President Donald Trump on Sunday announced a trade agreement with the European Union, according to CNBC. Trump said the deal sets a 15% tariff on most European imports to the U.S., including automobiles. European Commission President Ursula von der Leyen Von der Leyen said that aircraft, certain chemicals, and pharmaceuticals will be exempt from the new tariffs. She added that the 15% tariff will not apply on top of existing tariffs. The 15% tariff is lower than Trump’s threatened 30% but higher than the EU’s proposed 10% rate. Trump said the EU agreed to buy $750 billion in U.S. energy and invest an additional $600 billion in the U.S. economy.
