The hike could destabilize the long-entrenched import, distribution and retailing system while not providing much export potential for US wineries.

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

Pharmaceutical companies are seeking clarification on tariffs imposed under the new US-EU trade agreement . Analysts caution that sector-specific punitive levies could jeopardise the entire deal, according to a CNBC report.