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President Donald Trump announced Sunday that the United States and the European Union reached a framework for a trade deal after talks with European Commission President Ursula von der Leyen in Turnberry, Scotland.
“The European Union is going to agree to purchase from the United States $750 billion worth of energy,” Trump said. “They are going to agree to invest into the United States $600 billion more than they’re investing already.”
Trump began talks with von der Leyen earlier Sunday with Friday’s deadline looming to reach a trade deal to avoid 30% tariffs on European imports. Trump said the United States could not go lower than a 15% across-the-board tariff rate for the European Union.
The framework comes after Trump announced duties on most EU goods would be increased from the 10% universal baseline to a 30% levy on August 1, citing that the United States and European Union have one of the “largest trade deficits” and failed to reach a deal by Trump’s previous July 9 deadline.
At a news conference ahead of the talks, Von der Leyen told Trump he is “known as a tough negotiator and dealmaker.”
Trump reaffirmed that tariff letters to other US trading partners who failed to secure a deal will face new duties on Friday, with the exception of tariffs on steel and aluminum. “Most of the deals, other than steel and aluminum, which we’ve been getting 50% tariffs from,” he said.
Earlier on Sunday, Commerce Secretary Howard Lutnick said there would be no further extensions or grace periods after August 1, but “big economies” can continue trade talks with the United States. Lutnick is in Scotland with Trump for EU trade talks.
“August 1, the tariffs are set. They’ll go into place,” Lutnick said in an appearance on “Fox News Sunday.”
This story and headline have been updated with additional developments.
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