(NewsNation) — President Donald Trump has announced that the United States and the European Union have reached a trade deal.
In the deal, the E.U. has agreed to purchase $750 billion in energy and invest an additional $600 billion into the U.S., along with purchasing an undetermined amount of military equipment, and will open its countries to some “zero for zero tariffs.”
“We are agreeing that the tariff, straight across for automobiles and everything else, will be a straight-across tariff of 15%,” Trump added.
The deal comes two days into Trump’s visit to Scotland, where he began discussions of a trade deal with Ursula von der Leyen, head of the European Commission.
“It’s a good deal. It’s a huge deal, with tough negotiations, ” von der Leyen said. “I knew it at the beginning and it was indeed very tough, but we came to a good conclusion on both sides.”
Trump also said he’s looking to make other deals with three other countries, and called the E.U. deal “the biggest he’s made.”
The other countries are expected to receive a letter sometime this week, ahead of Trump’s Aug. 1 deadline.