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

US President Donald Trump announced on July 28 that the United States was imposing 15-percent tariffs on all European Union countries. These countries are not all equally exposed to the US market and so will not suffer the same consequences when the duties kick in on August 1.

Though the Trump administration and European Union have agreed to a deal that reduces planned U.S. tariffs, Mexico still faces 30% levies on goods imported into the U.S. If tariffs do take effect on Aug. 1, experts say prices for everything from produce to cars and trucks could soon be on the rise for U.S. importers and consumers.

The euro’s fall accelerated on Monday, putting the currency on course for its steepest one-day drop against the dollar since May, as investors bet that the EU-US trade deal would hurt the European economy. The single currency was down 0.9 per cent against the dollar at $1.164 in afternoon trading, and weakened by a similar amount against the pound.

Explore the impact of the new EU-US trade deal with 15% tariffs, market reactions, and investor concerns over growth, energy, and key industries.

German automaker Volkswagen's premium brand Audi lowered its full-year financial guidance on Monday, citing the impact of higher U.S. import tariffs and ongoing restructuring costs.

The European Union and United States will develop a metals alliance to mitigate the impact of subsidised Chinese production on global markets as part of their trade deal, European Trade Commissioner Maros Sefcovic said on Monday.

Jeep owner Stellantis said on Monday it suffered a massive loss in the first half of the year, when it felt the first impact of new US tariffs and took