Trump, EU announce trade deal
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The agreement means there will only be a 15% tariff on European imports, in exchange for $600 billion of investments in the U.S. and $750 billion purchase of U.S. energy.
A provisional deal between the United States and European Union to exempt aircraft from tariffs avoids a potential threat to jet production and deliveries in both regions and caps months of uncharacteristic unity among plane-making rivals.
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France’s prime minister described it as a “dark day” for the European Union, a “submission” to U.S. tariff demands. Commentators said EU Commission chief Ursula von der Leyen’s handshake with President Donald Trump amounted to capitulation.
The ASX has surged on Monday, beginning a major week in the green after the United States and the European Union struck a tariff deal.
Many pharmaceutical products made in Europe will face a 15 percent tariff, pinching manufacturers and potentially leading to higher drug prices.
U.S. President Donald Trump will make his trade deal decisions this week even as separate negotiations with China and the European Union continue, U.S. Commerce chief Howard Lutnick said on Tuesday ahead of Trump's self-imposed Aug.