"This Framework Agreement will put our trade and investment relationship – one of the largest in the world – on a solid footing and will reinvigorate our economies’ reindustrialization," the joint sta

The European Commission says it presumes the United States will impose a 15% tariff on most EU exports from Friday.

President Donald Trump announced a trade deal with the European Union on Sunday after EU Commission President Ursula von der Leyen said it took "heavy lifting."

On July 27, Ursula von der Leyen, the president of the European Commission and President Trump agreed to a deal that included a 15% tariff on most goods from the EU.

The framework includes a 15% tariff on most EU imports, while the EU pledges to remove tariffs on all U.S. industrial goods

The European Commission is deploying firefighting aircraft to Spain, where at least seven have died as 14 wildfires have flared amid a European heat wave.

White House officials hailed the joint statement as an important step. The deal is still not final and officials have weeks or even months of negotiations ahead.

European shares are expected to close the year a touch higher than where they are currently trading, a Reuters poll found, as support from looser fiscal and monetary policy will be kept in check by uncertainties over Washington's import tariffs.