President Trump and European Commission President Ursula von der Leyen announced a new U.S.-EU trade deal, agreeing to a 15% tariff on automobiles and expanded market access.

As part of the agreement, Europe will purchase $150 billion in U.S. energy and invest $600 billion in the U.S. economy, Fox News has reported.

Both leaders emphasized the need to “rebalance” the trade relationship, which von der Leyen acknowledged has favored Europe in the past.

Written by B.C. Begley