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.

President Donald Trump unveiled a trade agreement with the European Union on Sunday, making it the latest in a series of accords as the White House threatens to slap tariffs on dozens of countries this week.

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

Euro falls against dollar, with Trump's tariffs seen as slowing European growth

U.S. tariff agreement sealed over the weekend has been described as a “dark day” for Europe and even a capitulation to American demands

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.

Top trade officials from China and the United States have launched a new round of talks aimed at easing tensions over tariffs

The US and China have started a fresh round of talks as expectations grow that the world's two biggest economies could agree a 90-day extension to their trade war truce. The meetings in Sweden - led on Washington's side by Treasury Secretary Scott Bessent and for Beijing by Vice Premier He Lifeng - come hours after US President Donald Trump announced a framework tariffs deal with the European Union.