Washington: The United States and the European Union on Sunday announced that they have reached a framework for a trade deal. This came after a meeting between President Donald Trump and European Commission chief Ursula von der Leyen.
“It was a very interesting negotiation. I think it’s going to be great for both parties,” Trump said after the talks at his golf course resort near Turnberry, Scotland.
Before the session, Trump emphasised the need to rebalance what he described as a lopsided relationship. “I think the main sticking point is fairness,” he said, adding, “We’ve had a hard time with trade with Europe, a very hard time.”
He also stated his intention to change what he saw as “a very one-sided transaction, very unfair to the United States.”
Meanwhile, Von der Leyen underscored the scale and importance of US-EU trade relations, stating the two blocs together account for the “world’s largest trade volume, encompassing hundreds of millions of people and trillions of dollars.” Trump echoed the urgency of the situation, adding, “We should give it a shot.”
Commenting on Trump’s negotiating style, von der Leyen remarked, “I think it would be the biggest deal each of us has ever struck,” if successful. She also noted, “Trump is known as a tough negotiator and dealmaker,” prompting Trump to chime in, “but fair.”
The deal follows months of steep tariff threats from Trump for most countries in hopes of shrinking large US trade deficits with many key trading partners.
Earlier this month, the US and EU seemed close to a deal to ease the prospect of duelling tariffs; however, Trump instead threatened a 30 per cent tariff rate. The agreement comes ahead of the Trump administration’s deadline to impose tariffs on Friday.
