The European Union and the US have announced a political agreement that will completely reset the €1.7 trillion ($2 trillion) transatlantic trade relationship.

The EU ’s other big concession was cutting its own tariffs on American cars and other industrial goods to zero, as well as giving some farm and fishery products better access to the European market. The liberalisation affects about a quarter of America’s exports to the EU, including cars and footwear; the rest already enter tariff-free.

President Donald Trump shakes hands with European Commission President Ursula von der Leyen, as US Commerce Secretary Howard Lutnick, US Trade Representative Jamieson Greer and White House Deputy Chief of Staff Stephen Miller clap after an announcement of a trade deal between the US and EU in Turnberry, Scotland, on July 27.