German auto companies embraced greater clarity but warned that even the lower rate of tariffs agreed between Brussels and Washington would still hurt.

Europe's carmakers, already battling stiff competition from Asia and a costly transition to electric cars, were dealing with another dose of reality on Monday - tariffs imposed by U.S. President Donald Trump.

President Trump has announced a trade agreement with the European Union. CBS News' Olivia Rinaldi and Javier David have details on the deal.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal

Shares of liquified natural gas (LNG) companies jumped Monday after the European Union agreed to purchase $750 billion of energy from the U.S. LNG exporters Cheniere and Venture Global were up about 3% and more than 4%, respectively. NextDecade and New Fortress Energy, which build LNG infrastructure, jumped more than 2% and about 3%.

The European Union agreed to buy $750 billion in U.S. energy products over the next three years, according to President Donald Trump. Analysts were struggling to see how that could be achieved. "The big question is whether that can even be achieved.

Iceland is weighing a return to EU membership talks amid Arctic security concerns and shifting trade dynamics. Brussels is hopeful, but sovereignty and fisheries remain major sticking points.