Tariffs

NBC News - President Donald Trump announced a trade agreement with the European Union that would set tariffs at 15%, ending what had been months of uncertainty surrounding trade with the United States’ largest trade partner.  The tariff rate is a reduction from the 30% that Trump threatened on July 12 and the 20% he said he would impose on April 2.

Announcing the agreement, Trump said the E.U. will not impose a tariff on U.S. imports. He added this agreement was “satisfactory to both sides.”

European Commission President Ursula von der Leyen said alongside the president that the pact “will bring stability. It will bring predictability. That’s very important for our businesses on both sides of the Atlantic.”

However, Trump said 50% tariffs on steel would remain unchanged and more tariffs could still be on the way for pharmaceutical products, which Ireland is one of the top sources of. The president recently threatened 200% tariffs on pharma goods.

Trump also said the E.U. will purchase “$750 billion worth of energy” and “a vast amount of military equipment,” from the U.S., though a definitive purchase amount was not yet set.  Here’s what else we know.