The trade deal, announced Sunday, sets tariffs at 15 percent for European goods, including automobiles.
The agreement is lower than the 30 percent tariff Trump had threatened to impose on the EU, which would have begun on Aug. 1, and avoids a trade war with the U.S.’s largest trading partner.
Trump and Ursula von der Leyen both touted the enormity of the deal they had agreed to during a meeting at the president’s golf course in Turnberry, Scotland.
“I think it’s the biggest deal ever made,” Trump said.
“We have a trade deal between the two largest economies in the world. It’s a big deal, it’s a huge deal, it will bring stability, it will be predictability,” von der Leyen said. “It’s a good deal, it’s a tough deal.”
When asked about concessions the U.S. made to reach the deal, von der Leyen acknowledged that there was an unbalanced trade relationship previously between the EU and the U.S., resulting in a deficit for the U.S.
“We wanted to rebalance the trade relation and we wanted to do it in a way that trade goes on between the two of us across the Atlantic,” she said.
Read more here from The Hill’s Alex Gangitano.
