A new trade agreement has been reached between the U.S. and EU with 15% tariffs

The United States and European Union have agreed to a new trade deal, which includes a 15 per cent "across the board" tariff on European goods entering the U.S.

The United States and the European Union announced a trade framework Sunday after a meeting between U.S. President Donald Trump and European Commission chief Ursula von der Leyen.

Trump told reporters that the deal includes a 15 per cent tariff on EU goods entering the U.S. and includes commitments for the EU to purchase some U.S. energy products and military equipment.

European Commission President Ursula von der Leyen confirmed the agreement would include 15 per cent tariffs across the board, and added that the framework would help rebalance trade between the two large trading partners.

“It was a very interesting negotiation. I think it’s 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.

Trump headed into high-stakes talks Sunday with a top European official demanding fairer trade with the 27-member European Union and threatening steep tariffs to achieve that while insisting the United States will not go below 15 per cent import taxes.