Commerce Secretary Howard Lutnick discusses the significance of the U.S. and EU agreeing to a trade deal on 'Special Report.'

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal. It raises tariffs on most European goods to 15%.

Tariffs, including the 15% rate for most imports from the EU, would raise consumer prices by 1.8% in the short run, according to the Yale Budget Lab.

President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out a US-EU trade deal. Without an agreement, the EU was due to get hit with a 30% tariff rate on Aug.

A container is loaded onto a cargo ship while docked at a port under the Port Authority of Thailand, following the announcement that U.S. President Donald Trump would impose tariffs of 36% on goods from Thailand starting on August 1,