EU vowed $600B US economy investment from Trump trade deal. Hours later, European bloc admitted it can't back that promi [View all]

Source: The Independent

EU vowed $600B US economy investment from Trump trade deal. Hours later, European bloc admitted it can’t back that promise

The EU cannot compel private companies to invest in the United States

Andrew Feinberg
in Washington, D.C.
Monday 28 July 2025 19:34 BST

Less than a day after President Donald Trump claimed that the European Union had agreed to invest $600 billion into the United States as part of a trade deal that will see Trump ask Americans to shoulder a 15 percent import tax on many European goods, EU officials are quietly backtracking.

The deal to avert a full-on trade war between the U.S. and one of its major trading partners came into shape over the weekend as Trump met with European Commission President Ursula von der Leyen at his Turnberry golf resort in Scotland.

Trump had threatened to impose a 30 percent tax on EU imports in a letter to von der Leyen earlier this month.

But he told reporters traveling with him on his extended-weekend golf holiday that he and von de Leyen had agreed that the U.S. would impose “a straight-across tariff of 15 percent” for “automobiles and everything else” imported into the U.S. from the bloc.

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Read more: https://www.independent.co.uk/news/world/americas/us-politics/eu-trade-deal-trump-investment-promise-b2797547.html

Alternate link: https://finance.yahoo.com/news/eu-vowed-600b-us-economy-180840554.html