​​​​​​​New Tariff Rules to Take Effect August 1 After US-EU Trade Pact

International News: A landmark tariff agreement has been finalized between the United States and the European Union (EU) regarding a 15 percent tariff, following a private meeting between President Donald Trump and European Commission President Ursula von der Leyen in Scotland.

The agreement was reached only days ahead of the White House’s deadline to enforce retaliatory tariffs on the EU. The US administration has firmly stated that the August 1 deadline remains unchanged and tariffs will go into effect on that date.

US Commerce Secretary Howard Lutnick emphasized during a television interview, “There will be no extension and no additional grace period. Starting August 1, the new tariffs will be enforced, and the Customs Department will begin collections.”

Trump: “A Win-Win Deal for Both Sides”

Following the agreement, President Trump remarked, “It was a very positive and engaging conversation. I believe this deal will be highly beneficial for both the United States and the European Union.” The US has also urged the EU to further open its markets for American exports, which could pave the way for President Trump to reconsider the 30 percent tariff rate currently planned.

Key Meeting in Scotland

Over the weekend, US Trade Representative Jamieson Greer and Commerce Secretary Lutnick met with EU Trade Commissioner Maros Sefcovic in Scotland to advance the discussions.

Countries Already Onboard

Up to now, Britain, Vietnam, Indonesia, the Philippines, and Japan have signed trade agreements with the Trump administration before the deadline approaches. From August 1, the new tariff rules between the US and EU will officially take effect, marking a potential turning point in transatlantic trade relations.

Broader Impact on Global Trade

Economists believe that this agreement could set the tone for future trade negotiations worldwide. If successfully implemented, it might encourage other nations to seek similar bilateral deals with the US, potentially reshaping global trade policies and reducing tensions that have been mounting in recent years.