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

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.

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

Speaking after talks at his Turnberry golf resort, President Donald Trump said it was the "biggest deal ever made" but some EU leaders are unhappy with the terms.

The EU and US have agreed a trade deal that will hit most European imports with a 15 per cent tariff and require the bloc to invest hundreds of billions of euros into American energy products and weapons in order to stave off a trade war with the Trump administration.

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.

It was announced after a meeting on Sunday between European Commission President Ursula von der Leyen and US President Donald Trump at his Turnberry golf resort in Scotland. The Independent takes a look at the details of the agreement.

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

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

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 a massive charge following a change in US laws.