Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

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 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

US tariffs have had a serious adverse effect on overall South Korean exports, an examination of data indicates. Goods subject to sectoral tariffs showed notable declines. In addition, the heavy reliance on exports to both the US and China further complicates challenges for Korean exporters going forward

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

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.

The euro suffered its steepest one-day drop against the dollar since May on Monday, as Germany and France voiced fears that the long-awaited EU-US trade deal would hurt the European economy.

In April, US President Donald Trump announced he was introducing sweeping new tariffs, extra taxes that importing firms have to pay if they bring in goods from abroad. Since then some of the US's major trading partners including the UK,