President Trump struck a deal between the U.S. and the European Union just days before a 30% blanket tariff on European goods was set to go into effect. Kelly O'Grady has details.

Washington

The United States and the European Union have reached a trade agreement just before a planned 30 percent tariff on European goods was set to take effect. The deal introduces a 15 percent import tax on most EU goods entering the U.S., including pharmaceuticals and automobiles, while exempting certain sectors such as aerospace. Steel and aluminum tariffs remain at 50 percent, with further details yet to be finalized.

Additionally, the agreement includes a commitment from the EU to purchase $750 billion in U.S. energy and invest $600 billion in the U.S., primarily through private companies. While some American firms will benefit from easier access to EU markets, the high tariffs on certain goods are expected to lead to price increases for consumers. The deal coincides with a week of significant economic data releases and Federal Reserve meetings, which are not expected to result in immediate interest rate changes.

What's in Trump's trade deal with the EU?

We begin tonight with a deal between the U.S. and the European Union. Just days before, a 30 percent blanket tariff on European goods was set to go into effect. The deal brings some relief for the 27 EU countries ahead of Friday's tariff deadline. It's big news at the start of what is likely to be a week full of big economic news. Money Watch correspondent Kelly O'Grady joins me now for all of it. Kelly, let's start with this deal. What's in it? Who wins? Who loses? Well, the first look at this is the tariff side and the investment side. So let's start with the tariff side. There is a 15 percent import tax on most goods coming from the EU into the U.S. So that's going to be pharmaceuticals, automobiles. Then there's a portion of industries that are going to face no tariff. And a notable one is aerospace. So that's really good news for Boeing and Airbus. And then there's a bunch of details, as there always are, to be worked out. And that includes what's going to happen to the steel and aluminum 50 percent tariff. I also mentioned investment. So the EU is going to buy $750 billion worth of U.S. energy, and they're also going to invest $600 billion into the U.S. Now, they can't really mandate that at the country level, so that's likely going to be private companies investing. But net net, lots of EU money flowing into the U.S. Some American companies can sell more easily into the EU. But that 50 percent tariff, it's going to be hard for that to be absorbed by you and me when we go buy goods. Which means prices are likely to go up. Right. Thanks. My next question, which is the Fed, is meeting this week. What do you expect from them this week? And then any other thing you want to mention about the Fed? So no interest rate change this week. That is sort of a near certainty. What I'm really looking for, though, is how Powell is looking at rate cuts for the rest of the year, as well as how they're going to react to the big economic data you mentioned this week. What is that data that's coming? It is the Olympics when it comes to the economics. I hope you've been training. I certainly have. Tuesday, we've got home prices, consumer confidence. Wednesday, second quarter GDP and that interest rate decision. Thursday, the Fed's preferred gauge on inflation. And then Friday, we've got the jobs report, as well as those tariffs taking effect. On top of all of that, we have big tech earnings. Apple, Amazon, Microsoft, Meta. So this is going to be a really big week for Wall Street, maybe your 401k, and definitely for how the Fed is looking at interest rate cuts for the year. And a big week for economic analysis. So we will see you again, Hillary Grady. Thank you.

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Zaporizhzhia

Ukraine Invasion

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U.S. Justice Dept. shuts down four child abuse websites

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Jerusalem

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Denver

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Edinburgh

Global Tariffs

Trump announces trade agreement with the European Union

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Tel Aviv-Yafo

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Preah Vihear Province

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Manila

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Glasgow

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Pangasinan

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Breakdown