The deal was struck less than a week before the U.S. threatened to levy a much higher 30% tariff on European goods.

President Donald Trump reached a broad trade agreement with the E.U. that sets the import tax for most European goods headed to the United States at 15%. “It's a very big deal. It's the biggest of all the deals,

"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.