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Trump Announces EU Trade Deal | Balance of Power
Posted
July 29, 2025
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July 29, 2025
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The US and European Union agreed on a hard-fought deal that will see the bloc face 15% tariffs on most of its exports, including automobiles, staving off a trade war that could have delivered a hammer blow to the global economy.
The pact was concluded less than a week before a Friday deadline for President Donald Trump’s higher tariffs to take effect and was quickly praised by several European leaders, including German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni, who called it “sustainable.”
Trump and European Commission President Ursula von der Leyen announced the deal Sunday at his golf club in Turnberry, Scotland, although they didn’t disclose the full details of the pact or release any written materials. The 15% rates will take effect Aug. 1, according to a US official.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:
Bloomberg Washington Correspondent Tyler Kendall.
Schulz Trade Law Founder and Managing Partner Michelle Schulz.
Texas State Representative James Talarico.
Arbroath Group Founder and Managing Partner Christopher Smart.
Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino.
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Bloomberg Washington Correspondent Joe Mathieu delivers insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy.
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