(NewsNation) — President Donald Trump is celebrating his recent trade deal victories as he returns from a four-day trip to Scotland, where the deals with the European Union and the United Kingdom were discussed.
After two days of trade talks in Stockholm, the U.S. and China have agreed to another extension of a tariff pause. Specifics on that deal have yet to be released. Trump told NewsNation he spoke with Treasury Secretary Scott Bessent about the meeting, and will decide on approving the measure on Wednesday.
“We just signed a very big deal with the European Union, but also with the United Kingdom,” Trump said. “The deal with the U.K. was the week before, and it’s a very big deal and a great deal for the country and everybody. They’ve been trying to get it done for 12 years, and we finally got it done.”
The trade deal between the U.S. and E.U. includes a 15% tariff rate set on imported goods, and tariffs on imported steel and aluminum will remain set at 50%.
The newest tariff rate will affect things like auto parts, pharmaceuticals and semiconductors. European and Japanese automakers now have a better deal than domestic brands here in the U.S., facing lower tariffs than cars from Detroit automakers, which face 25% tariffs if the cars are built in Mexico. That deals a blow to Detroit.
Aircraft parts, certain drugs and some agricultural products will not be subject to any tariffs after both nations agreed to “zero for zero tariffs.” The E.U. also agreed to buy a significant amount of military equipment from the U.S.
Trump is looking to strike more trade deals before the Friday deadline when tariffs are set to take effect. Commerce Secretary Howard Lutnick said the deadline will not be moved again, and Trump will be sending letters to other countries on what the tariff rates will be sometime this week.