Trump announces trade deal with European Union

WAM
28 Jul 2025, 01:27 GMT+10

WASHINGTON, 27th July, 2025 (WAM) -- US President Donald Trump has announced a trade agreement between the United States and the European Union that includes a 15 percent tariff on most imports from EU countries.

Speaking during a meeting with European Commission President Ursula von der Leyen in Scotland, Trump said the agreement followed intensive negotiations and aims to reduce the US trade deficit and establish a more balanced economic relationship between the two sides.

He noted that the US trade deficit with the EU reached US$235.6 billion in 2024.

The president revealed that pharmaceutical products would be exempt from the new tariffs, along with limited exclusions for aircraft and medical equipment.

Trump added that the tariff rate, initially expected to reach 30 percent, was reduced to 15 percent under the new agreement, which is set to take effect in August.

Von der Leyen expressed the EU's satisfaction with the agreement, describing it as a balanced outcome for both parties.

She also stated the EU's intention to increase purchases of US military equipment as part of the bilateral understanding, while remaining prepared to introduce precautionary trade measures if necessary.

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