The deal struck by President Donald Trump and Urusula von der Leyen, president of the European Commission, on Sunday at the former’s Scottish golf course will set a tariff rate of 15pc for most goods, down from a threatened 30pc. Full details are yet to be confirmed and a written next still needs to be agreed by EU member states.

The EU and US have struck a last-minute trade agreement that averts a major tariff hike but leaves European leaders divided over the cost of compromise.

The United States struck a framework trade deal with the European Union Sunday that imposes a 15-per-cent U.S. import tariff on most EU goods, including autos, and leaves 50-per-cent levies on steel and aluminum shipments from the continent.