President Trump said on Sunday that the U.S. reached a trade agreement with the European Union that would impose a 15% tariff rate on its goods.
Why it matters: Europe is the latest major partner to accept significantly higher tariffs to stave off worsening trade fights with Trump.
Details: Trump announced the deal alongside European Commission President Ursula von der Leyen during a trip to Scotland.
- Trump said the EU agreed to buy more than $750 billion worth of U.S. energy, as well as invest $600 billion on top of the bloc’s existing commitments in America.
- Trump said that the EU would also purchase military equipment as well as open its markets for U.S. manufacturers.
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