00:00The European Union and the U.S. have struck a tentative trade deal to avert a potentially devastating tariff war between the two of the world's largest economies.
00:11Under the agreed terms finalized on Sunday between Commission President Ursula von der Leyen and U.S. President Donald Trump,
00:18the majority of EU exports bound for the U.S. market will be slapped with a 15% tariff.
00:24We've reached a deal on tariffs and trade with the United States.
00:30Today's deal creates certainty in uncertain times.
00:35It delivers stability and predictability for citizens and businesses on both sides of the Atlantic.
00:44This is a deal between the two largest economies in the world.
00:49We trade 1.7 trillion euros per year.
00:55Together we are a market of 800 million people and we are nearly 44% of global GDP.
01:04The preliminary deal struck in Scotland comes as a relief, especially as tensions mounted
01:09and the EU prepared several lists of retaliatory measures against U.S. products worth 93 billion euros.
