"I think it's the biggest deal ever made," Trump said of the new agreement, which will reduce the bloc's tariff rate to 15 percent.

President Donald 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% import taxes.

The U.S. President gets his beloved 15% tariff but little else from Europe.

Trump and the EU reached a trade framework to avoid 30 percent tariffs, with EU committing $750 billion in energy purchases and $600 billion investment.

In the wake of those “Liberation Day” tariffs, financial markets took fright. On April 9 the Trump administration hit pause: the “reciprocal” tariffs were deferred until July 9 and replaced by an across-the-board 10% tariff increase, with a handful of exceptions.

The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats.

The European Union is readying a sweeping €100 billion ($117 billion) package of retaliatory tariffs on American goods if President Donald Trump follows through on his threat to impose a 30% levy on most EU exports after August 1,

EU Commission President Ursula von der Leyen will meet President Donald Trump on Sunday in Scotland to "discuss transatlantic trade relations."