Tariffs on imports of goods from the EU to the US will not be lower than 15 percent.

European Commission President Ursula von der Leyen and US President Donald Trump have reached a trade deal at talks in Scotland today. They announced this after the meeting, calling the deal a good one. Trump had said at the start of the talks that tariffs on EU goods imported into the US would not be lower than 15 percent.

"We've reached a deal. It's a good deal for everybody," Trump said after the meeting at his Turnberry resort in southwest Scotland. Von der Leyen also agreed that the deal was good, reports the French news agency AFP.

The leaders stressed at the start of the meeting that if concluded, it would be the largest trade deal ever concluded. Trump explained that tariffs on EU goods imported into the US would not be lower than 15 percent.

In mid-April, the US president imposed 10% tariffs on almost all trading partners, while also announcing additional increases for many countries and the EU. A few days before July 9, when these even higher tariffs were supposed to take effect, he postponed the deadline to August 1. In mid-July, he then threatened the EU with 30% tariffs on imports from the EU in August, while in April he had announced 20%.

Total trade in goods and services between the EU and the US reached around €1.68 trillion last year, accounting for 30 percent of world trade. The EU had a surplus of €198.5 billion in goods, while the US had a surplus of €148 billion in services, meaning that overall the trade relationship between the US and the EU is fairly balanced.