US and EU Settle on 15% Tariffs, Avoid Transatlantic Trade War

The United States and the European Union have reached a major trade agreement, avoiding a transatlantic trade war ahead of an August 1 deadline. The deal, finalized after a meeting between US President Donald Trump and EU Commission President Ursula von der Leyen, imposes a 15% tariff on most EU goods, down from a planned 30%. It excludes some goods like aircraft parts and semiconductors, and includes major EU commitments to buy US energy and military equipment. While welcomed by leaders like Germany’s Merz, others criticized the deal’s economic impact. The agreement lacks full documentation and many details remain unclear.