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Investing.com -- The European Union plans to purchase €40 billion worth of AI chips as part of its trade agreement with the United States, according to a statement from the European Commission.
A Commission spokesperson said during a daily briefing that the EU is confident the trade agreement will receive backing from member countries, businesses, and citizens.
The spokesperson also noted that the EU has transmitted "faithful intentions" of EU businesses’ plans for US energy purchases and investments.
The trade deal, agreed on Sunday between European Commission President Ursula von der Leyen and U.S. President Donald Trump, establishes a single, all-inclusive US tariff ceiling of 15% for EU goods, effective August 1.
This ceiling applies to nearly all EU exports currently subject to reciprocal tariffs, including cars and car parts.
The agreement also provides special treatment for strategic products, with U.S. tariffs on EU aircraft, aircraft parts, certain chemicals, drug generics, and natural resources returning to pre-January levels, European Commission said in the statement.
The transatlantic partnership represents the most significant bilateral trade and investment relationship globally, with EU-U.S. trade in goods and services doubling over the last decade to surpass €1.6 trillion in 2024.
This includes €867 billion in goods trade and €817 billion in services trade, amounting to over €4.2 billion crossing the Atlantic daily.
As part of the agreement, the EU intends to procure US liquified natural gas, oil, and nuclear energy products valued at approximately €700 billion over the next three years, helping to replace Russian gas and oil in the EU market, the statement added.
EU companies have expressed interest in investing at least €550 billion in various US sectors by 2029, adding to the €2.4 trillion in existing investment.