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

Discrepancies between the two sides' version of the deal have emerged, and key details of the agreement are yet to be negotiated.

With the EU Commission and the White House making contradictory claims about the content of the EU-US trade deal struck on Sunday, industry, markets and governments are eagerly awaiting the release of a 'joint statement' which is set to clarify commitments made on both sides of the Atlantic.