The EU and US have agreed a trade deal that will hit most European imports with a 15 per cent tariff and require the bloc to invest hundreds of billions of euros into American energy products and weapons in order to stave off a trade war with the Trump administration.
The agreement means the EU has avoided the 30 per cent tariff rate threatened by President Donald Trump if a deal was not reached by August 1.
“I’m fully confident and 100 per cent sure that this deal is better than an all-out trade war,” EU trade commissioner Maroš Šefčovič said on Monday.
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