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

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

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.