Overview

• On July 27 in Turnberry, Scotland, President Trump and European Commission President von der Leyen agreed to cap US reciprocal and auto tariffs on EU goods at 15%.
• The EU pledged $600 billion in US-bound investments as part of the agreement.
• It also secured a $7.5 trillion purchase of American energy products, including natural gas shipments.
• The deal cancels a planned 30% tariff increase slated for August 1 and forestalls €93 billion in EU retaliation.
• EU member states must ratify the pact while negotiators finalize tariff-rate quotas for steel and aluminum imports.