The deal staves off, at least for now, far higher imports on both sides that might have sent shockwaves through economies around the globe.

Ursula von der Leyen is set to meet with Trump on Sunday to try and clinch a trade deal for Europe that would likely see a 15% baseline tariff on most EU goods.

At a meeting with Ursula von der Leyen at Trump’s Turnberry golf resort in Scotland, Trump said the agreement is ‘a good deal for everybody’.