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

European Union countries approved a package of retaliatory tariffs on U.S. goods that could start in August if no trade agreement is reached. The list covers more than $100 billion worth of annual U.S.

But the worst-case scenarios were so bad that Europe’s trade negotiators gave up on returning to anything close to those halcyon days. Over the past few months Mr Trump, convinced that the EU was ripping off his countrymen,

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

European pharmaceutical stocks have swooned while the broader market has climbed higher. As a result, stocks in the sector are looking like a buying opportunity.

The European Central Bank is leaving interest rates unchanged as it waits to see the impact of U.S. President Donald Trump’s tariffs on the economy before deciding whether to cut rates again.