Europe responds between calm and despair to the US tariff agreement
The Basque Government considers the agreement to be 'bittersweet' because it will cost Basque export companies an extra EUR 350 million. European stock exchanges have woken up with an increase of around 1%.
US President Donald Trump and European Commission President Ursula von der Leyen welcomed this Sunday's trade agreementin Turnberry, which provides for a 15% tax on European products from 1 August, avoiding a trade war between the two countries.
The treaty was announced this Sunday at a meeting between Trump and Von der Leyen in Scotland. The agreement also states that it will not be limited to various products, that Europe will invest $750.00 million in the purchase of US energy and more than $600 billion in investment and purchase of military equipment.
Trump himself has applauded the agreement, saying it is "a historic day for US trade," as relations with the European Union will be "strengthened," in the words of Trade Secretary Howard Lutnick.
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