"I think it's the biggest deal ever made," Trump said of the new agreement, which will reduce the bloc's tariff rate to 15 percent.

Global stocks rose and the euro firmed on Monday after a trade agreement between the United States and the EU lifted sentiment and provided clarity in a pivotal week headlined by the Federal Reserve and the Bank of Japan policy meetings.

Trump met with the European Commission's president, Ursula von der Leyen, during his trip to Scotland over the weekend, where the pair discussed terms and came to an agreement. The deal includes a 15% tariff on most European exports to the United States,

President Donald Trump announced a trade agreement with Japan on Tuesday, making it the largest U.S. trade partner to broker an accord as the White House threatens to impose tariffs on dozens of countries within days.

President Trump has struck a new trade deal with the European Union that will impose a 15% tariff on most goods from the EU, a reduction from previously threatened tariffs had a deal not been reached.

EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.