Donald Trump has announced a trade deal with the European Union in what he described as the "biggest in the world".
The US President confirmed there will be a 15 per cent tariff on all EU goods.
"It's great that we made a deal instead of playing games," Trump declared.
It comes as he met EU President Ursula von der Leyen in Scotland on Sunday.
The Trump administration had earlier threatened a 30 per cent tariff on EU goods.
Before making the transatlantic deal, the 47th President said the deal was a 50-50 chance of it happening.
In announcing the deal, Trump said the EU "is going to agree to purchase from the United States, $750 billion (£446.5 billion) worth of energy".
"They are going to agree to invest into the United States $600 billion dollars (£558.2 billion)," he added.
POOL | Ursula von der Leyen with US President Donald Trump"(That is) more than they're investing already, so they're investing a large amount of money."
Trump declared it was a "very substantial" amount before saying the EU was also agreeing to "open up their countries to trade".
He said the union was also agreeing to purchase a "vast amount of military equipment".
"We don't know what that number is ... the good news is we make the best military equipment in the world, so you sort of have to do that until somebody tops us."
REUTERS
|Trump shaking hands with the European Union President
Trump said "that's not going to happen" as the US was "way ahead" of every other country.
Von der Leyen, who flew to Scotland on short notice to speak with Trump, said it was a "good" and "huge deal".
"It was a very interesting negotiation," she declared.
"I think it's going to be great for both parties."
Von der Leyen said the deal was made after "tough negotiations".
Trump told media that he predicted the deal would "bring us closer together" before saying multiple times that it was the "biggest of all the deals".
Von der Leyen said the negotiations addressed the EU's trade surplus with the US.
Trump also said EU countries would be "opened up for US goods" at 0 per cent.
Earlier, Trump warned that the "sticking point" was fairness.
He said his country had previously a "very hard time" when trading with Europe.