U.S. tariff agreement sealed over the weekend has been described as a “dark day” for Europe and even a capitulation to American demands

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.

This month, Trump threatened 200% tariffs on imported medicines. Last weekend, he agreed to a much lower 15% tariff on imported pharmaceuticals from the European Union.

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

Dutch healthcare technology company Philips slashed its estimated tariff impacton Tuesday after the United States and the European Union agreed a trade dealthat imposes a 15% rate on most goods imported from Europe.

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.

U.S. trade deal averts a full-on trade war, but is still likely to crimp Europe's already weak economic growth. The region's export powerhouses—drug-pro

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.