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

Only a few days before the deadline, European Commission President Ursula von der Leyen and US President Donald Trump agreed to a trade deal at the weekend to avoid tariffs of 30% on EU exports to the US.

President Donald Trump unveiled a trade agreement with the European Union on Sunday, making it the latest in a series of accords as the White House threatens to slap tariffs on dozens of countries this week.