The biggest winners in this deal are Europe’s carmakers. The US has collapsed various sector-specific duties on goods like aircraft, cars and automotive parts into the 15% ceiling. This effectively reduces tariffs on EU-made cars (from 27.5%).

France and Germany have warned about the economic fallout from the 15 percent tariffs European goods face in the U.S.

President Donald Trump unveiled a trade agreement with the European Union on Sunday, making it the latest in a series of accords as the White House threatens to slap tariffs on dozens of countries this week.