European Commission President Ursula von der Leyen and President Trump finally agreed to a trade/tariff deal with the European Union this weekend at Trump's golf club in Turnberry, Scotland. "We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15%,

However, the deal, which calls for an across-the-board 15 percent tariff on EU exports to the US, and zero percent tariffs on US exports to the EU, has been attacked by Germany's Chancellor Friedrich Merz, who said it will cause the German economy "considerable damage".

Oil extended gains on Tuesday, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war.

The United States and the European Union have reached a preliminary trade deal to avoid a 30% U.S. tariff on imported goods from the EU that President Donald Trump threatened would go into effect on Aug.

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.

A provisional deal between the United States and European Union to exempt aircraft from tariffs avoids a potential threat to jet production and deliveries in both regions and caps months of uncharacteristic unity among plane-making rivals.

German auto giant Volkswagen is feeling the effects of President Trump's tariff policy. An EU-US trade deal can't come soon enough for the Wolfsburg-based automaker.

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug.