(Glasgow) — President Donald Trump announced a new trade deal with the European Union that would lower tariffs to 15 percent. Speaking on Sunday, the President called it “the biggest of all deals” during a joint news conference with European Commission head Ursula von der Leyen in Scotland.
Trump said the 27-member EU has agreed to purchase 750-billion dollars worth of energy and 600-billion dollars worth of investments in the U.S. The deal ends months of uncertainty surrounding trade with America’s largest trading partner. Collectively, the EU and the US exchanged $975 billion worth of goods last year, according to US Commerce Department data.
Details still remain to be seen on what the deal could mean for U.S. agricultural products.