Part of the agreement involves a commitment to buy American oil and gas. Over the course of the Russia-Ukraine war, now in its fourth year, most of the EU has slashed its dependence on unreliable energy supplies from Russia, but Hungary and Slovakia still have not.

By David Lawder, Greta Rosen Fondahn and Maria Martinez STOCKHOLM (Reuters) -U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth.

Trump's proposed 30% tariffs on EU imports could significantly increase olive oil costs for American consumers who rely heavily on Mediterranean suppliers.

The 15 percent tariff rate agreed under the new deal could significantly impact pharma firms reliant on European imports.

The EU, a group of countries with shared economic interests, exports about $2 trillion worth of goods to the U.S. The 27 countries had hoped for a lower tariff of 10%, similar to the deal Trump negotiated with the U.K. and well below the original threat of 30% tariffs, but most analysts expected something closer to 15%.

The rate will apply in addition to individual “reciprocal” tariffs targeting countries with which the US runs a trade deficit.

Tuesday's analysis warns of economic and political costs, especially in swing states with significant manufacturing sectors, like Michigan and Wisconsin.

Experts at Bankrate have warned that the cost of President Donald Trump’s tariffs could ultimately be passed on to American consumers, unless importers or businesses absorb the costs