Good afternoon, everyone. I am pleased to follow up on the breakthrough achieved in Scotland yesterday. It was an honor to join Commission President von der Leyen at the pivotal meeting with US President Trump.

In summary, this EU-US agreement brings renewed stability and opens the door to strategic collaboration.

This is the result of months of genuine efforts, unmatched in intensity, reflecting the importance of our transatlantic trade, valued at 1.7 trillion dollars.

From the beginning, we believed that our transatlantic relationship deserved a negotiated outcome, which is why my team made ten visits to Washington.

Given our economies depth of integration, it was essential to take the necessary time to ensure an outcome that works for both the EU and the US while allowing trade to continue.

Lets consider an alternative: a trade war may seem appealing, but it would have serious consequences. A 30-percent tariff could halt our transatlantic trade, risking nearly five million jobs, including those in SMEs.

Our businesses have sent a clear message: avoid escalation and work towards a solution that provides immediate relief. I appreciate that several business groups have welcomed the contours of the deal.

The sense of stability and prospects of collaboration are reinforced by the fact that the agreement addresses current tariffs and those upcoming on pharmaceuticals, semiconductors, and lumber.

You are now familiar with the key pillars of the deal discussed in Scotland, including a single 15-percent tariff ceiling, 750 billion dollars in strategic purchases, and an additional 600 billion dollars in expected private investments into the US economy.

Furthermore, let me highlight three key points.

First, we have gained a better mutual understanding of each sides sensitivities. We relate to the objective of reindustrializing the US economy, as we are pursuing the same goal.

That is why the agreement includes a significant list of goods on which both sides will apply a zero-tariff rate where it benefits our shared interests, and this list is open to further additions.

Second, we believe that certain aspects of global trade policy need fundamental change. For example, non-market overcapacity is harming the EU steel industry.

Thus, the agreement presents clear prospects for joint action on steel, aluminium, copper, and their derivatives, effectively creating a metals alliance to safeguard our economies.

We will also establish a common approach to address sources of overcapacity.

Moreover, we are reducing tariffs on cars from 27.5 percent to 15 percent, allowing EU carmakers to expand exports from the US.

This will enhance their global standing and strengthen our value chain, as numerous European SMEs support production activities in the US.

Third, we need to think strategically about future technologies.

That is why the agreement also includes strategic purchases of gas, oil, nuclear, and US AI chips, aiming to strengthen our technological edge for mutual benefit.

In summary, this agreement should generate meaningful benefits, serving as a stepping stone to a broader EU-US trade and investment agreement in the future and fostering our joint efforts to address global challenges, such as the reform of the WTO.

We have maintained constant dialogue with our Member States and key stakeholders, and I sincerely thank them for their trust in the Commission and our unity throughout this process.

This morning, we briefed Member States and Members of the European Parliament.

In conclusion, I want to once again appreciate the leadership of President von der Leyen and the collaboration with my counterparts for the countless hours of intensive engagement, which I hope will pay off.

Thank you.