A major transatlantic trade row has been avoided for now, live in the UK.

This is the Marketplace Morning Report from the BBC World Service.

I'm Leanna Byrne. Good morning.

So EU leaders are being briefed today on a new deal with the United States

that halves the Tower of President Trump threatened to put on European goods.

But the compromise still means a 15% import tax on most products.

German exporters say the agreement is a relief, but not everyone is happy.

Hungary's Victor Orban called it a humiliation,

and the French Prime Minister says it's a submission.

Neil Richmond is Minister of State in Ireland.

To be honest, this is a less bad deal than what we were looking at 48 hours ago.

What we can take from this deal is two things. One, it does provide that element of certainty to businesses across the European Union that we actually know what we're dealing with now and can continue on our daily business.

And secondly, it just could have been a lot

worse. That was Irish Minister Neil Richmond. So who's really got the better end of the deal? And what

does this mean for businesses? Let's ask the BBC's Theo Leggett. Hello. Hello, Leanna. So what's the

significance of this deal? It's pretty clear that the Trump administration was determined to ratchet up tariffs on imports from the European Union, because as we know, President Trump does not like trade deficits with other countries.

So with the European Union, the US has a significant trade deficit. So it left the EU a choice. They could either accept a

higher tariff rate and try and come to some sort of compromise or enter what could be a hugely

damaging trade war with the United States. So what Soled von der Leyen and the rest of the European

Commission have done is accept a compromise under which they pay a flat

rate of 15% on most products and allow some products into the European Union tariff free.

I'm wondering, though, why did the EU feel pressured to accept a deal that some leaders, like

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