New Delhi, July 27 -- US President Donald Trump on Sunday announced that the United States and the European Union have reached a new trade agreement aimed at rebalancing transatlantic trade and avoiding further escalation of tariff tensions.

The deal includes a 15% tariff on all EU goods entering the United States - a notable reduction from the 30% tariff Trump had previously threatened - and commits the EU to significant purchases of US energy and military equipment, Trump told reporters following his meeting with European Commission President Ursula von der Leyen at his Turnberry resort in Scotland.

The agreement also outlines a $600 billion investment commitment by the European Union into the US economy.

This is a developing story. ...