Trump, EU Reach Tariff Deal To Avoid Trade War

President Trump announced a trade deal with the European Union, averting a potential trade war. The agreement comes just before a deadline for increased US tariffs on EU goods. Key aspects include a 15% baseline tariff on most European goods, with steel and aluminum tariffs remaining at 50%. The EU committed to purchasing $750 billion in US energy products and investing $600 billion in the US. A significant amount of military equipment purchases by the EU were also part of the deal, though the exact figure remains unspecified. Trump touted the deal as his biggest yet, aiming for increased US production and market access. The EU sought a rebalancing of trade relations, aiming to maintain transatlantic trade flows. While economists predict higher prices for Americans due to tariffs, they don't anticipate a major economic downturn. This deal follows similar agreements with Japan, Vietnam, the Philippines, and Indonesia, establishing a 15-20% baseline tariff range. The EU and US had prepared retaliatory tariffs if a deal wasn't reached, avoiding a potentially massive trade war. The agreement concludes months of tense negotiations between both sides.