While it will take time for officials to work out the full impact of the deal, it is being widely welcomed as a bigger trade war has been averted

Speaking after talks at his Turnberry golf resort, President Donald Trump said it was the "biggest deal ever made" and will be "great for cars" as well as having a "big impact" on agriculture.

US President Donald Trump and EU chief Ursula von der Leyen confirm the deal after "tough negotiations" in Scotland.

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

German automaker Volkswagen's premium brand Audi lowered its full-year financial guidance on Monday, citing the impact of higher U.S. import tariffs and ongoing restructuring costs.

On Sunday, US President Donald Trump and European Commission President Ursula von der Leyen announced a last-minute agreement to settle a long-standing tariff dispute. The deal averts a steep 30% blanket tariff that was set to take effect from August 1 on EU exports to the US.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

Global stocks rose and the euro firmed on Monday after a tradeagreement between the United States and the EU lifted sentiment and provided some clarity in a week of key policy meetings by the Federal Reserve and the Bank of Japan.

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.

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

Impact of US tariffs varies across European Union. Benoît PELEGRIN AFP; Jul 12, 2025 ... for whom the United States is a major outlet for its cars, steel and machine tools. ...