The deal comes ahead of the 1 August deadline set by US president Donald Trump and brings more certainty about the future of commerce between the bloc and the US for investors.
The pair agreed on a 15% tax on all EU goods — half of the 30% previously threatened by Trump. They also agreed to zero tariffs on certain products.
Although the deal brings more certainty to trade relations, Trump could still change its terms as it is just a “high-level” agreement at this point. It also brings higher tariffs than have historically been implemented.
In addition, the US set out an agreement with Japan and is set to meet with Chinese officials on Monday to hammer out new terms for import and export levies.
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