Trump and EU reach trade deal
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1hon MSN
US-EU deal sets a 15% tariff on most goods and averts the threat of a trade war with a global shock
EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.
The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday.
President Trump has announced a trade agreement with the European Union. CBS News' Olivia Rinaldi and Javier David have details on the deal.
Pact removes a major risk for markets and the global economy, given the transatlantic partners did $2 trillion worth of cross-border commerce in 2024.