The United States and the European Union have reached a deal on tariffs and trade, agreeing on 15 percent import duty on vast majority of EU goods.
This is just half of the rate that Trump had threatened to implement from August 1.
This rate applies across most sectors, including cars, semiconductors and pharmaceuticals. "This 15% is a clear ceiling. No stacking. All-inclusive. So it gives much-needed clarity for our citizens and businesses. This is absolutely crucial," European Commission President Ursula von der Leyen said after her meeting with President Donald Trump at his Turnberry golf resort in Scotland on Sunday.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.