The deal, announced Sunday by President Trump and European Commission President Ursula von der Leyen, imposes a 15% U.S. tariff on most EU imports, while American goods exported to the union's 27 member countries will face no tariffs. Previously, U.S. exports to the EU faced an average tariff of roughly 1%, according to Goldman Sachs analysts.

President Donald Trump says he has clinched a trade deal with Europe that will avert the possibility of trade-killing 30% tariffs on the bloc’s exports to the U.S. But many important details remain unclear, so assessing the arrangement’s impact on consumers is a little difficult.