U.S. and EU reach trade deal

The United States and the European Union have agreed on 15% tariffs of European imports to the U.S., with no duties to be levied on U.S. imports to the EU, U.S. President Donald Trump said after a meeting with European Commission President Ursula von der Leyen in Scotland.

"We are agreeing that the tariff straight across for automobiles and everything else will be a straight across tariff of 15% so we have a tariff of 15%. They are agreeing to open up their countries to trade at zero tariff," Trump said.

The U.S. leader noted however that the 15% tariffs would not apply to certain commodity. Thus, in his words, tariffs on European steel and aluminum will stay at 10%. The deal doesn’t cover pharmaceuticals either.

Earlier, the Trump administration announced plan to impose new 30% tariffs on the entire export from the European Union.