President Donald Trump announced the deal on Sunday in Scotland alongside European Commission President Ursula von der Leyen.

US President Donald Trump and EU chief Ursula von der Leyen confirm the deal after "tough negotiations" in Scotland.

EDINBURGH, Scotland (AP) — The United States and the European Union reached a tariff deal Sunday after a brief meeting between President Donald Trump and European Commission chief Ursula von der Leyen. A White House deadline was days away for imposing punishing import taxes on the 27-member EU, which is America’s leading global trading partner.

President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out a US-EU trade deal. Without an agreement, the EU was due to get hit with a 30% tariff rate on Aug.

The European Commission will probably not impose a so-called excessive deficit procedure on Germany for breaching the EU's budget deficit cap this year, Economic Commissioner Valdis Dombrovskis told the Financial Times.

President Donald Trump is meeting Sunday with European Commission chief Ursula von der Leyen, taking a break from golfing in Scotland to discuss trade as both sides seek an agreement on tariff rates with the White House's deadline to impose stiff import taxes looming this week.

Exemption for higher defence spending will help Berlin avoid corrective measures, says bloc’s economy commissioner