US-EU Strike Last-Minute Trade Deal, Averting Tariff War but Raising Costs

The United States and European Union have reached a major trade agreement, setting a 15% baseline tariff on EU goods imported to the US, just days before a threatened escalation to 30% tariffs. The deal, announced by President Trump and EU Commission President Ursula von der Leyen, brings relief to global markets and avoids a damaging transatlantic trade war. While the agreement provides clarity and stability for businesses, many in Europe see it as a compromise made under pressure, with the EU unable to secure more favorable terms. The pact includes significant EU commitments to purchase US energy and invest in the American economy. However, the deal is expected to raise costs for companies and consumers, and leaves some sectors, like European steel, still facing high tariffs.