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News Topical, Digital Desk : The United States and the European Union reached a 15 percent tariff deal on Sunday after a brief meeting between President Donald Trump and European Commission chief Ursula van der Leyen.
The agreement comes just days away from the White House's deadline to impose retaliatory tariffs on the 27-member European Union.
On the other hand, the US administration said that the August 1 deadline for imposing reciprocal tariffs will remain unchanged and there will be no extension this time. US Commerce Secretary Howard Lutnick ruled out any possibility of an extension in this regard in a TV program.
This deal is good for both sides: Trump
After the agreement, Trump said that it was a very interesting conversation. I think it will be very good for both sides. Trump and Van der Leyen held private talks at one of Trump's golf courses in Scotland and a little later he said that they had reached an overall agreement.
Tariffs are finalised from August 1: Trump
Earlier, Harvard was quoted on the TV show as saying, "No extension, no more grace period. The tariffs have been decided from August 1. They will come into effect. The customs department will start collecting the money, and we will move forward," IANS reported.
He also said that the European Union (EU) needs to open its markets to American exports to persuade US President Donald Trump to reduce the 30 per cent tariff rate that comes into effect from August 1.
"The question is do they give President Trump a good enough deal that he backs away from the 30 percent tariffs that he has set," Lutnick said. "They're hoping they can get a deal, and that's up to President Trump."
US Trade Representative Jamieson Greer and Commerce Secretary Lutnick traveled to Scotland this weekend to meet with EU Trade Commissioner Maros Sefcovic. So far, five countries have signed trade deals with the Trump administration ahead of next week's deadline: Britain, Vietnam, Indonesia, the Philippines and Japan.
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