President Donald Trump announced an agreement Friday to boost beef exports to the European Union.

Surrounded by trade officials and beef industry representatives at the White House, Trump signed a deal to "lower trade barriers in Europe and expand market access for American farmers and ranchers." Over the course of the agreement, annual duty-free U.S. beef exports to the EU are expected to nearly triple to $420 million from $150 million, according to the Office of the U.S. Trade Representative.

"This is a tremendous victory for American farmers, ranchers and of course, European consumers," the president said at the White House as he unveiled the deal.

The agreement comes as the agriculture industry has taken a hit from Trump's ongoing trade war with China. The president has tried to limit the economic and political damage from the conflict ahead of the 2020 election. His administration recently announced details of a $16 billion aid package for farmers affected by the trade conflict.