Edinburgh, Jul 27 (AP) The United States and the European Union announced a trade framework Sunday after a meeting between President Donald Trump and European Commission chief Ursula von der Leyen.

“It was a very interesting negotiation. I think it's going to be great for both parties,” Trump said after the talks at his golf course resort near Turnberry, Scotland.

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For months, he has threatened most of the world with steep tariffs in hopes of shrinking large US trade deficits with many key trading partners.

The US and EU seemed close to a deal earlier this month to ease the prospect of duelling tariffs, but Trump instead threatened a 30 per cent tariff rate.

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The agreement comes before a Trump administration deadline to impose tariffs on Friday. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)