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.
It was a very interesting negotiation. I think its going to be great for both parties, Trump said after the talks at his golf course resort near Turnberry, Scotland.
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.
This is a developing story. Check back for updates.