Trump’s landmark deal with EU opens markets to U.S., eliminates most tariffs

President Trump closed a historic trade deal with the European Union over the weekend – here’s what we know about the agreement so far

by Summer Lane | July 28, 2025

President Donald Trump scored a historic trade deal with the European Union over the weekend, sealing yet another landmark agreement for the United States.

The agreement, which has been anticipated for months, promises American access to multi-trillion-dollar European markets even as the EU plans to invest billions into the United States.

“Our relationship is unparalleled,” President Trump said of the deal while visiting with UK Prime Minister Keir Starmer in Turnberry, Scotland. “This deal brings jobs to both nations and brings us even closer.”

According to U.S. Commerce Secretary Howard Lutnick, there will also be a 15 percent tariff “across the board” for some products.

“The European Union is going to open its 20 Trillion dollar market and completely accept our auto and industrial standards for the first time ever,” he said. “In addition, it will purchase $750 BILLION in energy from us and invest $600 BILLION in America.”

According to Reuters, other key elements of the trade deal include a zero percent tariff on pharmaceuticals and microchips, as well as a 15 percent cap on tariffs for timber and copper.

Importantly, the deal will reportedly be a “zero-for-zero” tariffs agreement on a majority of goods, according to the outlet, meaning most key trade products will have no tariffs in either direction, whether it’s raw materials, aircraft, or chemicals.

“We’re in great shape, the trade deal was made with UK…It’s going to be a lot of jobs here and great for America,” Trump said in Scotland. “…Our relationship is unparalleled, but it keeps it even closer, you know, when you’re able to have a good trade deal.”

In remarks alongside EU Commissioner Ursula Von Der Leyen, President Trump elaborated, “I think it’s the biggest deal ever made.”