While the 15% tariff agreed between Trump and European Commission President Ursula von der Leyen on Sunday is an improvement, it is six times as much as the 2.5% enjoyed by exporters before Trump's trade war.

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

But as recently as Wednesday, Mr. Trump floated a higher range, between 15% and 50%. Mr. Trump, who in April said the U.S. had 200 trade deals with other nations, has since said there are too many countries for individual trade deals with all of them and the U.S. will have "simple" tariffs for "most" countries.

Experts at Bankrate have warned that the cost of President Donald Trump’s tariffs could ultimately be passed on to American consumers, unless importers or businesses absorb the costs

The deal between the United States and the European Union may have averted a transatlantic trade war, but worries persist in Ireland where crucial sectors are dependent on US multinationals. But "higher tariffs than there have been" will make transatlantic trade "more expensive and more challenging,

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