The European Union (EU) on Wednesday will enter into force a trade agreement with the US.

According to the document, the EU has agreed that all European goods shall be subject to a 15% tariff in the US, in return for which American goods will be imported into the EU at zero tariffs, as per a statement by the EU Council.

The European Union has completed the ratification process of a trade agreement with the US. It will enter into force on July 1, the EU Council announced.

Also, the agreement commits the EU to buying $750 billion in energy from the US by 2028.

Earlier, US President Donald Trump demanded that the EU put this agreement into effect by Saturday, otherwise threatening to impose new tariffs against the European Union.