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

US President Donald Trump announced on July 28 that the United States was imposing 15-percent tariffs on all European Union countries. These countries are not all equally exposed to the US market and so will not suffer the same consequences when the duties kick in on August 1.

The U.S. and the European Union announced a new trade agreement framework over the weekend, setting a 15% tariff on most goods imported from the EU.

The euro suffered its steepest one-day drop against the dollar since May on Monday, as Germany and France voiced fears that the long-awaited EU-US trade deal would hurt the European economy.

German automaker Volkswagen's premium brand Audi lowered its full-year financial guidance on Monday, citing the impact of higher U.S. import tariffs and ongoing restructuring costs.

US President Donald Trump has hinted at imposing a new tariff of up to 20 per cent on Australia and other nations.The 90-day pause in the 'reciprocal tariffs' will expire on August 1, with many of the USA's trading partners including Australia currently hit with a 10 per cent tariff.

The euro’s fall accelerated on Monday, putting the currency on course for its steepest one-day drop against the dollar since May, as investors bet that the EU-US trade deal would hurt the European economy. The single currency was down 0.9 per cent against the dollar at $1.164 in afternoon trading, and weakened by a similar amount against the pound.

Though the Trump administration and European Union have agreed to a deal that reduces planned U.S. tariffs, Mexico still faces 30% levies on goods imported into the U.S. If tariffs do take effect on Aug. 1, experts say prices for everything from produce to cars and trucks could soon be on the rise for U.S. importers and consumers.

Jeep owner Stellantis said on Monday it suffered a massive loss in the first half of the year, when it felt the first impact of new US tariffs and took

Wall Street equities rose slightly while European stock indexes turned lower and the euro took a tumble on Monday as investors greeted a trade agreement between the U.S. and European Union with cautious relief at the start of an action-packed week for markets.