"You saw the tension at the beginning [of the meeting with Trump]. We had to work very hard to reach an agreement." This is how Ursula von der Leyen, President of the European Commission, described the approximately hour-long meeting with US President Donald Trump, at the end of which a trade agreement was reached between the parties."It was very difficult. We started very far apart. It was fair, but it was tough," she confessed at a press conference following the announcement of the agreement."It was difficult, but in the end, we were successful," she said.
Ursula von der Leyen anticipated potential criticism of the agreement reached, reminding that" we must not forget where we would be on August 1, we would be at 30% [of tariffs] and it would be much more difficult to get to where we are now, at 15%".
The EC leader also revealed some further details about the agreement reached. For example, the $750 billion in energy goods that the European Union committed to purchasing from the US will be invested over the next three years, at an average of $250 billion per year. The investments will be made in oil, gas, and nuclear fuels of American origin."We want to get rid of Russian oil and gas," emphasized Ursula von der Leyen."The purchase of energy products from the US will contribute to the European Union's energy security," she added on this topic.
It was also confirmed that the artificial intelligence (AI) gigafactory projects being prepared in the European Union will use"American chips." In addition to the $750 billion in energy products, the EU has committed to investing $600 billion in the US over the coming years.
The political leader assured that the 15% tariff agreed with the US applies to"most products" and includes the automotive, semiconductor, and pharmaceutical sectors—a statement that contradicts what US officials had said minutes earlier, saying that some of these sectors would require more extensive negotiations."[The 15% tariffs] are not cumulative and are comprehensive," Ursula von der Leyen assured."What the EU has conceded is 15% on pharmaceutical products—any subsequent decision is the responsibility of the US president," she stated.
However, Von der Leyen also confirmed that there are still details of the agreement that will have to be"resolved in the coming weeks." "This is a framework and we will negotiate to lower tariffs on more products."
"With this agreement, we are securing access to our largest export market and will provide access to our market for American products, which will benefit European consumers," added the head of the European Commission.
The EC president also thanked the US president."I personally want to thank President Trump for his personal commitment and leadership. He's a tough negotiator, but he's someone who closes deals," she said at the press conference.
"[This agreement] creates certainty in uncertain times. It brings stability and predictability to citizens on both sides of the Atlantic."
Finally, Ursula von der Leyen also wanted to convey a message that there is more to the world than just the US in terms of trade, with the European economic bloc having recently worked on agreements with countries like Mexico and Indonesia."Europe is a trustworthy partner," she assured.
