The European Union and the US have announced a political agreement that will completely reset the €1.7 trillion ($2 trillion) transatlantic trade relationship.

Only a few days before the deadline, European Commission President Ursula von der Leyen and US President Donald Trump agreed to a trade deal at the weekend to avoid tariffs of 30% on EU exports to the US.

"I think it's the biggest deal ever made," Trump said of the new agreement, which will reduce the bloc's tariff rate to 15 percent.