US and EU reach a trade deal that sets 15% tariff rate and pledges hundreds of billions in investments

• President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out a US-EU trade deal. Without an agreement, the EU was due to get hit with a 30% tariff rate on Aug. 1, up from the current “reciprocal” duty of 10%. Last week, Trump reached a trade with Japan that set a 15% rate.

The U.S. and European Union agreed on trade terms that include a 15% rate on most EU products as well as hundreds of billions of dollars of investments in American industry.