The 15% tariff rate is lower than the 30% rate Trump had previously threatened against the United States' largest trading partner, but higher than the 10% baseline tariffs the EU was hoping for.

The United States and the European Union agreed on a framework trade deal, which leaders on both sides of the Atlantic said would end months of uncertainty for industries and consumers.

"We have a trade deal between the two largest economies in the world, and it's a big deal,” von der Leyen said. “It's a huge deal. It will bring stability. It will bring predictability.”

Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a clear path forward to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies.