President Trump has secured a deal with the European Union, worth billions of dollars for industries like agriculture. He met the EU leader while on a trip to his property in Scotland.
Commission President Ursula von der Leyen acknowledged there was an imbalance and says this is a starting point to fix that.
She has agreed to invest $600 billion into the United States, and that is on top of already established spending. They will also face a 15 percent baseline tariff on anything sent here. During a press conference, President Trump said agriculture will benefit greatly from the deal, but leaders note details on ag trade are still being worked out. The EU has also committed to buying $750 billion worth of U.S. energy.
President Trump’s August 1st deadline is still in place. He told reporters this weekend that three to four other countries are currently in talks and could reach a deal before Friday.
With port fees now lifted, economists believe that could help ease tensions. However, American Farm Bureau Federation (AFBF) economist Faith Parum said trade deals with smaller Asian countries are helping stabilize the ag economy.
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