President Trump is making an announcement on trade with the European Union before departing for Bedminster, New Jersey, for the weekend. Top White House economic adviser Larry Kudlow said Friday morning that the deal with the EU is "a beef deal."

"Yes, fun. Beef deal. America has great beef. We're going to sell more of it," Kudlow said.

Mr. Trump said in the announcement that it would make it easier to export American beef and increase exports by 90% over the next decade.

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"American beef is considered the best in the world," Mr. Trump said.

Mr. Trump ended the event by joking that the U.S. would add a 25% tariff on European exports of Mercedes Benz cars. "I'm kidding," Mr. Trump said.

The trade announcement comes the day after Mr. Trump announced a new 10% tariff on $300 billion of Chinese goods, set to go into effect on Sept. 1.

U.S. and China trade officials ended their most recent negotiations on Wednesday with few signs of progress, though they agreed to reconvene in September. The Trump administration previously imposed a 25% tariff on $250 billion in Chinese imports. But the duties set to take effect Sept. 1 would apply to a broad swath of consumer goods, including clothes, shoes, electronics and other common items.

Mr. Trump said at a Cincinnati rally last night he would be "taxing the hell out of China."

CBS News' Ben Tracy reports that overnight, China's Foreign Ministry threatened to take countermeasures if these tariffs are implemented.

This event has concluded.