European Commission President Ursula von der Leyen and U.S. President Donald Trump reached a trade agreement this Sunday in Scotland that averts the tariff escalation announced by Washington. The deal sets a fixed tariff of 15% on most European products, compared to the 30% that was set to take effect on August 1, and helps stabilize transatlantic relations after weeks of tension.
The agreement excludes particularly sensitive sectors such as pharmaceuticals and maintains high tariffs (up to 50%) on strategic segments like steel and aluminum. In return, the European Union has committed to making large-scale purchases of U.S. energy worth $750 billion, along with boosting new European investments in the United States totaling $600 billion. Although not all critical issues have been resolved, both parties hailed the deal as a “historic” step forward.
The meeting took place at the Turnberry resort in Scotland, in a more constructive atmosphere than anticipated. Despite earlier disagreements, Trump and von der Leyen agreed on the importance of predictability for economies on both sides of the Atlantic. The agreement is seen as a pragmatic political move that, at least temporarily, puts an end to the risk of a full-scale trade war between the EU and the United States.
