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 unveiled a trade agreement with the European Union on Sunday, making it the latest in a series of accords as the White House threatens to slap tariffs on dozens of countries this week.