We noted here that President Trump is in Scotland, not just to play golf as the legacy press would have it, but to meet with European leaders–in particular, European Commission President Ursula von der Leyen, to talk about trade.
Trump and von der Leyen have met, and the result is a historic trade agreement:
President Donald Trump and European Commission President Ursula von der Leyen on Sunday announced the U.S. has reached a trade deal with the European Union.
Trump said that the deal imposes a 15% tariff on most European goods to the U.S., including cars. The U.S. president previously had threatened 30% tariffs on goods from the EU.
Without providing details, Trump said the EU also agreed to purchase $750 billion worth of U.S. energy and invest an additional $600 billion worth of investments into the U.S. above current levels.
More details will be coming out, but with agreements with the U.K., Japan and others already in hand, it seems beyond dispute that Trump’s trade strategy is working. Among other things, he is isolating both China and Russia. If the EU is buying $750 billion worth of energy from the U.S.–let that number sink in–it will be buying that much less from Russia.
There is a lot of winning going on these days.
