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Trump, EU announce trade deal
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Dutch healthcare technology company Philips slashed its estimated tariff impacton Tuesday after the United States and the European Union agreed a trade dealthat imposes a 15% rate on most goods imported from Europe.
After the US-UK trade deal, aerospace industry officials urged the White House to use it as a template for future trade negotiations. GE's Culp and Delta Air Lines CEO Ed Bastian mentioned the deal as a template to follow. The agreement stops short of restoring the whole 1979 agreement and focuses on the single largest aerospace markets.
Markets (^GSPC, ^IXIC, ^DJI) are bracing for a turbulent week as the White House confirms key details in a new EU trade deal. Yahoo Finance Senior Reporter Ben Werschkul and Siebert Financial chief investment officer Mark Malek break down what's in the agreement,
The sharp increase in U.S. trade tariffs on the European Union will not trigger immediate sovereign rating cuts, but could compound existing pressures, Fitch and other agencies said on Tuesday, while Moody's warned of the effect on exporting firms.
The EU, a group of countries with shared economic interests, exports about $2 trillion worth of goods to the U.S. The 27 countries had hoped for a lower tariff of 10%, similar to the deal Trump negotiated with the U.K. and well below the original threat of 30% tariffs, but most analysts expected something closer to 15%.
A new trade deal imposing 15% tariffs on EU imports to the U.S. currently excludes the wine and spirits industry. Spirits stocks reversed early gains Monday as uncertainty around their tariff exposure seeped in.
President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.
Explore the impact of the new EU-US trade deal with 15% tariffs, market reactions, and investor concerns over growth, energy, and key industries.
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