The rate will apply in addition to individual “reciprocal” tariffs targeting countries with which the US runs a trade deficit.

President Donald Trump on Tuesday will conclude his trip to Scotland, where the United States and the European Union announced a sweeping trade deal that imposes 15% tariffs on most European goods. Trump had initially threatened tariffs of 30% against the EU in April.

The EU, a group of countries with shared economic interests, exports about $2 trillion worth of goods to the U.S. The 27 countries had hoped for a lower tariff of 10%, similar to the deal Trump negotiated with the U.K. and well below the original threat of 30% tariffs, but most analysts expected something closer to 15%.

TACO or tariffs? An August 1 deadline looms after the European Union became the latest of the top US trading partners to reach a deal with Trump.

European officials gave up on trying to avoid tariffs altogether and instead looked for the best agreement they could get.

As President Donald Trump prepares to announce new tariff increases, the costs of his policies are starting to come into focus for a domestic manufacturing sector that depends on global supply chains,

Trump's proposed 30% tariffs on EU imports could significantly increase olive oil costs for American consumers who rely heavily on Mediterranean suppliers.

Experts at Bankrate have warned that the cost of President Donald Trump’s tariffs could ultimately be passed on to American consumers, unless importers or businesses absorb the costs