US-EU Agreement on 15% Tariffs: Trade War Averted

The United States and the European Union have reached an agreement on tariffs, preventing an escalation into a full-blown trade war. The agreement stipulates a 15% tariff on most European products exported to the American market.

Tensions had escalated when Trump announced 50% tariffs. However, European Commission President Ursula von der Leyen intervened, leading to a continuation of talks.

The agreement was reached a few days before the deadline, during Trump's meeting with von der Leyen in Scotland. "We did it," Trump stated, while von der Leyen mentioned that a balance had been achieved that would allow trade on both sides of the Atlantic.

Markets reacted with cautious optimism.