Trump said the EU would boost its investment in the US by $600bn (£446bn), including American military equipment, and spend $750bn on energy.

That investment over the next three years in American liquified natural gas, oil and nuclear fuels would, von der Leyen said, help reduce European reliance on Russian power sources.

Some goods will not attract any tariffs, including aircraft and plane parts, certain chemicals and some agricultural products. A separate deal on semiconductors may be announced soon.

One key area where a deal is yet to be struck is alcohol, with France and the Netherlands in particular seeking tariff exemptions for their respective wine and beer industries.

But a 50% US tariff Trump has implemented on steel and aluminium globally would stay in place, he said.

“I want to thank President Trump personally for his personal commitment and his leadership to achieve this breakthrough,” Von der Leyen said.

“He is a tough negotiator, but he is also a dealmaker.”

Both sides can paint this agreement as something of a victory.

For the EU, the tariffs could have been worse: it is not as good as the UK’s 10% tariff rate, but is the same as the 15% rate that Japan negotiated last week.

For the US it equates to the expectation of roughly $90bn of tariff revenue into government coffers – based on last year’s trade figures, plus there’s hundreds of billions of dollars of investment now due to come into the US.

One thing is clear: Trump is celebrating after striking the largest trade deal in history.

While there is a lot of upside for the US in this deal, it is less clear what the EU gains.

It was notable that Von der Leyen spoke about “rebalancing” the trading relationship.

Previously the EU has argued the relationship is not out of balance as the EU buys far more services from America than it sells to them.

It sounded as though von der Leyen was deliberately speaking Trump’s language in order to seal the agreement.

It came after the US president finished 18 holes at the Turnberry resort with guests and family, including his son Eric, amid showery conditions.