European stocks rose to a four-month high on Monday after the US and EU reached a tariff deal that looks set to avert a full-blown trade war. The broad Stoxx Europe 600 index was up 1 per cent in early trading, while Germany’s Dax gained 0.9 per cent and France’s Cac 40 climbed 1.2 per cent.

European Commission President Ursula von der Leyen said Sunday that a framework deal imposing 15% tariffs on EU goods imported to the U.S. did not contain any decision regarding the wine and spirits industry, adding that an agreement for the sector would be examined in the coming weeks.

Carmakers, consumers and European solidarity - who is up and who is down after 15% tariffs on EU imports to US?

European capitals are putting a brave face on the trade deal they struck with President Donald Trump, which will see the European Union accept a 15% tariff on most of its exports to the US while reducing levies on some American products to zero.