US, EU Strike Major Tariff and Trade Deal

The United States and the European Union reached a major trade agreement after last-minute talks in Scotland, imposing a 15% U.S. tariff on most EU goods and averting a threatened 30% tariff. The deal includes the EU's commitment to purchase $750 billion in U.S. energy and invest $600 billion in the U.S. economy. Both President Trump and European Commission President Ursula von der Leyen described it as the 'biggest deal ever made.' The agreement brings relief to global markets and mirrors recent U.S. deals with Japan and other countries that also accepted higher tariffs and increased U.S. investments. Commerce Secretary Howard Lutnick confirmed the August 1 tariff deadline was firm, pressuring trading partners to reach agreements. The EU had sought a tariff-free arrangement but accepted the 15% rate to maintain transatlantic trade stability.