India, July 28 -- In a significant breakthrough, President Donald Trump on Sunday announced that the United States and the European Union have reached a comprehensive trade deal, just days before a 30 per cent tariff on European imports was due to take effect.

After high-stakes negotiations in Scotland's Turnberry with European Commission President Ursula von der Leyen, the two leaders revealed a new trade framework aimed at averting a full-blown transatlantic trade war. The deal, according to CNN, hailed by both sides as 'powerful' and 'historic', centers around new tariffs, large-scale energy purchases, and significant investment commitments.

Under the terms of the agreement, the EU will purchase $750 billion worth of US energy, marki...