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Reuters
16 minutes ago
- Reuters
US and EU clinch trade deal to avert prohibitive US tariffs, Trump says
TURNBERRY, Scotland, July 27 (Reuters) - The United States has struck a framework trade deal with Europe, U.S. President Donald Trump announced on Sunday, averting a spiralling row between two allies who account for almost a third of global trade. The deal, that includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment, will bring welcome clarity for EU companies. However, the baseline tariff of 15% will be seen by many in Europe as a poor outcome compared to the initial European ambition of a zero-for-zero tariff deal, although it is better than the threatened 30% rate. The announcement came after European Commission President Ursula von der Leyen travelled to Scotland for talks with U.S. President Donald Trump to push a hard-fought deal over the line. Trump, who is seeking to reorder the global economy and reduce decades-old U.S. trade deficits, 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." Trump has periodically railed against the European Union saying it was "formed to screw the United States" on trade. His main bugbear is the U.S. merchandise trade deficit with the EU, which in 2024 reached $235 billion, according to U.S. Census Bureau data. The EU points to the U.S. surplus in services, which it says partially redresses the balance.
Reuters
17 minutes ago
- Reuters
Trump says US is close to reaching a trade deal with China
TURNBERRY, Scotland, July 27 (Reuters) - U.S. President Donald Trump said on Sunday his administration was close to reaching a trade deal with China, but gave no other details. "We're very close to a deal with China. We really sort of made a deal with China, but we'll see how that goes," Trump told reporters at the start of a meeting with European Commission President Ursula von der Leyen in Scotland.
BBC News
17 minutes ago
- BBC News
US and EU strike trade deal on tariffs after 'tough negotiations'
Update: Date: 18:37 BST Title: US-EU strike trade deal Content: US President Donald Trump has struck a trade deal with the European Union following meetings with the President of the European Commission Ursula von der Leyen. Stay with us as we bring you the details. Update: Date: 18:23 BST Title: Why are the US-EU trade ties so important? Content: Goods and services exchanged between the United States and European Union forms one of the world's largest trade relationships. They are each other's largest trade and investment partners. Total trade in goods between the EU and US totalled an estimated $975.9bn (£751.4bn) in 2024. Together, they account for almost a third of global trade in goods and services. Last year the US imported about $606bn (£451bn) in goods from the EU and exported around $370bn (£276bn). That imbalance, or trade deficit, is a sticking point for Donald Trump. He says trade relationships like this mean the US is "losing". Update: Date: 18:12 BST Title: Trump and EU chief enter crunch meeting Content: Thomas MackintoshLive reporter Welcome to our live coverage of crunch trade talks between the United States and European Union. "It is a beautiful Sunday in Scotland," Donald Trump said as he started a wide-ranging news conference inside the ballroom of his Turnberry golf resort in Scotland. Against the backdrop of the green fairways and bunkers, Trump sat next to European Commission President Ursula von der Leyen and said he "was not in a good mood". Although the US president didn't elaborate on why his spirits were low, he said there was a "50:50" chance the pair would strike a trade deal, explaining "we have three or four sticking points". "The EU has to be open to American products," Trump said at one point, while Von der Leyen added any deal would be about "fairness and rebalancing". The pair have now gone into a private meeting. Stay with us as we bring you the latest.
