The United States and European Union have reached agreement on a trade deal that will end a long standoff between two of the world’s key economic powers.
President Donald Trump and European Commission President Ursula Von der Leyen were able to settle on a new tariff during their meeting in Turnberry, Scotland.
The pair agreed on a US tariff on all EU goods of 15% – half the 30% import tax rate which Mr Trump had threatened to implement from this Friday.
In return the 27-member bloc will open its markets to US exporters with zero per cent tariffs on certain products.
Ms Von der Leyen said the deal would bring stability for both allies, who together account for almost a third of global trade.
Mr Trump said the EU would boost its investment in the US by $600bn (£446bn), purchase hundreds of billions of dollars of American military equipment and spend $750bn on energy.
Investment in American liquified natural gas, oil and nuclear fuels would help reduce European reliance on Russian power sources.
Prime Minister Sir Keir Starmer will meet Mr Trump at Turnberry on Monday before the pair travel to Aberdeen where there is pressure from the oil and gas sector for more support, a call made by the president himself. There may be discussions on key aspects of the UK’s trade deal, including exports of Scotch whisky.
However, the talks are likely to focus on the crisis in the Middle East and Ukraine.
Earlier, Scotland’s First Minister John Swinney welcomed Ms von der Leyen to the country.
During a meeting in Glasgow, he discussed the UK’s relationship with the European Union, the situation in Gaza and Ukraine, and Scotland’s important partnership with Europe on key issues, including energy cooperation.
Following the meeting, he said: “I was pleased to welcome the President of The European Commission Ursula von der Leyen to Scotland.
“During our meeting, I outlined Scotland’s continued support for the European Union’s leadership in demanding free and safe humanitarian aid in Gaza, alongside efforts to bring an end to the unbearable suffering unfolding.
“I also took the opportunity to reiterate Scotland’s steadfast commitment to Ukraine and the country’s commitment to work with European partners on key issues, including energy.”
Mr Swinney is due to meet Mr Trump on Tuesday. The First Minister said: “My meeting with the US President during his visit to Scotland presents a significant opportunity to speak up for the issues that matter to people in Scotland on the highest platform. Global, humanitarian issues are rightly at the forefront of many people’s minds.
“It is of utmost importance that we discuss what action can be taken to end the horrific suffering we are witnessing around the world, particularly the unimaginable hardship being endured by people in Gaza and the need for an urgent ceasefire.
“I also intend to raise the barbaric war in Ukraine and discuss how we can work to bring an end to the conflict that has caused so much destruction to lives and livelihoods.
“Both the US President and I share a fundamental desire to build peace across the world and to end the suffering endured by so many. I hope that our discussion helps to further that aim.”
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