The European Union and the US have announced a political agreement that will completely reset the €1.7 trillion ($2 trillion) transatlantic trade relationship.

Businesses finally got a bit more certainty on the direction of President Donald Trump’s trade war, but it’s not making it much easier to digest. A half-dozen leaders from financial firms, corporations and trade groups said in interviews that the series of tariff rates Trump unveiled Thursday night were steeper than they had expected,