President Trump announced a deal on Friday that will boost U.S. beef sales to Europe, days after he levied another round of tariffs on China in the prolonged trade war.

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Under the agreement to open up European markets, U.S. beef exports to the 28-member European Union will increase by 46 percent within one year. Over the next seven years, the president said during an Oval Office announcement, beef exports will increase by 90 percent.

"We love our farmers and ranchers," he said. "With this announcement, we take one more step in giving them the level playing field they've been looking forward to for many years."

Overall, duty-free beef exports will increase to $420 million from $150 million, the president said -- a 150 percent increase.

According to Reuters, the European Commission stressed that any beef deal will not increase overall beef imports. Plus, all imports would be hormone-free, in line with EU food safety regulation. The European Parliament still needs to approve the deal.

This is a developing story. Please check back for updates.