The framework deal, announced as a joint White House-EU statement, also includes providing the United States with "preferential" market access for a wide range of its seafood and agricultural products.

The European Commission says it presumes the United States will impose a 15% tariff on most EU exports from Friday.

President Donald Trump announced a trade deal with the European Union on Sunday after EU Commission President Ursula von der Leyen said it took "heavy lifting."

On July 27, Ursula von der Leyen, the president of the European Commission and President Trump agreed to a deal that included a 15% tariff on most goods from the EU.

The framework includes a 15% tariff on most EU imports, while the EU pledges to remove tariffs on all U.S. industrial goods

The United States and European Union have agreed on a “joint statement” providing additional details of the trade deal that they announced last month, but the two sides still face weeks or months of additional negotiations to iron out their remaining issues.

Former fast-food executive Andrew Puzder officially became the U.S. ambassador to the European Union during a swearing-in ceremony in Washington on Wednesday.

European shares are expected to close the year a touch higher than where they are currently trading, a Reuters poll found, as support from looser fiscal and monetary policy will be kept in check by uncertainties over Washington's import tariffs.