President Donald Trump unveiled a trade agreement with the European Union on Sunday, making it the latest in a series of accords as the White House threatens to slap tariffs on dozens of countries this week.

The European Union and the US have announced a political agreement that will completely reset the €1.7 trillion ($2 trillion) transatlantic trade relationship.

A new trade pact between the United States and the European Union threatens Europe's plastics and rubber machinery exports with a 15 percent tariff, sparking warnings from Italian trade group Amaplast about higher costs and market disruption.