's administration means no one knows for certain what kind of rules might be in place by the time the tournament starts. No one wants to go to the World Cup to watch some soccer games and then end up in jail. Economist Andrew Zimbalist, who wrote a book on the economics of hosting the World Cup, said Trump has the ability to make it difficult for people to travel, but it's not clear whether he will actually do so. 'I think probably Trump himself might not have the answers because … he responds very impetuously to changes in his environment,' he said. Concerns about visas or political opposition to Trump might lead some soccer fans to decide not to attend at all, while others opt to attend the games in Canada instead, Zimbalist suggested. But he also pointed out that the quarter, semifinals and final are all taking place in the U.S. Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. A spokesperson for Canadian Heritage said Canada could see a million international visitors during the tournament. 'Given the tri-national nature of the event, it is anticipated that international and domestic travellers will move back and forth between Canada and the United States. The focus will continue to be on the flow of movement, the safety of travellers and the security of the borders,' the spokesperson said. A spokesperson for the Canada Border Services Agency said the agency is working closely with federal government departments, host cities and FIFA 'in the safety and security planning for this international event.' How much do premium Toronto, Vancouver FIFA World Cup tickets cost right now? Here's what we know Matheson said fans — particularly those from countries that have found themselves in Trump's crosshairs — have good reasons to be worried. This advertisement has not loaded yet, but your article continues below. 'I would be very concerned about planning a vacation that has you travelling from Mexico or from Canada into the United States and back. I don't think that you can guarantee that vacation of a lifetime is actually going to be there for you to actually take,' he said. He said it's one thing to be denied entry, another to end up in jail and deported — potentially to a prison in El Salvador. 'No one wants to go to the World Cup to watch some soccer games and then end up in jail,' he said. Trump's moves to impose tariffs on much of the world, including Canada, could also affect the World Cup. Matheson offered the example of someone who makes jerseys for a country's team who would want to ship those jerseys across the border with the team. This advertisement has not loaded yet, but your article continues below. 'Tariffs make that type of inventory management pretty challenging,' he said. Tim Elcombe is a professor at Wilfrid Laurier University whose areas of expertise include sports, politics and international affairs. He said 'there was a sense that having the event in Canada, the United States and Mexico would almost be a bit of a calming of the political waters,' as the cup returned to Western countries. Instead, he said, the 2026 tournament may be even more politically charged than the 2022 World Cup in Qatar. Canada's Alphonso Davies scores on a header during a game against Croatia at the 2022 World Cup in Qatar. Photo by PATRICK T. FALLON/AFP via Getty Images Canada is co-hosting one of world's biggest sporting events with a country whose president has instigated a trade war and threatened annexation. Canadians have cut travel to the U.S. and stopped buying American products — and it's not clear what all of that might mean for the World Cup. This advertisement has not loaded yet, but your article continues below. While Vancouver and Toronto will host some games, 'really this is an American-centric competition,' Elcombe said. 'So how will Canadians feel about this? Will we get behind it? Will it become the event I think they were hoping it would be?' In early July, labour and human rights groups, including Human Rights Watch, wrote to FIFA president Gianni Infantino to say U.S. policies under Trump pose a 'serious threat' to individuals, especially non-citizens. The letter accused FIFA of ignoring 'the clear evidence of the significant deterioration of the rights climate in the United States.' Elcombe said while the United States is likely to take the brunt of scrutiny, Canada is not immune. 'Canada is going to have to be prepared for a very critical eye in terms of focus on some of the issues in Canada from a human rights perspective, because I think they will be exposed,' he said, citing Canada's relationship with Indigenous Peoples as one example. This advertisement has not loaded yet, but your article continues below. MacIntosh Ross, a fellow at the Scott McCain and Leslie McLean Centre for Sport, Business and Health at Saint Mary's University, said Canada should put pressure on the U.S. government 'to make sure that things happen in a safe or as safe a manner as possible.' 'The Canadian organizers and the Canadian government need to be very clear about their expectations for their partners in this World Cup and reiterate them and state them over and over again,' he said. Elcombe noted Infantino, who has 'very much established himself as a friend and supporter of President Trump,' could be a key player in determining how the coming months unfold. U.S. President Donald Trump, left, and FIFA president Gianni Infantino at the 2025 Club World Cup final at MetLife Stadium on July 13, 2025 in East Rutherford, N.J. Photo by Alex Grimm / Getty Images It's difficult to predict what Trump might do, Zimbalist said. If there are political issues in the United States that he wants to distract people from, 'you can see him doing crazier and crazier things internationally to get people's minds off of what's actually happening.' This advertisement has not loaded yet, but your article continues below. But Trump also has shown that he cares about the World Cup and looking good as he hosts the tournament. 'I think he does care about image and he does care about being on the world stage,' Zimbalist said. 'So I can see that being a significant deterrent, actually.' Read More Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here. Vancouver Canucks Vancouver Whitecaps News BC Lions Vancouver Whitecaps
Calgary Herald
2 hours ago
- Calgary Herald
Oil prices caught between a $70 summer and growing surplus fears
Article content (Bloomberg) — Oil traders are grappling with a tension — there's a growing chorus of warnings about the market weakening later this year and into 2026, but for now prices are holding strong near $70 a barrel. Article content France's TotalEnergies SE last week warned the market is facing abundant supply as the OPEC+ group unwinds output curbs, even as slowing global growth weighs on demand. Norway's Equinor ASA said its new Johan Castberg field is operating at full pelt, with a Brazilian offshore asset starting soon, a reminder of additional barrels expected from outside the producer group. Article content Article content Article content Both the International Energy Agency and the US Energy Information Administration earlier this month bolstered their estimates for the surplus they see next year. The two widely-followed forecasters expect supply to eclipse demand by the most since the pandemic, with the IEA's projection at 2 million barrels a day. Article content Article content A surplus that pushes prices lower will help tame inflation, hurt high-cost producers and likely please US President Donald Trump who has called for lower prices since taking office. Article content It's a stark contrast with the here and now, where inventories at key storage hubs remain low, reflected in a bullish market structure that indicates tight supplies. Profits from turning crude into fuels are also far above seasonal norms, underpinning demand for crude. 'One of the issues that has been supporting oil has been the seasonal strength of the summer months,' Francisco Blanch, head of commodities and derivatives research at Bank of America Corp. said in a Bloomberg TV interview. 'Second half of the year the surplus is going to be close to 200 million barrels,' which will ultimately weigh on prices, he added. Article content Article content While most of the IEA's revision of next year's outlook centered on output additions by the Organization of the Petroleum Exporting Countries and its allies, who will meet to discuss output levels in early August, there were also some less obvious drivers. Forecasts for the supply of biofuels, which compete with conventional oil, are about 200,000 barrels a day higher than two months ago in the agency's estimates. Article content The US government now sees global oil supplies about 2.1 million barrels a day higher in the fourth quarter of this year than the first, the biggest increase it has seen over the period since February. The two bodies' forecasts constitute an important element in traders' evaluations of how the market will unfold. Article content For now, signs of robust demand remain. Article content Leading oil trader Vitol Group said last week that jet fuel demand has been steadily climbing, with flight numbers reaching all-time highs. US weekly oil-demand figures are the highest this year. That data has been revised higher in final monthly readings for four of the last five periods where complete figures are available.
