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 United States and the European Union have reached a preliminary trade deal to avoid a 30% U.S. tariff on imported goods from the EU that President Donald Trump threatened would go into effect on Aug.

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 Trump administration's 15% tariff on European imports is set to raise prices for American consumers. While this is a reduction from the initially threatened 30%, it still marks a significant increase from the previous average of 1.

Trump’s trade deal with the E.U. may lead to higher prices for brand-name drugs in the U.S., including the blockbuster medications Ozempic and Wegovy, experts say.

Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.

By David Lawder, Greta Rosen Fondahn and Maria Martinez STOCKHOLM (Reuters) -U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth.

President Donald Trump on Tuesday will conclude his trip to Scotland, where the United States and the European Union announced a sweeping trade deal.