US, EU Finalize Trade Deal With 15% Tariffs

US President Donald Trump and European Commission President Ursula von der Leyen have announced a new US-EU trade framework that includes a 15% tariff on EU goods entering the US, down from a threatened 30%, and major EU commitments of $750 billion in US energy purchases and $600 billion in US investments. The agreement also covers increased European purchases of US military equipment but explicitly excludes pharmaceuticals from the pact. The EU had originally sought zero tariffs, but the deal is seen as preferable to the higher rates that would have started August 1. Some European stakeholders have expressed disappointment at the 15% tariff rate. The agreement still requires approval from all EU member states, with more details to be released. Trump described the deal as aiming for fairness and a reduced US trade deficit.