Name: Explained: Trump's EU Trade Deal and What Comes Next
Uploaded: 2025-07-28T11:36:00Z
Duration: 3 min 29 s
Description: WSJ reporter Kim Mackrael explains what we know about Trump’s biggest trade deal so far and what it tells us.

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WSJ reporter Kim Mackrael explains what we know about Trump’s biggest trade deal so far and what it tells us. Photo: Andrew Harnik/Getty Images

https://m.wsj.net/video/20250728/e2a4a820-a55a-4ac3-8489-758930bd6d22/3/hls/manifest-hd-wifi.m3u8

WSJ reporter Kim Mackrael explains what we know about Trump’s biggest trade deal so far and what it tells us.

Explained: Trump's EU Trade Deal and What Comes Next

It's gonna bring us closer together. I think this deal will bring us very close together actually.

It's a huge deal. It will bring stability, it will bring predictability. That's very important for our businesses on both sides of the Atlantic.

Kim: President Trump and the European Commission President Ursula von der Leyen said that we are looking at a 15% tariff on most European goods that are exported to the US. That crucially for the EU, that includes the automotive sector, which is something that the Europeans were very concerned about, especially because of the German car industry, which is currently facing the 25% tariff. The European Union has 27 member states. They all have a common trade policy, and when you take them together, they are the US' biggest trading partner and the biggest source of foreign investment to the US. The two sides exchange more than $5 billion worth of goods and services each day.

Indeed. Basically the European market is open. It's 450 million people. So it's a good deal. It's a huge deal.

Yeah.

Kim: On the negative side, they have agreed to cementing quite high tariffs, much higher than ever before. Previously, tariffs for European goods exported to the US were less than 5% on average. So it's a huge shift and something that is expected to have a negative impact on the European economy. On the other hand, does give their businesses at least some stability and means that they're not looking in the future at the kinds of higher tariff threats that Trump has issued before. So that's, I think sort of the trade off you're seeing from the European side. On the American side...

European Union is going to agree to purchase from the United States, $750 billion worth of energy, $750 billion worth of energy. They are going to agree to invest into the United States, $600 billion more than they're investing already. They're agreeing to open up their countries to trade at zero tariff, and they're agreeing to purchase a vast amount of military equipment. We don't know what that number is, but the good news is we make the best military equipment in the world. So sort of you have to do that. I mean...

Kim: It's important to mention, I think in the context of this deal that higher tariffs economists say are expected to raise prices for consumers in the US. There are also impacts in terms of supply chains, depending on where American companies get the things they need to make what they make in the US.

I think it's great that we made a deal today instead of playing games and maybe not making a deal at all. I think it's, I'm gonna let you say, but I think it's the biggest deal ever made.

Kim: What we see with the general outline of this deal is that it looks quite similar to the agreement that was announced with Japan last week. Both of them got the 15% baseline tariff, both had it applied to the automotive industry as well. And I think what that tells us is that we're starting to see 15% shake out as the likely level of minimum tariffs on most major US trading partners.

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Explained: Trump's EU Trade Deal and What Comes Next

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