President Donald Trump and the European Union have struck a major trade deal imposing a 15% tariff on most EU goods entering the U.S., averting a threatened 30% tariff and a potential transatlantic trade war. The agreement, announced just before a critical deadline, is being hailed by Trump as a victory for American businesses and farmers, while European leaders express relief but also frustration, with some calling it a 'submission' and a 'dark day' for Europe. The deal includes significant EU commitments to purchase U.S. energy and military equipment, but critics argue it is lopsided and could raise prices for consumers and slow economic growth. Stock markets responded positively to the clarity and avoidance of steeper tariffs, though concerns remain about the long-term impact on industries like pharmaceuticals and steel. The EU is preparing potential retaliatory measures in case the deal falters, highlighting ongoing tensions in U.S.-EU trade relations.
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