The Europe trade deal will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than Europeans hoped for.

"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.

Some European politicians are dismayed that the European Union did not drive a harder bargain, but facing the threat of a damaging trade war, officials say they had little choice.