President Trump announces trade agreement with European Union

TURNBERRY, Scotland (NBC, KYMA/KECY) - President Donald Trump has negotiated a major trade deal with the European Union (EU), ending what has been months of uncertainty surrounding trade with the United States' largest trade partner.

The president made the announcement Sunday following a high stakes meeting with EU officials in Turnberry, Scotland.

It's a trade agreement that will set tariffs at 15% across the board. That rate is a reduction from the 30% President Trump had previously threatened.

As part of the deal, the EU has agreed to purchase $750 billion in U.S. energy, and to also purchase military equipment, although no dollar amount has been placed on that just yet.

In remarks, Trump claiming it's the "biggest deal ever made."

"I think it's great that we made a deal today instead of playing games and maybe not making a deal at all," Trump expressed.

"We have a deal. We have a trade deal between the two largest economies in the world. And it's a big deal, it's a huge deal. It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic. It's 15% tariffs across the board all inclusive," said Ursula von der Leyen, President of the European Commission.