US reaches trade deal with EU at 15% tariff; $1.35tn of investments announced

The EU has reached an agreement with US president Donald Trump, who said global baseline tariffs would be between 15% and 20%. The move follows deals with Japan, the Philippines, Indonesia and Vietnam.

The White House announced on July 28 that it had reached a trade deal with the European Union (EU), effectively reducing the previously threatened 30% tariff on EU imports to 15%, including autos and auto parts, pharmaceuticals and semiconductors. The EU will continue to pay sectoral tariffs of 50% on steel, aluminium and copper.

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