Part of the agreement involves a commitment to buy American oil and gas. Over the course of the Russia-Ukraine war, now in its fourth year, most of the EU has slashed its dependence on unreliable energy supplies from Russia, but Hungary and Slovakia still have not.

Trump and EU chief Ursula von der Leyen made the deal in Scotland after many months of bargaining, but major details are still pending.

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.

US and Chinese negotiators wrapped up two days of talks Tuesday without an immediate announcement of a further tariff delay between the world’s two largest economies, but US officials said that still remains an option for President Trump.

Euro falls against dollar, with Trump's tariffs seen as slowing European growth

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

The U.S. and the European Union announced a new trade agreement framework over the weekend, setting a 15% tariff on most goods imported from the EU.

A new 15% tariff go into effect on imports to the U.S. from the European Union starting Friday. Last year, those same goods were taxed at about 1.2%. Former Rep. Max Rose, Staff Writer at The Atlantic Ashley Parker and Mark McKinnon,