Part of the agreement involves a commitment to buy American oil and gas. Over the course of the Russia-Ukraine war, now in its fourth year, most of the EU has slashed its dependence on unreliable energy supplies from Russia, but Hungary and Slovakia still have not.

The United States and the European Union have reached a preliminary trade deal to avoid a 30% U.S. tariff on imported goods from the EU that President Donald Trump threatened would go into effect on Aug.

President Donald Trump isn’t going to bulldoze China on trade like he did Europe. Two days after the EU agreed to a framework trade deal with the White House that some of the bloc’s national leaders regard as a capitulation, Trump’s negotiators left talks with Chinese President Xi Jinping’s team in Sweden with no breakthrough.

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

The sharp increase in U.S. trade tariffs on the European Union will not trigger immediate sovereign rating cuts, but could compound existing pressures, Fitch and other agencies said on Tuesday, while Moody's warned of the effect on exporting firms.

Cracks are emerging over the precise terms of US deals with the EU and Japan. Read more at straitstimes.com. Read more at straitstimes.com.

The EU 15% tariff will raise prices on European consumer brands from luxury, autos, food and beauty. This could reduce demand and make US-based brands more competitive.

The 15 percent tariff rate agreed under the new deal could significantly impact pharma firms reliant on European imports.