(MENAFN) U.S. President Donald Trump and European Commission President Ursula von der Leyen announced Sunday that they had finalized a trade agreement establishing a standard 15% tariff on goods imported from the European Union (EU) into the United States.

The deal was unveiled during a joint press conference held at Trump Turnberry in South Ayrshire, Scotland, following bilateral trade negotiations.

Though both leaders portrayed the accord as a move toward restoring "trade balance" and fostering fairer reciprocal trade, the terms heavily favor the U.S., granting it the authority to implement a wide-reaching 15% tariff on EU imports. In exchange, a slate of key American exports will receive duty-free access to the EU market. Meanwhile, the EU has committed to purchasing $750 billion worth of U.S. energy and allocating an additional $600 billion in investment within the United States.

During the press event, Trump emphasized that the deal would help American automobiles regain footing in the European market and enhance access for U.S. agricultural goods across the EU. He clarified that pharmaceuticals are excluded from the scope of the agreement, while the current 50% tariffs on EU steel and aluminum exports to the U.S. will remain unchanged.

However, von der Leyen contradicted this point at a separate briefing, stating that both sides had agreed to apply the 15% tariff framework to pharmaceutical products. She also left open the door to additional U.S. trade measures in the future.

When questioned about the jump in tariffs on EU cars—from 2.5% during the Biden administration to the new 15% rate—von der Leyen defended the outcome. She noted that, before the agreement, European vehicles faced a combined tariff burden of 27.5% when entering the U.S., which included a 25% duty introduced during Trump’s prior term. By comparison, she argued, “the new 15 percent rate” marks a significant decrease.

Bernd Lange, who chairs the European Parliament’s Committee on International Trade, denounced the agreement as "unsatisfactory" and "significantly imbalanced," cautioning that it could jeopardize the EU’s economic resilience and employment security.

"This is a deal with a slant. Clearly, concessions have been made that are difficult to bear," Lange stated Sunday.

Before this deal, over 70% of EU exports to the U.S. were already subject to import duties—highlighted by steep tariffs such as 50% on steel and aluminum, 25% on automobiles and components, and a 10% levy on most other products. Trump had previously warned that failure to reach an agreement by August 1 would result in raising the general 10% tariff to 30%.

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