Part of the agreement involves a commitment to buy American oil and gas. Over the course of the Russia-Ukraine war, now in its fourth year, most of the EU has slashed its dependence on unreliable energy supplies from Russia, but Hungary and Slovakia still have not.

Pharma firms are calling for clarity on tariffs imposed under the new U.S.-EU trade agreement, as analysts warn that punitive sector-specific levies could risk blowing up the entire deal. Ambiguity abounds around the terms for pharmaceutical goods under the trade truce agreed Sunday, which imposes 15% tariffs on EU goods imported to the U.S.

However, the deal, which calls for an across-the-board 15 percent tariff on EU exports to the US, and zero percent tariffs on US exports to the EU, has been attacked by Germany's Chancellor Friedrich Merz, who said it will cause the German economy "considerable damage".

Many pharmaceutical products made in Europe will face a 15 percent tariff, pinching manufacturers and potentially leading to higher drug prices.

Dutch healthcare technology company Philips slashed its estimated tariff impacton Tuesday after the United States and the European Union agreed a trade dealthat imposes a 15% rate on most goods imported from Europe.

The EU 15% tariff will raise prices on European consumer brands from luxury, autos, food and beauty. This could reduce demand and make US-based brands more competitive.

U.S. trade deal averts a full-on trade war, but is still likely to crimp Europe's already weak economic growth. The region's export powerhouses—drug-pro

The sharp increase in U.S. trade tariffs on the European Union will not trigger immediate sovereign rating cuts, but could compound existing pressures, Fitch and other agencies said on Tuesday, while Moody's warned of the effect on exporting firms.