Overview

• Trump met European Commission President Ursula von der Leyen at his Turnberry golf resort in Scotland to finalize a preliminary trade framework
• The agreement caps EU imports to the United States at 15% while eliminating U.S. duties on European exports
• Shelved tariffs avert the onset of 30% duties slated for August 1 and pause EU retaliation plans
• Technical teams from both sides will now negotiate carve-outs for sectors such as automobiles, pharmaceuticals and agriculture
• Trump’s insistence on a 15% floor underscores his leverage and follows similar tariff deals with Japan and the UK