Trade agreement between the US and the European Union
The US and the European Union have reached a trade deal. Both sides have agreed to impose a 15 percent US tariff on all EU products. The agreement was reached during a meeting in Scotland between US President Donald Trump and European Union President Ursula von der Leyen. Trump threatened to impose a 30 percent tariff on Friday.
However, the two partners have reached an agreement to halve it. Trump has said the 27-member European Union will open its markets to American exporters with zero tariffs on some products.The European Union’s president also praised the deal, saying it would bring stability to the two allies.
President Trump has imposed tariffs on major U.S. partners to reduce the U.S. trade deficit. In addition to the European Union, he has also signed trade deals with the UK, Japan, Indonesia, the Philippines, and Vietnam. However, Trump has not achieved his goal of ’90 deals in 90 days’.
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