The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

Balancing economic interests and security concerns, European officials said they got the best deal possible with President Donald Trump, but critics said Brussels ceded to pressure.

Top trade officials from China and the United States have launched a new round of talks aimed at easing tensions over tariffs.

That statement came some 12 hours after Trump announced an agreement Sunday with the European Union that would see a 15% tax paid on products brought into the United States from the bloc. The E.U. also agreed to spend $750 billion on energy purchases from the U.S., while investing an additional $600 billion here.

President Trump's trade strategy, marked by elevated tariffs, is yielding agreements with nations like the EU, Japan, and Vietnam. The EU accepted 15% US tariffs and committed to significant purchases and investments.

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.

Trump’s statement comes a day after he announced a trade deal with the EU, which would see a 15 per cent tariff imposed on most European goods being exported to the U.S.

President Trump is seeking to raise federal revenue by imposing levies on goods from foreign nations. Here’s how the process works.

The preliminary deal imposes 15 percent tariffs on most E.U. goods, averts a trade war and leaves many details unresolved, including on wine and spirits. Here are industries on the line.