President Donald Trump and EU Commission President Ursula von der Leyen announced a trade deal framework setting a 15% baseline tariff on most EU goods, down from Trump's planned 20% tariff.

The Europe trade deal will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than Europeans hoped for.

"I think it's the biggest deal ever made," Trump said of the new agreement, which will reduce the bloc's tariff rate to 15 percent.