President Donald Trump announced 15% tariffs on most foreign goods from the European Union, down from the threatened 30%, as part of a trade agreement .

If there is no deal and the US imposes 30 per cent tariffs, the EU has prepared counter-tariffs on US$109 billion of US 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’.