United States, European Union stave off 30% U.S. tariffs on imports, due to start on Friday, at least for now. But what about pharmaceuticals?

Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

President Trump announces a trade deal with the European Union as his self-imposed August 1st deadline for trade negotiations looms. CNBC Washington Correspondent Megan Cassella and NBC News White House Correspondent Vaughn Hillyard discuss the implications of the EU deal and where trade negotiations stand with other countries.

Investors' initial response to the U.S.-EU trade deal framework saw the euro and German stocks slammed lower on Monday, while the S&P 500 and Nasdaq notched fresh closing highs in choppy trade, also supported by optimism around U.S. tech earnings.

Leaders from Europe's two largest economies have led a chorus of gloomy reactions to the trade deal struck between EU chief Ursula von der Leyen and US President Donald Trump.

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug.

The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday.

PARIS (Reuters) -The French wine and spirits exporters' federation FEVS said on Monday the trade deal struck between the European Union and the United States was expected to confirm duty-free trade in spirits. Since April, U.S. duties on EU spirits had been provisionally set at 10%.