U.S. President Donald Trump and European Commission President Ursula von der Leyen claimed Sunday that they had reached a trade deal under which the United States would impose a baseline tariff of 15 percent on European Union (EU) goods.
The announcement was made at a joint press briefing Sunday afternoon following trade talks at the Trump Turnberry in South Ayrshire, Scotland.
Pharmaceuticals were excluded from the agreement, while existing 50 percent tariffs on EU steel and aluminium exports to the United States will remain in place.
Although both leaders described the deal as a step toward restoring "trade balance" and promoting more equitable two-way commerce, the agreement allows the United States to impose a broad 15 percent tariff on EU goods while securing zero-tariff access for a range of strategic American exports. In contrast, the EU has pledged to purchase 750 billion U.S. dollars' worth of American energy, and commit an additional 600 billion U.S. dollars in investments in the United States.
At the press briefing, Trump claimed the agreement would enable American cars to re-enter the European market and make U.S. agricultural exports more accessible in the EU.
Noting that the 15 percent tariff is the ceiling, von der Leyen said the deal delivers stability and predictability to the two sides.
She added that no final decisions had been made regarding the spirits sector, and further details of Sunday's deal are expected to be released in the coming weeks.
U.S. Commerce Secretary Howard Lutnick hailed the deal on social media, stating that President Trump had unlocked one of the biggest economies in the world.
According to Lutnick, the EU will open its 20-trillion-dollar market and adopt U.S. auto and industrial standards for the first time ever.
However, the trade agreement has attracted criticism from some European officials.
Bernd Lange, chair of the European Parliament's Committee on International Trade, criticized the 600 billion dollars in planned additional investments, including increased funding for U.S. military technology, calling such measures contrary to European economic interests.
Describing the proposed framework as "unsatisfactory" and "significantly imbalanced", Lange warned that the deal could weaken the EU's economic development and harm its GDP.
According to estimates by the Kiel Institute for the World Economy (IfW), a 15 percent general tariff, combined with higher tariffs on steel and aluminum, would reduce Germany's GDP by 0.15 percent within one year, equivalent to a loss of 6.5 billion euros, while the overall EU GDP would decline by 0.1 percent.
Finnish Minister of Foreign Trade and Development Ville Tavio expressed similar concerns on Sunday, saying even though the deal may calm the situation, the tariff level remains too high, giving little reason to celebrate.
US, EU reach trade deal: Trump, EU chief
