By doing so, the trade war between the world’s two largest economies is canceled. Earlier, Donald Trump set a deadline of August 1 to “make a deal,” as the American president likes to put it. If it could not be reached, Washington was ready to impose duties of 30% on all goods coming from the EU. Many analysts argued that such a turn of events could have been a real disaster for the European economy. Therefore, both sides needed the “deal” badly.
At the meeting in Scotland, by means of compromise decisions, the worst scenario was avoided. But Europe still had to make serious concessions, and it is difficult to predict how this will affect the EU economy.
As specifies Euronews, the agreement reached by Trump and von der Leyen provides for duties “only” an average of 15% on European goods. But that’s not all. The American president himself said after the meeting that “the European Union will agree to buy energy from the United States to the amount of $750 billion, as well as to invest in the U.S. economy by 600 billion dollars more than now”.
Euronews also quoted Ursula von der Leyen, who confirmed the deal. And noted that some of its points will be detailed in the coming weeks. She explained that duties of 15% will affect most imports, but in relation to a number of goods, in particular agro-industrial products, reciprocal duties will be zero.
