The United States struck a framework trade deal with the European Union on Sunday, imposing a 15% import tariff on most EU goods, but averting a spiralling battle between two allies which account for almost a third of global trade.

The administration provided some insight into the terms that were agreed upon between Indonesia and the United States, hinting at how other vague and hastily negotiated deals may turn out.

US President Donald Trump has settled on another tariff deal - this time with Indonesia. Both Trump and Indonesian President Prabowo Subianto said the tariffs faced by the southeast Asian country would be reduced from 32% to 19%. Trump said this was in exchange for "full access" for American firms.