The new deal announced by President Donald Trump and European Commission President Ursula von der Leyen sees a 15% tariff being put on most European goods to the U.S with the EU also promising to invest $750 billion into the U.S. energy sector.

Dr. Wafa Hakim Orman, economist and professor at the University of Alabama in Huntsville and professor Jonathan Ernest, Assistant Professor of Economics at the Weatherhead School of Management, Case Western Reserve University, explained that even though the 15% tariff agreed upon is lower than potentially 30-50% tariffs, American consumers may still see prices increases.

Orman and Ernest also explained how the $750 billion investment into the U.S. may affect Russia's economy.