The US and the EU will have zero tariffs on aircraft and their components, some chemicals, some generic drugs, some semiconductors, some agricultural products and essential raw materials. Alcoholic beverages are not included in the agreement. The 50% tariffs on steel and aluminum remain.

President Donald Trump met with European Commission President Ursula von der Leyen during his trip to Scotland.

"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.