Europe is to be flooded with American cars and energy after Brussels struck an eleventh-hour trade deal with Donald Trump. Under the terms of a pact announced on Sunday, the European Union will face 15 per cent tariffs on exports to the US, staving off a full-blown trade war after months of negotiations.

"I think it's the biggest deal ever made," Trump said of the new agreement, which will reduce the bloc's tariff rate to 15 percent.