President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.

The European Union and United States will develop a metals alliance to mitigate the impact of subsidised Chinese production on global markets as part of their trade deal, European Trade Commissioner Maros Sefcovic said on Monday.

Norwegian steel producers are reeling after the European Union (EU) made a surprise announcement. In a letter sent to countries within the European Economic Area (EEA), the EU revealed that it will introduce new tariffs targeting imports of ferroalloys—an essential material used in steel production.

Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.