The deal, announced Sunday by President Trump and European Commission President Ursula von der Leyen, imposes a 15% U.S. tariff on most EU imports, while American goods exported to the union's 27 member countries will face no tariffs. Previously, U.S. exports to the EU faced an average tariff of roughly 1%, according to Goldman Sachs analysts.

President Trump announces a trade deal with the European Union as his self-imposed August 1st deadline for trade negotiations looms. CNBC Washington Correspondent Megan Cassella and NBC News White House Correspondent Vaughn Hillyard discuss the implications of the EU deal and where trade negotiations stand with other countries.