President Donald Trump announced Sunday that the United States and the European Union reached a framework for a trade deal, after talks with European Commission President Ursula von der Leyen in Turnberry,

The deal, which includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment, will bring welcome clarity for EU companies though many in Europe will see it as a poor outcome.

Ahead of the August 1 tariff deadline, Trump cuts rates for European imports while US exports will be tariff-free