Trump and EU reach trade deal
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Commerce Secretary Howard Lutnick discusses the significance of the U.S. and EU agreeing to a trade deal on 'Special Report.'
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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.
Donald Trump and European Union leaders meeting in Scotland have agreed a trade deal, ending a standoff between two of the world's biggest economic partners. Ahead of Trump’s delayed tariff deadline of Aug.
German auto companies embraced greater clarity but warned that even the lower rate of tariffs agreed between Brussels and Washington would still hurt.
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.
President Trump has announced a trade agreement with the European Union. CBS News' Olivia Rinaldi and Javier David have details on the deal.