Aug. 2 (UPI) -- U.S. President Donald Trump on Friday announced a new trade deal with the European Union that is expected to increase beef exports across seas.
Under the agreement, the European Union plans to import 45,000 tons of hormone-free beef, 35,000 tons of which will come from the United States. This is a 46 percent increase of U.S. exports of beef, which will grow to a 90 percent increase over seven years. Duty-free exports will increase from $150 million to $420 million.
Trump praised it as a "wonderful deal."
"This is a tremendous victory for American farmers, ranchers and, of course, European consumers, because American beef is considered the best in the world," the president said during an event with ranchers and other agricultural industry representatives at the White House. "The agreement we signed today will lower trade barriers in Europe and expand access for American farmers and ranchers."
Earlier this year, the Trump administration threatened to place tariffs on the import of European cars and auto parts. A decision on that has been delayed, but Trump brought it up during Friday's event, joking that the European Union agreed to pay a 25 percent tariff on Mercedes-Benzes and BMWs coming into the United States.
The existing beef quota helped settle a dispute a decade ago over an EU ban on beef that came from cattle given growth hormones.