After a nervy period of negotiations, the United States (US) and the European Union (EU) have inked a major trade deal ahead of the August 1 tariff deadline. The reports have triggered a rally for top crypto assets with Bitcoin, Ethereum, and BNB leading the price spike.
US, EU Pen Fresh Tariff Deal
The US and the EU have inked a framework trade deal to simmer down tensions of a looming tariff war between the allies. According to a Reuters report, the new arrangement will include a 15% tariff on EU exports entering the US while Europe pledges to purchase US energy and military hardware.
US President Donald Trump met with European Commission President Ursula von der Leyen in Scotland to iron out the finer details of the deal. The new deal means the EU will now avoid paying a 30% tariff on exports to the US ahead of Trump’s looming August 1 deadline.
Previously, Trump slapped 30% tariffs on the EU over trade deficits in key sectors, with von der Leyen pledging to negotiate with the US.
“The European Union is going to agree to purchase for the United States $750 billion worth of energy,” remarked Trump. “They are going to invest into the United States $600 billion more than they’re investing already.”
This is a developing story.
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Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
