A deal was struck after European Commission chief Ursula von der Leyen met with the US President at his golf resort in South Ayrshire.

The deal includes a 15 percent tariff on most European exports to the U.S., similar to agreements struck recently between Trump and other major trading partners, including Japan. The levy is higher than the 10% rate sought by Europeans but a deescalation from the 30% Trump threatened to impose earlier in July.