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

TACO or tariffs? An August 1 deadline looms after the European Union became the latest of the top US trading partners to reach a deal with Trump.

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%.

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

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

France's prime minister described it as a ''dark day'' for the European Union, a ''submission'' to U.S. tariff demands. Commentators said EU Commission chief Ursula von der Leyen's handshake with President Donald Trump amounted to capitulation.

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

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