The European Union and its 27 member nation bloc became the latest of the United States' top trading partners to come to an agreement with Trump over the weekend, joining the Philippines, Japan and Indonesia in announcing deals during July.

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

Trump’s trade deal with the E.U. may lead to higher prices for brand-name drugs in the U.S., including the blockbuster medications Ozempic and Wegovy, experts say.

Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.

Inflation is creeping back into the US economy and might get a lot worse in the near future, thanks to President Trump's tariffs.

By David Lawder, Greta Rosen Fondahn and Maria Martinez STOCKHOLM (Reuters) -U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth.

The United States and China appear to be moving toward extending a 90-day trade truce between the two countries, but President Trump must sign off.

"We're in much better shape because it's now clear that if there's gonna be a real trade war with anyone, it would just be with China," Secretary Ross tells Fortune.