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.

President Trump announces a trade deal with the European Union as his self-imposed August 1st deadline for trade negotiations looms. CNBC Washington Correspondent Megan Cassella and NBC News White House Correspondent Vaughn Hillyard discuss the implications of the EU deal and where trade negotiations stand with other countries.