U.S. and EU avert trade war with 15% tariff deal
Reuters · Just In
Reuters
Just In
The U.S. struck a framework trade agreement with the European Union on Sunday (July 27), imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade.
Breakdown
- U.S. and EU agree to a 15% tariff on most EU goods, reducing the risk of a trade war. 5s
- The deal includes EU commitments to purchase $750 billion in U.S. energy and large arms orders. 1m 2s
- Trump retains the option to raise tariffs if EU investment commitments are not met. 1m 12s
- Some sectors, like steel and aluminum, will still face higher tariffs, while others are exempt. 1m 58s
- Economists suggest the deal may have a greater negative impact on Europe than the U.S. 2m 51s
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Global Tariffs
Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.