But the outlook for many top U.S. trading partners has yet to come into clear focus. Trump has threatened, for example, to raise tariffs on Canada to 35% from the current 25% if the two countries don’t strike a deal by Friday. And a 90-day truce between the U.S. and China expires in mid-August, at which point Trump’s tariffs on China could soar.

The 15% rate removes Trump's threat of a 30% tariff. But it effectively raises the tariff on EU goods from 1.2% last year to 17%. View on euronews