The EU and the US have reached a framework agreement on trade, says President Donald Trump after a meeting on Sunday with EU Commission President Ursula von der Leyen.
According to Reuters, Trump describes it as "the biggest deal ever made".
Trade between the EU and the US accounts for almost a third of total world trade.
The agreement involves a general tariff of 15 percent on goods from the EU to the US, Trump and von der Leyen announced according to Reuters.
- Congratulations on the agreement, is one of the first comments from Trump after the meeting with the EU leader.
The tariff of 15 percent is half the tariff of 30 percent that Trump had originally threatened to impose on US imports from the EU.
Initially, the EU had hoped to reach an agreement with Trump that both parties would have zero tariffs on each other's goods.
- The agreement will be good for cars, he adds according to Reuters.
One of the complaints that Trump has repeatedly aired to EU representatives is that, in his opinion, European countries do not buy enough American cars.
With the new agreement, the EU commits itself to buying American weapons and energy for significant sums.
The agreement involves European investments totaling $600 billion in the United States, Trump says at a joint press conference with von der Leyen after the agreement has been reached.
The new agreement has brought more equality to the trade balance between the two countries, Ursula von der Leyen says at the press conference.
- The agreement will bring stability, she says.
- I would say that we hit exactly the point that we wanted to hit.
Trump declared back in April that he would increase tariffs significantly for a large number of countries in the world if trade agreements were not concluded that were more "fair to the United States", as he put it.
His administration announced at the time that 90 agreements would be concluded in 90 days.
So far, in addition to the agreement with the EU, trade agreements have been concluded with Japan, Britain, Vietnam and Indonesia.
/ritzau/Reuters
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