The United States and European Union have agreed a trade deal, ending a months-long standoff between two of the world's biggest economic partners,
BBC reports.
After make-or-break negotiations between President Donald Trump and European Commission President Ursula von der Leyen in Scotland, the pair agreed a US tariff on all EU goods of 15%.
That is half the 30% import tax rate Trump had threatened to implement starting on Friday. He said the 27-member bloc would open its markets to US exporters with zero per cent tariffs on certain products.
Von der Leyen also hailed the deal, saying it would bring stability for both allies, who together account for almost a third of global trade.
Trump has wielded tariffs against major US trade partners in a bid to reorder the global economy and trim the American trade deficit.
As well as the EU, he has struck tariff agreements with the UK, Japan, Indonesia, the Philippines and Vietnam, although he has not achieved his goal of "90 deals in 90 days".
France's European Affairs Minister Benjamin Haddad reacted to the deal early on Monday, saying it had some merits - such as exemptions for some key French business sectors such as spirits - but was unbalanced.
"The trade agreement negotiated by the European Commission with the United States will bring temporary stability to economic actors threatened by the escalation of American tariffs, but it is unbalanced," wrote Haddad on X.
US-EU tariff deal a big Trump win but not a total defeat for Brussels
Sunday's agreement was announced after private talks between Trump and Von der Leyen at his Turnberry golf course in South Ayrshire.
Trump - who is on a five-day visit to Scotland - said following their brief meeting: "We have reached a deal. It's a good deal for everybody."
"It's going to bring us closer together," he added.
Von der Leyen also hailed it as a "huge deal", after "tough negotiations".
The EU's top official described the deal as a "framework" agreement, with further technical details to be negotiated "over the next weeks".
The commission has the mandate to negotiate trade deals for the entire bloc - but it still requires approval by EU member states, whose ambassadors will meet on Monday for a debrief from the commission.
