President Trump struck what he called “the biggest deal ever made” during a 75-minute private meeting with European Commission President Ursula von der Leyen, resulting in a sweeping preliminary agreement that includes $750 billion in U.S. energy purchases, $600 billion in new European investments in the U.S., and a commitment to buy more American military equipment.
The deal also eliminates tariffs on many American exports, while raising duties on most European imports to 15%. Trump said the arrangement averts a looming trade war and brings the two powers closer, noting that both sides had initially rated the chances of an agreement at just “50-50.”
Tariff adjustments are set to zero out duties on aircraft parts, semiconductors, select chemicals, generic medicines, certain agricultural products, natural resources, and critical raw materials. Europe also committed to what was described as a “vast” increase in U.S. military equipment purchases, though Trump acknowledged the exact figure was still undetermined.
Von der Leyen praised Trump as a “tough negotiator and dealmaker.”
“And fair,” President Trump added.
