The European Union and the US have announced a political agreement that will completely reset the €1.7 trillion ($2 trillion) transatlantic trade relationship.

The United States and the European Union agreed on a framework trade deal to end months of uncertainty for industries and consumers.

A new trade pact between the United States and the European Union threatens Europe's plastics and rubber machinery exports with a 15 percent tariff, sparking warnings from Italian trade group Amaplast about higher costs and market disruption.