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The United States and the European Union(EU) have reached a framework for a trade deal, according to US President Donald Trump. Trump announced the development after talks with European Commission President Ursula von der Leyen in Turnberry, Scotland. “The European Union is going to agree to purchase from the United States $750 billion worth of energy,” Trump said. “They are going to agree to invest into the United States $600 billion more than they’re investing already.”
The framework comes after Trump announced duties on most EU goods would be increased from the 10% universal baseline to a 30% levy on August 1, citing that the United States and European Union have one of the “largest trade deficits” and failed to reach a deal by Trump’s previous July 9 deadline. Trump reaffirmed that tariff letters to other US trading partners who failed to secure a deal will face new duties on Friday, with the exception of tariffs on steel and aluminum.
Von der Leyen told Trump he is “known as a tough negotiator and dealmaker” ahead of the talks. Commerce Secretary Howard Lutnick said there would be no further extensions or grace periods after August 1, but “big economies” can continue trade talks with the United States. “August 1, the tariffs are set. They’ll go into place,” Lutnick said in an appearance on “Fox News Sunday.”
The trade deal framework is seen as a significant development in the ongoing trade negotiations between the US and EU. The deal would reportedly see the EU purchase $750 billion worth of energy from the US and invest $600 billion more in the US than they currently do. This move is expected to have a positive impact on the US economy, particularly in the energy sector.
In related news, the US stock market has shown a positive response to the news, with the Dow Jones Industrial Average, S&P 500, and NASDAQ all seeing gains. The Dow Jones Industrial Average was up 0.47% at 44,901.92, the S&P 500 was up 0.40% at 6,388.64, and the NASDAQ was up 0.24% at 21,108.32. The Fear & Greed Index stood at 74, indicating a sense of greed in the market.