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| EU and US agree trade deal, with 15% tariffs for European exports to America | EU and US agree trade deal, with 15% tariffs for European exports to America |
| (about 1 hour later) | |
| I think it's the biggest deal ever made - Trump | I think it's the biggest deal ever made - Trump |
| The United States and European Union have reached a trade deal, ending a months-long standoff between two of the world's key economic partners. | The United States and European Union have reached a trade deal, ending a months-long standoff between two of the world's key economic partners. |
| After make-or-break negotiations between President Donald Trump and European Commission President Ursula Von der Leyen in Scotland, the pair agreed on a US tariff on all EU goods of 15%. That is half the 30% import tax rate Trump had threatened to implement starting on Friday. | |
| Trump said the 27-member bloc would open its markets to US exporters with zero per cent tariffs on certain products. | Trump said the 27-member bloc would open its markets to US exporters with zero per cent tariffs on certain products. |
| Von der Leyen also hailed the deal, saying it would bring stability for both allies, who together account for almost a third of global trade. | Von der Leyen also hailed the deal, saying it would bring stability for both allies, who together account for almost a third of global trade. |
| Trump has threatened tariffs against major US trade partners in a bid to reorder the global economy and trim the American trade deficit. | Trump has threatened tariffs against major US trade partners in a bid to reorder the global economy and trim the American trade deficit. |
| As well as the EU, he has also struck tariff agreements with the UK, Japan, Indonesia and Vietnam, although he has not achieved his goal of "90 deals in 90 days". | As well as the EU, he has also struck tariff agreements with the UK, Japan, Indonesia and Vietnam, although he has not achieved his goal of "90 deals in 90 days". |
| Both sides can claim victory, but devil may be in detail | |
| Sunday's agreement was announced after private talks between Trump and Von der Leyen at his Turnberry golf course in South Ayrshire. | |
| Trump - who is on a five-day visit to Scotland - said following a brief meeting with the European Commission president: "We have reached a deal. It's a good deal for everybody." | Trump - who is on a five-day visit to Scotland - said following a brief meeting with the European Commission president: "We have reached a deal. It's a good deal for everybody." |
| "It's going to bring us closer together," he added. | "It's going to bring us closer together," he added. |
| Von der Leyen also hailed it as a "huge deal", after "tough negotiations". | Von der Leyen also hailed it as a "huge deal", after "tough negotiations". |
| Under the agreement, Trump said the EU would boost its investment in the US by $600bn (£446bn), purchase hundreds of billions of dollars of American military equipment and spend $750bn on energy. | Under the agreement, Trump said the EU would boost its investment in the US by $600bn (£446bn), purchase hundreds of billions of dollars of American military equipment and spend $750bn on energy. |
| That investment in American liquified natural gas, oil and nuclear fuels would, Von der Leyen said, help reduce European reliance on Russian power sources. | That investment in American liquified natural gas, oil and nuclear fuels would, Von der Leyen said, help reduce European reliance on Russian power sources. |
| "I want to thank President Trump personally for his personal commitment and his leadership to achieve this breakthrough," she said. | "I want to thank President Trump personally for his personal commitment and his leadership to achieve this breakthrough," she said. |
| "He is a tough negotiator, but he is also a dealmaker." | "He is a tough negotiator, but he is also a dealmaker." |
| The US president also said a 50% tariff he has implemented on steel and aluminium globally would stay in place. | The US president also said a 50% tariff he has implemented on steel and aluminium globally would stay in place. |
| Both sides can paint this agreement as something of a victory. | Both sides can paint this agreement as something of a victory. |
| For the EU, the tariffs could have been worse: it is not as good as the UK's 10% tariff rate, but is the same as the 15% rate that Japan negotiated. | For the EU, the tariffs could have been worse: it is not as good as the UK's 10% tariff rate, but is the same as the 15% rate that Japan negotiated. |
| For the US it equates to the expectation of roughly $90bn of tariff revenue into government coffers – based on last year's trade figures, plus there's hundreds of billions of dollars of investment now due to come into the US. | For the US it equates to the expectation of roughly $90bn of tariff revenue into government coffers – based on last year's trade figures, plus there's hundreds of billions of dollars of investment now due to come into the US. |
| How are trade deals actually negotiated? | How are trade deals actually negotiated? |
| They made America's clothing. Now they are getting punished for it | They made America's clothing. Now they are getting punished for it |
| In pictures: President Trump's private visit to Scotland | In pictures: President Trump's private visit to Scotland |
| Trade in goods between the EU and US totalled about $975.9bn last year. Last year the US imported about $606bn in goods from the EU and exported around $370bn. | Trade in goods between the EU and US totalled about $975.9bn last year. Last year the US imported about $606bn in goods from the EU and exported around $370bn. |
| That imbalance, or trade deficit, is a sticking point for Trump. He says trade relationships like this mean the US is "losing". | That imbalance, or trade deficit, is a sticking point for Trump. He says trade relationships like this mean the US is "losing". |
| If he had followed through on tariffs against Europe, import taxes would have been levied on products from Spanish pharmaceuticals to Italian leather, German electronics and French cheese. | If he had followed through on tariffs against Europe, import taxes would have been levied on products from Spanish pharmaceuticals to Italian leather, German electronics and French cheese. |
| The EU had said it was prepared to retaliate with tariffs on US goods including car parts, Boeing planes and beef. | The EU had said it was prepared to retaliate with tariffs on US goods including car parts, Boeing planes and beef. |
| British Prime Minister Keir Starmer plans his own meeting with Trump at Turnberry on Monday. | British Prime Minister Keir Starmer plans his own meeting with Trump at Turnberry on Monday. |
| Trump will be in Aberdeen on Tuesday, where his family has another golf course and is opening a third next month. | Trump will be in Aberdeen on Tuesday, where his family has another golf course and is opening a third next month. |
| The president and his sons plan to help cut the ribbon on the new fairway. | The president and his sons plan to help cut the ribbon on the new fairway. |