Ayr, UK - The European Union caved to President Donald Trump by agreeing to a trade deal that will see exports to the US taxed at 15%, while it also committed to buying energy worth hundreds of billions of dollars.

Trump emerged from the high-stakes meeting with European Commission President Ursula von der Leyen at his golf resort in Scotland, describing the deal as the "biggest-ever."

The agreement, which the leaders struck in around an hour, came as the clock ticked down on an August 1 deadline to avoid an across-the-board US levy of 30% on European goods.

"We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity," said Trump.

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The 79-year-old said a baseline tariff of 15% would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals, and semiconductors.

As part of the deal, Trump said the 27-nation EU bloc had agreed to purchase "$750 billion worth of energy" from the US, as well as make $600 billion in additional investments.

Von der Leyen said the "significant" purchases of US liquefied natural gas, oil and nuclear fuels would come over three years, as part of the bloc's bid to diversify away from Russian sources.

Negotiating on behalf of the EU's 27 countries, von der Leyen had been pushing hard to salvage a trading relationship worth an annual $1.9 trillion in goods and services.

"It's a good deal," the EU chief told reporters. "It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic."

She added that bilateral tariff exemptions had been agreed on a number of "strategic products", notably aircraft, certain chemicals, some agricultural products and critical raw materials.

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Von der Leyen said the EU still hoped to secure further so-called "zero-for-zero" agreements, notably for alcohol, which she hoped to be "sorted out" in coming days.

Trump also said EU countries – which recently pledged to ramp up their defense spending within NATO – would be purchasing "hundreds of billions of dollars worth of military equipment."

Any deal will need to be approved by EU member states – whose ambassadors, on a visit to Greenland, were updated by the commission Sunday morning. They were set to meet again after the deal struck in Scotland.

Though some leaders, such as Germany's Friedrich Merz and Ireland's Micheal Martin, praised the fundamentals of the agreement, others were less enthusiastic, with French Prime Minister François Bayrou calling it a "dark day" for Europe.