Srinagar, July 28 -- The United States and European Union on Sunday reached a major agreement to defuse a looming trade conflict, with former President Donald Trump calling it the "biggest-ever" deal. The announcement came after a one-hour meeting between Trump and European Commission President Ursula von der Leyen at his golf resort in Scotland.

As part of the deal, a baseline 15% tariff will be applied to EU exports to the US, including key sectors like automobiles, pharmaceuticals, and semiconductors. This move averted a planned 30% blanket tariff on European goods set to take effect August 1.

The EU also agreed to purchase $750 billion worth of American energy and invest an additional $600 billion in the US, aiming to reduce its dep...