President Donald Trump clarified details about the new trade deals with the European Union (EU) and China in an interview on Tuesday, including floating the possibility of 35% tariffs on EU goods and stating that he intends to meet with Chinese President Xi Jinping.
Goods from the EU <a href="https://www.dailywire.com/news/trumps-art-of-the-trade-deal-here-are-the-countries-that-have-reached-agreements-with-america">initially</a> faced 30% tariffs under Trump&#8217;s Liberation Day tariff plan, but – after reaching an agreement in late July – an agreement was made for 15% on exports such as vehicles and medicine, among other products.
Trump <a href="https://x.com/RapidResponse47/status/1952733095259472349">explained</a> on CNBC&#8217;s &#8220;Squawk Box&#8221; that EU exports would be slapped with 35% tariffs if the Union did not follow through with the terms of the agreement. Critics have objected to the trade deal, which they say lacked the &#8220;teeth&#8221; to enforce the agreement.
Included in the trade agreement, the European Union committed to purchasing $750 billion worth of energy from the United States and investing an additional $600 billion in the U.S. economy. Trump added that &#8220;They gave me $600 billion and that&#8217;s a gift. … They gave us $600 billion that we can invest in anything we want.&#8221;
Trump also floated plans to re-shore <a href="https://www.cnbc.com/2025/08/05/trump-says-pharma-tariffs-could-eventually-reach-up-to-250percent.html">pharmaceutical</a> manufacturing from countries like China and Ireland to the United States by increasing tariff rates to 250% over a few years, which is one of the most dramatic moves to address the lack of domestic production of necessary medicines. 
Trump&#8217;s deal with the EU is still in the final stages of completion. On Tuesday, the EU announced that it would be suspending its retaliatory tariffs in a <a href="https://www.dailywire.com/news/e-u-to-suspend-retaliatory-tariff-on-u-s-for-six-months-as-massive-trade-deal-is-finalized?author=Reuters&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=E.U.+To+Suspend+Retaliatory+Tariff+On+U.S.+For+Six+Months+As+Massive+Trade+Deal+Is+Finalized">statement</a>.
A spokesperson said, &#8220;The EU continues to work with the U.S. to finalize a Joint Statement, as agreed on 27 July. … With these objectives in mind, the Commission will take the necessary steps to suspend by 6 months the EU&#8217;s countermeasures against the U.S., which were due to enter into force on 7 August.&#8221;
The president also clarified his plans to meet with Chinese President Xi. He said he intends to meet with Xi only after China and the US agree on the terms of a trade deal.
&#8220;I&#8217;ll end up having a meeting before the end of the year, most likely, if we make a deal,&#8221; Trump said in the interview. &#8220;But we&#8217;re getting very close to a deal. We&#8217;re getting along with China very well.&#8221;
Many questions arose about Trump&#8217;s plans to finalize the deal with China after multiple news outlets <a href="https://www.reuters.com/world/china/trump-xi-aides-discussed-autumn-us-china-leaders-meeting-sources-say-2025-07-20/">reported</a> that Trump was pushing for a meeting with Xi. Trump insisted on TruthSocial and in interviews that he had no plans to reach out to Xi for a meeting because, as he said, &#8220;China is very reliant on the United States.&#8221;
Although Trump continues to move around the deadlines for other countries to reach a trade deal, consumer sentiment continues to increase, according to a report by the University of Michigan, The Daily Wire <a href="https://www.dailywire.com/news/consumer-confidence-climbs-as-trump-pushes-ahead-with-tariffs?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Consumer+Confidence+Climbs+As+Trump+Pushes+Ahead+With+Tariffs">reported</a>.
&#8220;Perceptions of this month&#8217;s economic developments were similar across the political spectrum; Republicans, Independents, and Democrats all saw some minor increases in sentiment this month,&#8221; the University of Michigan stated.
Trump&#8217;s tariff rollout, which lays a baseline of 10% on all countries with a trade deficit with the U.S. and a varying percentage on others that have struck a deal, will go into effect on <a href="https://www.dailywire.com/news/white-house-drops-new-tariff-plan-on-eve-of-trumps-trade-deadline?author=Tim+Pearce&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=White+House+Drops+New+Tariff+Plan+On+Eve+Of+Trump%E2%80%99s+Trade+Deadline">August 7</a>. 

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Trump Reveals Trade Plans With China, EU Following Massive Deals