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The United States and the European Union announced a trade framework Sunday after a meeting between President Donald Trump and European Commission chief Ursula von der Leyen.
"This is probably the biggest deal ever reached in any capacity, trade or beyond trade. It’s a giant deal with lots of countries,” Trump said after the talks at his golf course resort near Turnberry, Scotland.
According to Associated Press for months, he has threatened most of the world with steep tariffs in hopes of shrinking large U.S. trade deficits with many key trading partners.
The U.S. and EU seemed close to a deal earlier this month to ease the prospect of dueling tariffs, but Trump instead threatened a 30% tariff rate.
The agreement comes before a Trump administration deadline to impose tariffs on Friday.
"We have a trade deal between the two largest economies in the world, and it’s a big deal. It’s a huge deal," von der Leyen said.
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