German auto companies embraced greater clarity but warned that even the lower rate of tariffs agreed between Brussels and Washington would still hurt.

European officials gave up on trying to avoid tariffs altogether and instead looked for the best agreement they could get.

EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.

Many pharmaceutical products made in Europe will face a 15 percent tariff, pinching manufacturers and potentially leading to higher drug prices.

The 15% rate is higher than the current 10% tariff rate on European luxury goods. Investors may have wanted better terms for the sector.

President Donald Trump was visiting Scotland when he struck a deal with the EU president. What was the tariff on EU imports before Trump took office?

The US and EU have struck a tariff deal that will avert a transatlantic trade war between the two sides but still impose American tariffs of 15 per cent on most imports from the bloc.

U.S. trade deal averts a full-on trade war, but is still likely to crimp Europe's already weak economic growth. The region's export powerhouses—drug-pro

The EU and US have struck a last-minute trade agreement that averts a major tariff hike but leaves European leaders divided over the cost of compromise.

Treasury Secretary Scott Bessent joins 'Power Lunch' to discuss the possibility of Trump and Xi Jinping meeting, Chinese purchases of Iranian oil and much more.