Remarks Following a Meeting With President Ursula von der Leyen of the European Commission and an Exchange With Reporters in South Ayrshire, United Kingdom

President Trump. Thank you very much.

So we have good news. We've reached a deal. It's a good deal for everybody, I believe. And it's—I think you were saying this is probably the biggest deal ever reached in any capacity, trade or beyond trade.

President von der Leyen. It is.

President Trump. It's a giant deal with lots of countries because, as you know, Ursula represents a lot of countries, not one country. It's a—it's not easy for you. It's—because a lot of very different countries—great countries, but some are strong with cars, some are strong with agriculture, some are strong with both, right? You have a lot of different factors.

So we are going to do the following. The European Union is going to agree to purchase from the United States 750 billion dollars' worth of energy—750 billion dollars' worth of energy. They are going to agree to invest into the United States $600 billion more than they're investing already.

So they're investing a large amount of money. You know what that amount of money is. It's very substantial. But they're going to invest an additional $600 billion.

They're agreeing to open up their countries to trade at zero tariff. So that's a very big factor: opening up their countries. All of the countries will be opened up to trade with the United States at zero tariff.

And they're agreeing to purchase a vast amount of military equipment. We don't know what that number is, but it's—the good news is, we make the best military equipment in the world, so sort of you have to do that, I mean, until somebody tops us, which is not going to happen. We're way ahead of every other country in terms of the quality of the military equipment.

You saw that recently in Iran, and you see that—unfortunately, you see that often for all the wrong reasons. Right?

So those things are $750 billion, $600 billion, opening up the country.

We are agreeing that the tariff, straight across, for automobiles and everything else will be a straight-across tariff of 15 percent. So we have a tariff of 15 percent. We have the opening up of all of the European countries, which I think I could say were essentially closed. I mean, they—you weren't exactly taking our autos. You weren't exactly taking our agriculture. And then you would have smaller things, but for the most part, it was closed. And now it's open. It's open for our companies to go in and do a good job with it. I think you'll like it. I think you'll like it.

And we will—very importantly, they'll be investing a lot of money. But the military is a big number, but that's one number we're not determining. It's going to be whatever it is. But they're going to be purchasing hundreds of billions of dollars' worth of military equipment.

They are—very importantly, they're going to purchase 750 billion dollars' worth of energy—so that's going to be great—and 600 billion dollars' worth of investments into the United States over and above what they have.

So—and I think that basically concludes the deal. I mean, those are the main factors. I don't think there are too many other factors, other than we're going to get along great.

And we have a great relationship now with NATO, which is largely the same. I mean, not exactly, but pretty close——

President von der Leyen. Largely.

President Trump. ——right? Largely.

And with NATO, as you know, they're going up to 5 percent, from 3—from 2 percent. And the relationship is very strong with NATO.

So I just want to congratulate you. I think it's great that we made a deal today instead of playing games and maybe not making a deal at all.

President von der Leyen. Yes.

President Trump. I think it's—I'm going to let you say, I—but I think it's the biggest deal ever made. Thank you very much. Congratulations.

President von der Leyen. Thank you very much.

President Trump. Congratulations.

President von der Leyen. Thank you.

President Trump. Go ahead.

President von der Leyen. Yes, thank you.

We have a deal. We have a trade deal between the two largest economies in the world, and it's a big deal. It's a huge deal. It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.

It's 15-percent tariffs across the board, all inclusive. The investments Mr. President just described, they're going to go to the United States and the purchases over there. Indeed, basically, the European market is open. It's 450 million people.

So it's a good deal. It's a huge deal.

President Trump. Yes.

President von der Leyen. It was tough negotiations.

President Trump. Yes.

President von der Leyen. I knew it at the beginning, and it was, indeed, very tough. But we came to good conclusions for both sides.

President Trump. We did.

President von der Leyen. So, again, congratulations on many things.

President Trump. Thank you very much.

President von der Leyen. Thank you.

President Trump. Do you have any questions, please?

European Union/Trade With U.S.

Q. How did you come to a deal so quickly? Did the European Union come bearing gifts, essentially?

President Trump. I think we both wanted to make a deal. You know, you said something that is very important. It's going to bring us closer together. I think this deal will bring us very close together, actually.

President von der Leyen. Yes.

President Trump. It's sort of—it's a partnership, in a sense. But it's a very good point, and it's something that's very important.

Q. But was there one issue that needed to get over the hurdle, one——

President Trump. No. We had four or five.

Q. Pharmaceuticals? Autos?

President Trump. No, no, not pharmaceuticals. I mean, we're going to be—as you know, a lot of companies are coming into the U.S., and that's unrelated to this deal.

But it's—I think we—you know, this has—didn't just start today. We had a——

President von der Leyen. Yes.

President Trump. ——a meeting. I wasn't sure. I said 50/50. I think you probably thought——

President von der Leyen. Yes.

President Trump. ——the same thing. But this started months ago, this negotiation. So we knew pretty much what we were getting into, and we were able to make a deal that's very satisfactory to both sides. So it's very—it's a tremendously—it's a very powerful deal. It's a very big deal. It's the biggest of all the deals. It will be the biggest of all the deals.

So we're very honored to have done so. And your staff has been fantastic.

President von der Leyen. Yes.

President Trump. And they've worked together very——

President von der Leyen. They worked——

President Trump. ——long and hard.

President von der Leyen. They worked hard and long. And many thanks to the teams on both sides. There was, as I said at the beginning, a heavy lifting we had to do. But many thanks, also, for the talks we had many times——

President Trump. Yes.

President von der Leyen. ——on the way to our goal. And now we made it.

President Trump. We made it.

President von der Leyen. And that's good. It's really good.

President Trump. We made it.

Anybody else?

Yes, ma'am.

European Union/Trade With U.S.

Q. I have a question for the EU Commission President. What are the U.S. concessions? What is the U.S. giving up in the deal, if anything?

President von der Leyen. So, as we—the starting point was an imbalance, a surplus on our side and a deficit on the U.S. side. And we wanted to rebalance the trade relation, and we wanted to do it in a way that trade goes on between the two of us, across the Atlantic, because the two biggest economies should have a good trade flow between us.

President Trump. Yes.

President von der Leyen. And we—I think we hit exactly the point we wanted to find: rebalance, but enable trade on both sides, which means good jobs on both sides of the Atlantic, means prosperity on both sides of the Atlantic. And that was important for us.

Q. Did you——

President Trump. And, again, the energy is a very important component because we have more energy than anybody else in that sense. And I think it was very wise that they buy a lot of energy, and it's great stuff, and it solves a lot of problems. So that was a great decision, I think.

U.S. Aluminum and Steel Industry

Q. What about steel? What have you agreed about steel?

President Trump. On what?

Q. Steel.

President Trump. The steel is staying the way it is. The steel and aluminum, et cetera, et cetera, that's a worldwide thing. That stays the way it is.

President von der Leyen. We have——

Semiconductor Manufacturing

Q. And how about chips? Did you discuss that as part of the agreement? Chips.

President Trump. Chips is—Howard, you might want to describe the chips, please, if you would.

Secretary of Commerce Howard W. Lutnick. Well, the expectation is, in 2 weeks' time, we're going to come out with our chips—232. And—and that was one of the key reasons that the European Union came to talk to the President: to try to resolve all things at one time.

And—well, I'll let you wait for the 2 weeks until you get to announce your plan, but we are going to be bringing chip manufacturing back to the United States of America.

President Trump. We'll be doing a lot of chips. A lot of companies are coming in from Taiwan and from other places into the U.S., and they're doing that in order to avoid tariffs. And the President really avoided the tariffs in a better way for them—much better way, much more conclusive. I think probably much more profitable. Definitely much more profitable. And got a lot of benefit from it.

So it was a very interesting negotiation. It was a—it was—I think it's going to be great for both—both parties.

President von der Leyen. Yes. It's a good deal.

President Trump. You know, I really——

Q. Mr. President——

President Trump. I think your—I think your various countries are very happy about this.

U.S. Automobile Industry/U.S. Agricultural Products

Q. Is there an industry in the—the U.S. that you see maybe having the first impact of getting into this market that was not accessible before, whether it's autos or—what's the first call you make? To what industry?

President Trump. Yes. I think cars. Cars basically were not invited, were not—I—I don't know if the word is "not allowed" or just—you know, you just kept them out somehow, right? [Laughter] But cars will be—you know, we have some cars that do terrific business and very—we do really well with the pickup trucks, with the SUVs. We do—we have some great things.

And I think the people of Europe will have some diversification. I think that will make them happy. So I think maybe cars would be the—the one that would go the biggest.

And the second would be agriculture, the farmers. And we'll do it in very strict conjunction with—with the president and the European Union. And they're coming into—likewise, they're coming into our country with great vigor. And I think—I think they're going to—I think they're going to make a lot of money with this. I think everybody is. I think it—and, again, it's going to bring a lot of unity and friendship. It's going to work out really well.

Q. Mr. President——

President Trump. Okay.

Trade Negotiations

Q. What's the next deal you're focused on now?

President Trump. Say it.

Q. What's the next deal you're focused on now?

President Trump. That's an interesting question. This was the big one. This is the biggest of them all. We're looking at deals with three or four other countries, but for the most part, you know, I can't get them to understand that it's the letter. We just sent that letter. And that letter is, you know, very universal for most. I mean, most—you wouldn't be able to do this. You don't—you wouldn't have the time or the patience to be able to do a deal like this.

Most of the others are going to be a certain tariff, and we're going to keep it as low as we can. And they're generally smaller countries or countries we don't do much business with. But that, they've already received. To a large extent, they've received a letter. They'll probably receive a letter of clarification or a confirmation-type letter——

Secretary Lutnick. Exactly.

President Trump. ——which will go out sometime during this week.

Secretary Lutnick. Right.

President Trump. Prior to August 1. And the tariffs will start being paid by those countries prior to August—you know, on August 1 and beyond. Okay?

Timing of the European Union Trade Negotiations With U.S.

Q. Mr. President, was part of the rush to get this deal done to knock the Jeffrey Epstein story out of the headlines?

President Trump. Oh, you've got to be kidding with that. [Laughter]

Secretary Lutnick. [Inaudible]

President Trump. No, had nothing to do with it. Only you would think that.

Secretary Lutnick. Oh, my God.

Q. On a day——

President Trump. That had nothing to do with this.

United Kingdom/Trade With U.S.

Q. On a day which is good for European business and American business, businesses in this country, particularly small businesses, are closing at a record rate. And you are seeing the Prime Minister tomorrow—Kier Starmer. What does he need to do to help British business in this country?

President Trump. I think everybody's going to be happy with this. The Prime Minister of the U.K., while he's not involved in this, will be very happy, because, you know, there's a certain unity that's been brought there too. You know, we have a separate deal with them, but I think everybody is going to—he's going to be very happy to know.

Look, he's friendly with all of you. He's a——

President von der Leyen. Yes.

President Trump. I think he's a very good—a very good man, and he's going to be very happy to see what we did. I think U.K. is going to be very, very happy.

Thank you all very much. Appreciate it. Thank you. Thank you very much.

Tariffs

Q. Is there any exemption to the 15-percent tariffs? Any exemption for spirits or airplanes?

President Trump. Essentially not. Not that we can think of.

Thank you.