Trump and von der Leyen met in Scotland to discuss a trade agreement, targeting an August 1 deadline. Trump expressed a "good 50-50 chance" for reaching a deal to avoid a 30% tariff on EU goods. Existing tariffs include 10% for most goods and higher rates for cars, steel, and aluminum. Commerce Secretary Howard Lutnick confirmed the firm deadline with no extensions. Key issues remain unresolved, needing Trump's final approval, and EU aims for a baseline levy of about 15% on exports to the US, similar to Japan's deal.
US President Donald Trump and European Commission President Ursula von der Leyen met in Scotland to finalize a trade agreement before the August 1 deadline. Trump stated a "good 50-50 chance" for a deal with the EU to avoid new 30% tariffs on goods. Currently, EU products face various tariffs, with 10% on most goods, 25% on cars, and 50% on steel and aluminum. US Commerce Secretary Howard Lutnick confirmed the deadline is firm, emphasizing no extensions. EU aims for a baseline levy of around 15% as in Japan's agreement.
Key issues require resolution for a political deal between the US and EU, needing Trump's sign-off at the last moment. EU negotiators have a target levy on exports to the US, and all member states must approve any agreement. EU ambassadors, updated on negotiations, will reconvene after a potential agreement is reached.
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