The Trump Administration has closed a trade deal with the European Union (EU), one of the largest trade partners of the U.S. After months of negotiations and the issuance of a letter threatening the union with the establishment of 30% tariffs to address the trade imbalances between the two partners, Trump finally settled on enacting a 15% levy on European imports, excluding steel and aluminum, which continue to be under a 50% tariff regime.

Trump himself labeled this deal as “the biggest of them all,” claiming that it will open the European continent to U.S. products. Indeed, one of the highlights of the deal is the 0% levy that American exports will enjoy when entering European soil.

EU Commission President Ursula von der Leyen confirmed that negotiations were difficult between both parties. “I knew it at the beginning, and it was indeed very tough. But we came to a good conclusion for both sides,” she stated.

In addition, the EU has committed to purchasing $750 billion in U.S.-sourced liquefied natural gas (LNG) over the next three years as a substitute for the Russian alternative. Von der Leyen stated that it was a welcome opportunity to purchase the “more affordable and better LNG” from the U.S.

Also, Trump stated that the deal included investments of $600 billion in the U.S. and the purchase of a “vast amount of military equipment.”

While the agreement averts an economic war that could upend a yearly turnover of nearly a trillion dollars between the two countries, some have touted this as a defeat for the EU, explaining that the union made large concessions without receiving anything in return.

Bloomberg’s Lionel Laurent stated that this feels like a dangerous moment for the EU. “Its already weak growth is about to get weaker, while at the same time it drags its feet on closer integration that would make it less dependent on the U.S. and China,” he concluded.

Read more: Trump Administration Slaps 30% Tariffs on EU and Mexico

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