What’s in Trump’s trade deal with Europe?
Summary
The United States and the European Union have agreed on a trade deal that includes tariff eliminations, investment commitments, and cooperation on standards and digital trade.
Key Points
- The EU will eliminate tariffs on all US industrial goods and provide preferential market access for various US agricultural products.
- Almost all EU goods entering the US will face a maximum 15% tariff, including cars and car parts, once the EU removes its tariffs on US industrial goods.
- The EU commits to procure $750 billion worth of US liquefied natural gas, oil, nuclear products, and plans to buy $40 billion in US AI chips by 2028.
- Both sides agree to cooperate on reducing digital trade barriers, ensure no customs duties on electronic transmissions, and address sanitary and investment-related concerns.
