German Finance Minister Lars Klingbeil is dissatisfied with the European Union's trade deal with the United States, as he thinks it will take a toll on Germany' economic growth, he said on Wednesday.

"I think it's the biggest deal ever made," Trump said of the new agreement, which will reduce the bloc's tariff rate to 15 percent.

The United States and the European Union avoided the worst-case scenario: a damaging, all-out trade war between allies that threatened to raise prices on a large number of goods and slow two of the world’s largest economies.