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President Trump announced a trade deal with Europe that leaves the transatlantic economic relationship decidedly in America's favor.
Trump said the U.S. would set a baseline tariff of 15% for European goods, including automobiles. He said steel and aluminum tariffs, which are currently at 50%, would remain unchanged. He added that the EU had agreed as part of the deal to buy $750 billion worth of energy products from the US, and the EU would agree to invest $600 billion more than previously in the US, although similar to the $550BN "investment" promised by Japan, this is unlikely to every materialize.
Adding to the list of ludicrously big numbers disclosed (or as the case may be undisclosed) today, Trump also said that the EU would buy "a vast amount" of military equipment, and while he explained that "we don't know what number is" but added that the US makes "the best military equipment in the world so you have to do that," reported Zero Hedge.
To summarize, the US has agreed:
- To purchase $750 billion in energy
- Invest $600 billion in the US on top of existing investments
- Open up countries’ markets to trade with US at zero tariffs
- Purchase “vast amounts” of military equipment
Former Russian President Dmitry Medvedev declared, "Trump has crushed Europe. The current 'deal' with the European Union is completely humiliating for Europeans, as it benefits only the USA."
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Imagine that a delusional Russian trying to drive a wedge between the US and Europe....that playbook was old while the Soviet Union was still intact.