As European Union leaders work through the consequences of their new trading arrangement with the US, they are confronting the bitter reality of just how far they have fallen.

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal. It raises tariffs on most European goods to 15%.

Oil prices rallied Tuesday as the U.S.-European Union trade agreement “averts a broader tariff war” and as U.S. and Chinese officials meet in Stockholm to try to de-escalate trade tensions, said Brian Swan,

The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

Trump said the U.S. reached a trade deal with the European Union, imposing a 15% baseline tariff on most goods from America’s largest trading partner.

President Donald Trump will speak with United Kingdom Prime Minister Keir Starmer around 7:00 a.m. Eastern time Monday. TRUMP ANNOUNCES EU TRADE DEAL WITH 15% TARIFFS Trump is speaking with Britain’s top politician a day after signing a trade deal with the European Union.