The United States and European Union reached a landmark trade agreement over the weekend, a deal that includes a 15% tariff on EU goods entering the U.S..

The broad-strokes deal encompasses significant EU purchases of U.S. energy and military gear, along with substantial investments in the American economy. The EU has committed to purchasing $750 billion worth of energy from the U.S, and has agreed to make $600 billion in investments in the U.S.

Of the $3.3 trillion in goods imported by the U.S. last year, more than $600 billion came from the 27-member EU.

The pact has helped to further ease market jitters, which had grown over fears of a deadlock before Trump’s "reciprocal" tariffs take effect on August 1. 

“The big caveat to today’s deal is that there is nothing on paper, yet. The next hours and days will hopefully bring more clarity,” ING analysts said in a note.