President Donald Trump and European Commission President Ursula von der Leyen met for a pivotal discussion before Trump’s Aug 1. tariff deadline.

The new trade agreement between the U.S. and the European Union will lift tariffs on imports of goods from EU countries to their highest level in decades and hurt the trading bloc's economic growth, according to some experts.

Tariffs, including the 15% rate for most imports from the EU, would raise consumer prices by 1.8% in the short run, according to the Yale Budget Lab.