September S&P 500 E-Mini futures (ESU25) are up +0.28%, and September Nasdaq 100 E-Mini futures (NQU25) are up +0.46% this morning, pointing to a higher open on Wall Street after U.S. President Donald Trump reached a trade deal with the European Union.
President Trump and European Commission President Ursula von der Leyen announced the EU agreement on Sunday at his golf club in Turnberry, Scotland. The U.S. would impose a baseline tariff of 15% on European goods, including automobiles. The new tariff rate will take effect on August 1st, according to a U.S. official. Mr. Trump said tariffs on steel and aluminum, which are currently at 50%, would remain unchanged. He also said the EU had agreed as part of the deal to purchase $750 billion worth of American energy products, invest an additional $600 billion in the U.S., and buy “vast amounts” of military equipment. In addition, U.S. goods shipped to Europe won’t be charged tariffs.
