Commerce Secretary Howard Lutnick discusses the significance of the U.S. and EU agreeing to a trade deal on 'Special Report.'

After months of negotiations, and the two sides exchanging threats of further tariffs and potential countermeasures, the European Union and the United States have finalized terms of a deal that offers the bloc a reduced tariff rate in return for billions of dollars' worth of purchases and investments.

The Europe trade deal will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than Europeans hoped for.