President Trump Meets with the President of the European Commission

Thank you very much. So we have good news. We've reached a deal. It's a good deal for everybody, I believe. And it's. I think you were saying this is probably the biggest deal ever reached in any capacity, trade or beyond trade. It is. It's a giant deal with lots of countries because, as you know, Ursula represents a lot of countries, not one country. Let's say it's not easy for you because a lot of very different countries, great countries, but some are strong with cars, some are strong with agriculture, some are strong with both. Right. You have a lot of different factors. So we're going to do the following. The 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 their investing already. So they're investing a large amount of money. You know what that amount of money is? It's very substantial, but they're going to invest an additional $600 billion. They're agreeing to open up their countries to trade at zero tariff. So that's a very big factor. Opening up their countries. All of the countries will be opened up to trade with the United States at zero tariff. And they're agreeing to purchase a vast amount of military equipment. We don't know what that number is, but it's. The good news is we make the best military equipment in the world. So sort of you have to do that. I mean, until somebody tops us, which is not going to happen, we're way ahead of every other country in terms of the quality of the military equipment. You saw that recently in Iran and you see that. Unfortunately, you see that often for all the wrong reasons. Right. So Those things are 750 billion, 600 billion, opening up the country. We are agreeing that the tariff straight across for automobiles and everything else will be a straight across tariff of 15%. So we have a tariff of 15%. We have the opening up of all of the European countries, which I think I could say were essentially closed. I mean, you weren't exactly taking our orders. You weren't exactly taking our agriculture. And then you would have smaller things, but for the most part it was closed and now it's open. That's open for our companies to go in and do a good job with. And I think you'll like them. I think you'll like it. And we will. Very importantly, they'll be investing a lot of money, but the military is a big number. But that's one number we're not determining. It's going to be whatever it is, but they're going to be purchasing hundreds of billions of dollars worth of military equipment. They're very important. They're going to purchase 750, $750 billion worth of energy. So that's going to be great. And $600 billion worth of investments into the United States over and above what they have. So. And I think that basically concludes the deal. I mean, those are the main factors. I don't think there are too many other factors other than we're going to get along great. And we have a great relationship now with NATO, which is largely the same. Not exactly, but pretty close, right? Largely. And with NATO, as you know, they're going up to 5% from 2%, and the relationship is very strong with NATO. So I just want to congratulate you. I think it's. 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 going to let you say, but I think it's the biggest deal ever made. Thank you very much.

Congratulations.

Thank you.

We have a deal. We have a trade deal between the two largest economies in the world, and it's a big deal. 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. It's 15% tariffs across the board, all inclusive. The investments. Mr. President just described that going to go to the United States and the purchases over there. Indeed. Basically the European market is open. It's 450 million people. So it's a good deal. It's a huge deal. Was tough negotiations. I knew it at the beginning and it was indeed very tough. But we came to good conclusions. So again, congratulations and many thanks.

Thank you. Thank you. Do you have any questions? How did he come to a deal so quickly? Did your opinion income bearing here? I think we both wanted to make a deal. You know, you said something that is very important. It's going to bring us closer together. I think this deal will bring us very close together, actually, sort of it's a partnership in a sense, but it's a very good point and it's something that's very important. But was there one issue that needed to get over the hurdle? One pharmaceutical? No, we had four or five. No, no, not, not pharmaceuticals. I mean, we're going to be, as you know, a lot of companies are coming into the US and that's unrelated to this deal. But it's. I think we, you know, this didn't just start today. We had a meeting. I wasn't sure. I said 50. 50. I think you probably felt the same thing. But this started months ago, this negotiation. So we knew pretty much what we were getting into, and we were able to make a deal that's very satisfactory to both sides. So it's very. It's a tremendously. It's a very powerful deal. It's a very big deal. It's the biggest of all the deals. It will be the biggest of all the deals. So we're very honored to have done so. And your staff has been fantastic. And they worked together very. They worked long and hard.

They worked hard and long. And many thanks to the teams on both sides. It was, as I said at the beginning, a heavy lifting you had to do. But many thanks also for the talks we had many times on the way to our goal, and now we made it, and that's good.

Anybody else? Yes, ma'. Am. I have a question for the EU Commission President.

What are the U.S. concessions?

What is the U.S. giving up in.

The deal, if anything? So as we. The starting point was an imbalance, a surplus on our side and a deficit on the US side. And we wanted to rebalance the trade relation. And we wanted to do it in a way that trade goes on between the two of us across the Atlantic because the two biggest economies should have a good trade flow between us. And I think we hit exactly the point we wanted to find. Rebalance, but enable trade on both sides, which means good jobs on both sides of the Atlantic means prosperity on both sides of the Atlantic. And that was important for us.

And again, the energy is a very important component because we have more energy than anybody else in that sense. And I think it was very wise that they buy a lot of energy and it's great stuff and it solves a lot of problems. So that was a. That was a great decision, I think. What about steel agreement on what steel. Steel is saying the way it is, the steel and aluminum, et cetera, et cetera. That's a worldwide thing that stays the way it is.

Chips.

Chips is. Howard, you might want to describe the chips, please, if you would. Well, the expectation is in two weeks time, we're going to come out with our chips. 232. And that was one of the key reasons that the European Union came to talk to the president to try to resolve all things at one time. And. Well, I'll let you wait for the two weeks until you get to announce your plan. But we are going to be bringing chip manufacturing back to the United States of America. We'll be doing a lot of chips. A lot of companies are coming in from Taiwan and from other places into the US and they're doing that in order to avoid tariffs. And the president really avoided the tariffs and in a better way for them. Much better way. Much more conclusive, I think probably much more profitable. Definitely much more profitable and got a lot of benefit from it. So it was a very interesting negotiation. It was. I think it's going to be great for both parties. I think your various countries are very happy about this. Is there an industry in the US that you see maybe having the first impact of getting into this market that was not accessible before, Whether it's auto? What's the first call you make? Yeah, I think cars. Cars basically were not invited. Were not. I don't know if the word is not allowed or just, you know, you just kept them out somehow. Right. But cars will be. You know, we have some cars that do terrific business and very. We do really well with the pickup trucks, with the SUVs. We do. We have some great things. And I think the people of Europe will have some diversification. I think that will make them happy. So I think maybe cars would be the one that would go the biggest and the second would be agriculture, the farmers. And we'll do it in very strict conjunction with the President and the European Union. And they're coming into. Likewise, they're coming into our country with great vigor. And I think. I think they're going to. I think they're going to make a lot of money with this. I think everybody is. I think it. And again, it's going to bring a lot of unity and friendship. It's going to work out really well.

Okay, what's the next deal you're focused on now?

Say it.

What's the next deal you're focused on now?

That's an interesting question. This was the big one. This is the biggest of them all. We're looking at deals with three or four other countries, but for the most part, you know, I can't get them to understand that it's the letter we just sent that letter. And that letter is, you know, very universal for most. I mean, most. You wouldn't be able to do this. You don't. You wouldn't have the time or the patience to be able to do a deal like this. Most of the others are going to be a certain tariff. And we're going to keep it as low as we can. They're generally smaller countries or countries we don't do much business with, but that they've already received to a large extent. They've received a letter. They'll probably receive a letter of clarification or a confirmation type letter which will go out sometime during this week prior to August 1st. And the tariffs will start being paid by those countries prior to August, you know, on August 1st and beyond. Okay. Mr. President, was part of the rush to get this deal done to knock the Jeffrey Epstein story out. Oh, you got to be kidding with that. No, had nothing to do with it. Only you would think that that had nothing to do with it, which is.

Good for European business and American business. Businesses in this country, particularly small businesses, are closing at a record rate. And you're seeing the Prime Minister tomorrow, Kestona. What does he need to do to help British business in this country?

I think everybody is going to be happy with this. The Prime Minister of the UK, While he's not involved in this, will be very happy because, you know, there's a certain unity that's been brought there, too. You know, we have a separate deal with them, but I think everybody is going to. He's going to be very happy to know. Look, he's friendly with all of you. He's a. I think he's a very good, a very good man. And he's going to be very happy to see what we did. I think UK is going to be very, very happy. Thank you all very much. Appreciate it. Thank you. Thank you very much.