Trump and EU reach trade deal
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German auto companies embraced greater clarity but warned that even the lower rate of tariffs agreed between Brussels and Washington would still hurt.
Shipping shares Moller-Maersk and Hapag-Lloyd fell after the European Union said its trade agreement with the US would chop in half the proposed 30% blanket tariffs to 15% on most products.
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EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.
Wall Street is coming off a winning week fueled by strong earnings and recent deals between the U.S. and its trading partners.
The United States and European Union clinched a trade agreement on Sunday that will see EU exports taxed at 15 percent, in a bid to resolve a transatlantic tariff stand-off that threatened to explode into a full-blown trade war.