After months of negotiations, and the two sides exchanging threats of further tariffs and potential countermeasures, the European Union and the United States have finalized terms of a deal that offers the bloc a reduced tariff rate in return for billions of dollars' worth of purchases and investments.

"I think it's the biggest deal ever made," President Donald Trump said following a meeting with European Commission President Ursula von der Leyen on Sunday afternoon.

Why It Matters

As well as averting a prolonged standoff and the risk of an all-out trans-Atlantic trade war, the deal substantially reduces the potential barriers that were emerging in the world's largest bilateral trading relationship—valued at just under $1 trillion last year per the U.S. Trade Representative .

The

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