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.

The U.S.-EU trade agreement imposes 15 percent tariffs on most European imports, avoiding the 30 percent levies that President Trump had threatened. Critics argue the deal disproportionately favors