The deal, announced Sunday by President Trump and European Commission President Ursula von der Leyen, imposes a 15% U.S. tariff on most EU imports, while American goods exported to the union's 27 member countries will face no tariffs. Previously, U.S. exports to the EU faced an average tariff of roughly 1%, according to Goldman Sachs analysts.

Trump said the U.S. will impose a 15% tariff on Japanese imports under the agreement, which he hailed as "maybe the largest deal in history."

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.