n July 27, the US and EU reached a trade deal that may have avoided a potential transatlantic tariff war. In particular, the parties reached a framework for an arrangement that will set 15% on most EU (European Union) imports. The amount is down from the 30% tax that Trump threatened on EU goods earlier this month. Certain products, like pharmaceuticals, chemicals, and aircraft components, would not be impacted by the tariffs. The deal also includes the EU purchasing $750 billion in energy from the US and $600 billion in US investment. With the EU being one of the largest trading partners of the US, the agreement will significantly impact international shipping. How Did The Trade Deal Come To Be? The deal was made after a back-and-forth between the US and countries in the EU that lasted years . During Trump’s original presidency, he imposed a 25% tariff on steel and 10% on aluminum imports from the EU. The EU responded by enforcing levies on $3.2 billion worth of US goods. In Tru...
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