Trump and Von der Leyen: we have an agreement, tariffs at 15 per cent. No change on steel and aluminium

"With tariffs at 15%, the glass will remain half empty for at least 80% of Italian wine. The damage we estimate for our companies is around 317 million euro cumulative over the next 12 months, while for overseas trading partners the loss of earnings will rise to almost 1.7 billion dollars. The loss would rise to EUR 460 million should the dollar maintain its current level of devaluation. We are already appealing to the Italian government and the EU to consider appropriate measures to safeguard a sector that had grown so much thanks to the US buyer'. This was said today by the president of the Italian Wine Union (UIV), Lamberto Frescobaldi, following the agreement between the European Commission and the Trump administration to apply 15% tariffs to Italian wine exports, effective from 1 August.

For Frescobaldi, "with today's meeting in Scotland between Presidents Trump and von der Leyen, we have at least come out of an uncertainty that was blocking the market; now it will be necessary to take on the lost revenue along the supply chain in order to minimise the mark-up at the shelf. According to our analyses," continued Frescobaldi, "at the beginning of the year, the Italian bottle that came out of the cellar at €5 was sold in the aisle for $11.5; now, between tariffs and the devaluation of the US currency, the price of the same bottle would be close to $15. With the consequence that, if before the final price compared to the value at origin increased by 123%, from today it will rise to 186%'. For the UIV Observatory, the bill is much higher at the restaurant, where the same 5 euro bottle will risk costing around 60 dollars at the table, with a normal mark-up.

The EU has agreed on behalf of its 27 countries to purchase $750 billion worth of energy from the US, and to invest a total of $600 billion in it. This was reported by US President Donald Trump, according to Cnbc at the start of a joint press conference with EU Commission President Ursula von der Leyen.

The agreement reached with the EU on 15% tariffs will be "great for cars" and will have a significant impact on agriculture. This was said by US President Donald Trump in a press point with European Commission President Ursula von der Leyen. Trump added that he is "considering three or four other countries" with which to make trade agreements.

The European Union "will agree to invest $600 billion more in the United States than they are already investing. They are investing a huge amount of money. Do you know how much this amount is? It is very substantial. But they are going to invest another $600 billion." Thus US President Donald Trump in statements in Scotland after the agreement with the EU on tariffs.

"I judge it positive that there is an agreement but I cannot judge the merit if I do not know the details". So said Prime Minister Giorgia Meloni, from Addis Ababa, commenting on the US-EU agreement on tariffs just reached in Scotland.

The tariffs agreement between the EU and the US ''is a good agreement. These were difficult negotiations, I knew it from the beginning and it was really very difficult, but we came to a good conclusion'. This was said by the President of the European Commission, Ursula von der Leyen, at the end of the bilateral with the US President, Donald Trump.

"We've reached a satisfactory result for both sides, it's a very powerful agreement and it's the biggest of all." Donald Trump said this after announcing the agreement with the EU on tariffs.

"A tariffs level of 15% will in any case cause very heavy effects on Italian exports that will add to the appreciation of the euro against the dollar of almost 15% in recent months". This is what Cna states, judging the agreement reached between the US administration and the EU Commission to be "not satisfactory". "Italy is one of the main exporters to the United States and therefore any raising of tariffs would have very negative repercussions, particularly on the small business system," says Cna, pointing out that to the 67 billion euro of direct sales, it is necessary to add about 40 billion in indirect flows, which are largely intermediate goods in the mechanics and fashion sectors where the presence of small businesses is prevalent. "It is written 15 but read 30%," commented Cna President Dario Costantini, "and it is an unfair and disproportionate tax that penalises Made in Italy but will also have negative repercussions on the American economy. Support and compensation are needed, and we expect the reactivation of the export table at Palazzo Chigi shortly for a discussion on tools and criteria to make the 25 billion secured by the government available to the business system'.

The US president said this after reaching an understanding.

"We did it. We did it." This was stated by US President Donald Trump and the President of the European Commission, Ursula von der Leyen, as they announced at a joint press conference in Scotland an agreement on the issue of trade tariffs.

"With regard to steel and aluminium nothing will change, it is an issue that will not be changed." Donald Trump said this after meeting with Ursula von der Leyen in Scotland.

"We have reached an agreement that is impressive and that we have been working on for months." Donald Trump said this after meeting with Ursula von der Leyen in Scotland

"If we want to sell cars in Europe, we are not allowed to do that. And as you know, they sell millions and millions of cars, Mercedes, Bmw, many different models of Volkswagen, many different models and millions and millions of cars. Japan also sells a lot of cars. But the deal with Japan went very well, very well. I think I hope for them as well and that's what we want to do'. So said US President Trump before his meeting with EU Commission President Von der Leyen in Scotland, responding to a question whether he hopes the deal with the EU will also include the auto sector.

Pharmaceuticals will not be part of today's agreement on trade and tariffs between the US and the European Union. This was made clear by US President Donald Trump, responding to a specific question at the press conference at the start of the bilateral with European Commission President Ursula von der Leyen.

"No, the drugs will not be part (of today's agreement.ed). Basically they will not be part of it because we want them to be manufactured in the US,' he explained. 'I think it is easy to say, they are (goods) very special and we cannot be in a position where we are dependent on other countries. Europe will also make a lot of drugs and other goods, but we will also have our own.

Exchange of banter between Ursula von der Leyen and Donald Trump before their meeting in Scotland. "You're known as a tough negotiator, a tough dealmaker," says the president of the European Commission. And the president immediately countered: "And right." Then, laughing: 'That's the most important thing'.

"I think President Trump is right. We have a 50-50 chance of reaching an agreement. It is actually about rebalancing. So you can call it fairness, you can call it rebalancing. We have a surplus, the US has a deficit, and we need to rebalance it. We have an excellent trade relationship, a huge trade volume' and 'so we will make it more sustainable'. This was said by the President of the European Commission, Ursula von der Leyen, in a press point with US President Donald Trump before their meeting to discuss trade relations in Turnberry, Scotland.

"If we are successful, I think it will be the biggest deal any of us has ever done." European Commission President Ursula von der Leyen says this at a press point with US President Donald Trump ahead of their meeting to discuss trade relations in Turnberry, Scotland. "I am looking forward to the discussions. Our staff has done some of the hardest work, but now it's our turn," adds von der Leyen who, addressing Trump, stresses that he is "known to be a tenacious negotiator, a fair and honest negotiator". Trump then agrees that the trade deal would be the 'biggest ever'.

With the European Union 'we've had a very good relationship over the years, but it was a very one-sided transaction, very unfair to the United States, and I think both sides want to see fairness'. So says US President Donald Trump in a press point with European Commission President Ursula von der Leyen before their meeting to discuss trade relations in Turnberry, Scotland. "That should not be the case. So we are with his brilliant staff and hope to solve some problems," she added.

Thus the US president.

The pharmaceutical sector will not be part of the eventual agreement between the US and the EU on tariffs. This was stated by Donald Trump. "Fundamentally pharmaceuticals will not be part of it, because we have to produce them in the United States. We cannot be in a position where we have to depend on other countries,' Trump said.

This was said by the President of the United States.

"Ursula has done a great job for the EU, not for us." This was said by Donald Trump in Scotland before the interview, stressing that "it is an honour to see the President of the European Commission", he said.

According to international observers quoted by CNN, the most likely outcome this week is a new 90-day extension with tariffs at 30 per cent and a possible meeting between Trump and Chinese President Xi Jinping in the autumn, barring any twists and turns. The negotiations are complicated by the shadow of China's recent exit bans on US officials and business managers, criticised by US Commerce Secretary Howard Lutnick. Other issues on the table include the proposed spin-off of the US division of TikTok, pending Chinese consent, and the issue of Chinese exports of Russian and Iranian oil, on which Bessent has already announced clarifications.

China will mainly aim at the removal of remaining tariffs on imports from the US, especially those amounting to 20% and linked by the White House to the Chinese role in the fentanyl trade. According to Chinese experts, Beijing also aims at easing controls on technology exports and a reduction of the list of restricted Chinese companies. Analysts heard by the US broadcaster point out that China is becoming increasingly active in playing its own cards, ranging from rare earths to the drone and electric car battery industries. The possible divestment of TikTok US also remains an element of negotiation. The Trump administration has already threatened further tariffs of up to 100 per cent on countries that continue to buy sanctioned Russian oil, but experts believe it is unlikely that China will give in to this kind of pressure, in the knowledge that the US can use it as leverage to gain concessions in areas such as Iran and Russia.

Beijing and Washington are expected to extend the truce on tariffs for another three months at trade talks in Stockholm tomorrow. Sources told the South China Morning Post. China and the US agreed in May to remove most of the reciprocal heavy tariffs on goods for 90 days while continuing trade negotiations. The suspension will expire on 12 August. During the third round of trade talks between the world's two largest economies, both sides will set out their views on major sticking points - such as US concerns over China's industrial overcapacity - rather than achieve specific progress, the sources said. One source said that during the planned 90-day extension, the two countries should pledge not to impose additional tariffs on each other or escalate the trade war by other means. According to three sources close to Beijing's position, while the previous talks in Geneva and London focused on 'de-escalation', in the latest meeting the Chinese delegation will also press Trump's trade team on tariffs on fentanyl. US President Donald Trump imposed an additional 20% tax on Chinese imports in March, claiming that Beijing had not done enough to stop the flow of fentanyl into the US. Washington has given no indication of what progress it considers sufficient on fentanyl to justify easing tariffs. The Chinese side may ask for more clarity on this threshold during the Stockholm round.

US Trade Secretary Howard Lutnick, interviewed by Fox News, emphasised that the EU 'needs to reach an agreement and wants to reach an agreement, and is going to Scotland to reach an agreement with President Trump. The question is whether they will offer President Trump a deal beneficial enough to convince him to abandon the 30% tariffs he has imposed'. Without a deal, the EU says it is ready to retaliate with tariffs on hundreds of US products, from beef to auto parts, from beer to Boeing planes. If Trump eventually follows through on his threat to impose tariffs against Europe, it will make products such as French cheese, Italian leather goods, German electronics and Spanish pharmaceuticals more expensive in the US.

The chances of reaching an agreement on tariffs with the EU are '50-50'. This was said by the US president, Donald Trump, responding to a question shouted at him from a distance by British broadcaster Sky News' correspondent for Scotland, Connor Gillies, as the tycoon played golf at his resort in Turnberry, where he is scheduled to meet with EU Commission president Ursula von der Leyen at 5.30pm. "Can he get a deal with the EU today?" the reporter asked. "Fifty-fifty," Trump replied distantly. Already on Friday, speaking to reporters at the White House before leaving for Scotland, the US president had spoken of a 50-50 chance. "We have a 50-50 chance, maybe less, but a 50-50 chance of doing a deal with the EU," he had said.

Further reading

Tariffs but also expropriated land and broken promises: Trump lands in Scotland greeted by protests

26 July 2025

In addition to Commission President von der Leyen, the EU delegation will also include European Commissioner for Trade and Economic Security MaroS Sefcovic, as well as Björn Seibert, Sabine Weyand and Tomas Baert. Von der Leyen is scheduled to hold a press conference after the meeting.