Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

President Donald Trump and EU Commission President Ursula von der Leyen announced a trade deal framework setting a 15% baseline tariff on most EU goods, down from Trump's planned 20% tariff.

After months of negotiations, and the two sides exchanging threats of further tariffs and potential countermeasures, the European Union and the United States have finalized terms of a deal that offers the bloc a reduced tariff rate in return for billions of dollars' worth of purchases and investments.

President Donald Trump met with European Commission President Ursula von der Leyen during his trip to Scotland.

Oil prices rose 2% on Monday after a trade deal between the U.S. and the European Union, and U.S. President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions.

President says blanket import levy of 15%-20% likely in the offing for countries without individual trade agreements

After a lot of big talk on trade, the Trump administration needed a big win. It appears to have just gotten one.

The United States and the European Union agreed on a framework trade deal, which leaders on both sides of the Atlantic said would end months of uncertainty for industries and consumers.

EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.

President Donald Trump announced Sunday that the United States and the European Union reached a framework for a trade deal, after talks with European Commission President Ursula von der Leyen in Turnberry,

President Donald Trump is traveling to Scotland on Friday to visit both his Turnberry and Aberdeen golf properties. Trump is also set to meet with British Prime Minister Keir Starmer to discuss trade and refine a deal they announced in June to slash tariffs and expand market access between the two countries.