The U.S. and European Union agreed on trade terms that include a 15% rate on most EU products as well as hundreds of billions of dollars of investments in American industry. President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement.

The United States struck a framework trade deal with the European Union on Sunday, imposing a 15% import tariff on most EU goods, but averting a spiralling battle between two allies which account for almost a third of global trade.

"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."