The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal.

Stocks were on track for another session of gains on Monday after President Donald Trump said he had struck a deal to set 15% tariffs on the European Union, reassuring investors after months of trade-based uncertainty.

"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

US President Donald Trump and European Commission chief Ursula von der Leyen met in Turnberry, Scotland, on Sunday to discuss trade with Trump saying a trade deal between the two was "was 50-50"