President Trump and President of the European Commission Ursula von der Leyen announced a trade deal on Sunday, setting tariffs at 15 percent for European goods, including automobiles.
The European Union will purchase $750 billion worth of energy from the U.S. as part of the deal, Trump announced, and agreed to invest in the U.S. $600 billion more than the current investments for other goods.
The agreement is lower than the 30 percent tariff Trump had threatened to impose on the EU, which would have begun on Aug. 1, and avoids a trade war with the U.S.’s largest trading partner.
Trump and von der Leyen both touted the enormity of the deal they had agreed to during a meeting at the president’s golf course in Turnberry, Scotland.