The European Union and the US have announced a political agreement that will completely reset the €1.7 trillion ($2 trillion) transatlantic trade relationship.

The United States and the European Union agreed on a framework trade deal to end months of uncertainty for industries and consumers.

With the EU Commission and the White House making contradictory claims about the content of the EU-US trade deal struck on Sunday, industry, markets and governments are eagerly awaiting the release of a 'joint statement' which is set to clarify commitments made on both sides of the Atlantic.