The European Union and the US have announced a political agreement that will completely reset the €1.7 trillion ($2 trillion) transatlantic trade relationship.

Only a few days before the deadline, European Commission President Ursula von der Leyen and US President Donald Trump agreed to a trade deal at the weekend to avoid tariffs of 30% on EU exports to the US.

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.