Both sides hailed the agreement as the biggest ever. But it will come at a cost to the European Union, and many details have yet to be nailed down.

German Chancellor Friedrich Merz said on Monday he was not satisfied with the result of trade talks with the United States, but "more simply wasn't achievable" and added the German economy would suffer "significant" damage due to the agreed tariffs.

France and Germany have warned about the economic fallout from the 15 percent tariffs European goods face in the U.S.