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US President Donald Trump and European Commission Chairman Ursula von Der Leon met on Sunday in Turnberry, Scotland.
The initial trade agreement has been reached between the US and the European Union (EU). Under the US agreement, a base tariff of 15% will be imposed on most of the goods coming from EU. It includes cars, medicines and electronics goods.
US President Donald Trump announced the agreement in a meeting with EU President Ursula von Der Leyen in Scotland. According to this, EU will buy energy worth $ 750 billion, or about 64 lakh crore rupees from the US in the next three years.
Along with this, EU will invest $ 600 billion in America i.e. 51 lakh crore rupees. These investment will be in the US pharma, auto and defense sector.
On July 11, Trump sent him a letter in which it was written that if the agreement was not reached by 1 August, 30% tariff would be imposed.
Tariff finish on aircraft, chips, agri products
EU chairman Ursula von Der Leyen said that both sides have decided to completely eliminate tariffs on aircraft, their parts, semiconductor equipment, some agricultural products and generic medicines. However, 50% of tariffs on steel and aluminum will continue.
Although the agreement is reached, work on several technical aspects is yet to be done. EU’s Parliament and Member States are yet to approve the deal.
Negotiations were going on for 7 months on tariff
The European Union and the US were talking about the tariff for the last 7 months. However, EU was not giving any special discount. However, EU was soft and agreed after Trump’s 30% tariff threats.
The European Union is the third largest economy in the world. It consists of 27 countries in Europe. The US, European Union has a trade of about $ 3.5 billion every day. At the same time, Mexico is the largest trading partner in America.
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Also read this news related to Trump’s trade deal …..
Trump said- India will not impose tax on our goods: I will send a letter and there will be an agreement like Indonesia, there will be 0% tariff on American product
US President Donald Trump made a big claim about the trade deal with India last week. Trump said that American products are going to reach India markets soon. He has claimed that the Indonesia formula deal will also be with India. American products will also have zero tariffs in India. Read full news here ….
