The deal includes a 15 percent tariff on most European exports to the U.S., similar to agreements struck recently between Trump and other major trading partners, including Japan. The levy is higher than the 10% rate sought by Europeans but a deescalation from the 30% Trump threatened to impose earlier in July.

Trump said the U.S. would impose 15 percent tariffs on imports from the 27-nation European Union, although the White House has yet to release specifics.