The United States and the European Union have agreed on a new trade deal, announced by former President Donald Trump on Sunday. Under the new framework, a 15% tariff will be applied to EU goods entering the US. In return, the EU has agreed to buy large amounts of American energy products and military equipment.

However, the 15% tariff is still seen as a disappointing outcome for Europe, especially since the EU had initially hoped for a “zero-for-zero” deal—no tariffs on either side. Still, the current deal is better than the earlier threat of a 30% tariff, which had alarmed European leaders and industries.

European Commission President Ursula von der Leyen travelled to Scotland to meet Trump and finalise the agreement. Her visit was crucial in sealing the deal at the last minute.

This is a developing story.

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