U.S., EU seal last-minute trade deal to avert tariff showdown

The United States and the European Union have struck a significant trade agreement, narrowly avoiding a tariff escalation that threatened to strain transatlantic relations.

The deal was finalized on Sunday at President Donald Trump’s Turnberry golf resort in Scotland, following a high-level meeting with European Commission President Ursula von der Leyen.

According to the terms, most EU exports to the U.S. will now face a 15% tariff, half the previously proposed 30% set to take effect on August 1.

The agreement also includes commitments for the EU to inject hundreds of billions of dollars into American industries, a move hailed by Trump as “a historic win for American workers.”

“This is a tremendous step forward,” Trump said. “We are ensuring fairer trade and creating jobs for Americans.”

The deal follows closely on the heels of a similar trade pact between the U.S. and Japan, which also established a 15% tariff baseline, indicating a consistent and assertive trade stance from the U.S. administration.

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While specific sectoral impacts are still to be clarified, insiders suggest that the auto, steel, and agricultural industries will be among the most affected under the new terms.

More to come.