U.S. President Donald Trump hailed the framework trade agreement with the European Union as one that promises to be "great for cars."

The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods and averting a bigger trade war between the two allies that account for almost a third of global trade.

Stock markets in Europe and Asia shot higher Monday after the EU worked out a trade deal with the Trump administration ahead of this week's deadline.