US President Donald Trump confirmed on Sunday that he has reached a trade agreement with the European Union (EU) after meeting with European Commission (EC) President Ursula von der Leyen. The agreement is for a 15% tariff on most European goods.

"I think this basically seals the deal," Donald Trump commented after his meeting with Ursula von der Leyen in Scotland this Sunday. According to the EC president, the 15% tariff is"comprehensive," but Donald Trump later stated that it does not include metals and pharmaceuticals.

"We've reached an agreement. And it's a good agreement for everyone," the US president argued, as quoted by the BBC."It will bring us closer together... it's a partnership, in a sense," he added. Von der Leyen believes the agreement will bring"stability" and "predictability" to trade relations between the two economic blocs, according to Bloomberg.

The news agency writes that the European Union has agreed to buy $750 billion worth of energy from the United States, has committed to investing $600 billion in the North American market and to purchasing"large quantities" of military equipment, and will also open the European market to North American products that will be exempt from tariffs.

There are still areas that will require more negotiation time. Examples include the pharmaceutical sector, which Donald Trump had already signaled he wanted to keep out of the global agreement, as well as the semiconductor sector. According to U.S. Secretary of Commerce Howard Lutnick, these more specific negotiations should be concluded within two weeks.

The agreement's announcement comes after weeks of negotiations and trade threats from both sides. The US had even hinted at 50% tariffs on European Union exports, which were later lowered to 30% (with the agreement now set at 15%, well below the initial target). The European Union, however, was always concerned about demonstrating that the 27 countries were prepared for a trade war, with the possibility of applying tariffs to approximately €100 billion worth of US goods being on the table.