Europe is to make “significant purchases” of US liquefied natural gas, oil and nuclear fuels totalling $750bn under a wide-ranging trade deal which was signed in Scotland yesterday.
The deal between the two largest economic trading blocs, which account for 44% of global GDP, sees a single 15% tariff rate on the vast majority of EU exports – half the amount the US originally targeted, yet Europe will make $600bn-worth of additional investments in the US, according to President Donald Trump.
Europe also negotiated zero-for-zero tariffs on a number of products including aircraft and component parts, certain chemicals, generics, semiconductor equipment, certain agricultural products, natural resources, critical raw materials and military equipment.
European Commission President Ursula von der Leyen said purchases of US energy products will diversify its sources of supply and contribute to the continent’s energy security as it continues to wean itself off Russian gas.
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