The European Union and its 27 member nation bloc became the latest of the United States' top trading partners to come to an agreement with Trump over the weekend, joining the Philippines, Japan and Indonesia in announcing deals during July.

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.

European officials gave up on trying to avoid tariffs altogether and instead looked for the best agreement they could get.

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

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

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