US President Donald Trump announced on July 28 that the United States was imposing 15-percent tariffs on all European Union countries. These countries are not all equally exposed to the US market and so will not suffer the same consequences when the duties kick in on August 1.

The euro’s fall accelerated on Monday, putting the currency on course for its steepest one-day drop against the dollar since May, as investors bet that the EU-US trade deal would hurt the European economy. The single currency was down 0.9 per cent against the dollar at $1.164 in afternoon trading, and weakened by a similar amount against the pound.

The European Union and United States will develop a metals alliance to mitigate the impact of subsidised Chinese production on global markets as part of their trade deal, European Trade Commissioner Maros Sefcovic said on Monday.

Explore the impact of the new EU-US trade deal with 15% tariffs, market reactions, and investor concerns over growth, energy, and key industries.