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.

(Reuters) -The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday.

Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

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.

What the market is looking for as US and Chinese trade negotiators meet this week is whether recent de-escalatory signals between the two superpowers will produce a further delay of steep tariffs.

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.