CNN’s Jeff Zeleny breaks down how President Donald Trump’s latest deal with the European Union could reshape global trade.

Edinburgh

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

President Trump and European Commission President Ursula von der Leyen have reached a new trade agreement, establishing a 15% across-the-board tariff between the United States and the European Union. The agreement, announced after a brief meeting, comes after months of negotiations and follows earlier threats from the US of significantly higher tariffs. 

The deal is intended to signal to other countries the importance of negotiating trade terms and aligns with recent agreements made with Japan and the UK. While the tariff is higher than previous rates, it is lower than what was previously threatened, and is expected to provide greater certainty for businesses and financial markets.

Analysis: What Trump hopes to signal with EU trade deal

You're known as a tough negotiator. If we are successful, I think it would be the biggest deal each of us has ever struck. A transatlantic trade war was averted. Surprisingly, President Trump and the head of the European Commission, Ursula von der Leyen, announced a deal on Sunday afternoon, after meeting for just an hour, to reach a tariff agreement with the European Union for a 15% across-the-board tariff. Now, this came as a bit of surprise, but it was actually months in the making. Now, this is the biggest example yet, the biggest trade deal yet, of President Trump's effort to effectively rework the global trading order. Now, he threatened in May a 50% tariff on the EU. A couple weeks ago, he threatened a 30% tariff. That was helpful, I'm told, in bringing the European Union to the bargaining table of agreeing to a 15% level of tariffs. Now, that is higher than they're paying now, but lower than the threat. What this does, at least the Trump administration hopes, is send a signal to other countries that have yet to make a deal, that it's time for them to negotiate. Now, this 15% deal sort of falls in line with Japan, which recently reached a 15% deal, the UK, which signed a 10% deal. So, the bottom line to all of this is, yes, consumers may have to pay a bit more, but there's more certainty in the businesses and certainly in the financial markets when they open on Monday.

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Analysis: What Trump hopes to signal with EU trade deal

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