The EU and the US have agreed that Washington will impose a 15 percent import tax on many European goods.

The 50 percent tariff on European steel and aluminum appears set to remain."That's something we do globally," Trump said.

According to US media, Brussels has pledged to purchase $750 billion worth of energy. The European Commission has not yet released details of the agreement.

The deal means an end to the threat of a trade war for now. US President Trump demanded a deal by August 1st, otherwise he would impose an additional 30 percent tariff on EU goods. Brussels was poised to retaliate with counter-tariffs on hundreds of US products.

More on that later.