While some analysts forecasted the tariffs could mean billions in additional industry expenditure, others expect the overall impact to be “manageable.”

The EU has agreed to a 15% tariff on most of its exports to the US, a steep rate likely to impact European industries. In return, US tariffs on EU goods will drop to a baseline 5%, far lower than Trump’s earlier threat of 30%.

Pharmaceutical companies are seeking clarification on tariffs imposed under the new US-EU trade agreement . Analysts caution that sector-specific punitive levies could jeopardise the entire deal, according to a CNBC report.