President Barack Obama greets German Chancellor Angela Merkel as she arrives at the NATO summit on May 20, 2012 in Chicago, Illinois.
President Barack Obama greets German Chancellor Angela Merkel as she arrives at the NATO summit on May 20, 2012 in Chicago, Illinois. - 

In last night's State of the Union address, President Obama proposed a new trade deal with Europe:

"Tonight I am announcing that we will launch talks on a comprehensive transatlantic partnership with the European Union."

Marketplace's Europe bureau chief Stephen Beard breaks down the specifics of the deal, gauges EU reaction, and explains the obstacles ahead.