Yes but the €550 includes VAT/TAXES so USA price will be closer to €499-549.There is a report on GSMarena that the phone could cost 550 euros in at least one region which roughly equates to $620 US. http://www.gsmarena.com/oneplus_5_m...and_according_to_contest_rules-news-25475.php
This plus the earlier rumors of a $650 price tag might actually end up being the real deal. If the OP5 does cost this much then I think Oneplus is in for a rude awakening... The reason for their popularity was that they brought flagship specs at a far cheaper price. If they price the OP5 at this $650 price point and the design is a copy of the iPhone 7 I think they have truly lost their direction.
PS: I hate having to keep writing these posts... Why can't companies realize what they have and just make good unique phone that doesn't cost north of $600...
Never compare EU price and convert backwards as you will always be disappointed and is NEVER the price those of you in the USA end up paying.