Many pharmaceutical products made in Europe will face a 15 percent tariff, pinching manufacturers and potentially leading to higher drug prices.

Dutch healthcare technology company Philips said it expects an impact of 150-200 million euros ($173-232 million) from import tariffs after the U.S. and the European Union agreedto the United States imposing a 15% rate on most EU goods.

U.S. trade deal averts a full-on trade war, but is still likely to crimp Europe's already weak economic growth. The region's export powerhouses—drug-pro

German auto companies embraced greater clarity but warned that even the lower rate of tariffs agreed between Brussels and Washington would still hurt.

The U.S. and the European Union announced a new trade agreement framework over the weekend, setting a 15% tariff on most goods imported from the EU.

European Union countries approved a package of retaliatory tariffs on U.S. goods that could start in August if no trade agreement is reached. The list covers more than $100 billion worth of annual U.S.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

The European Union could hit the United States with counter-tariffs on 93 billion euros ($109 billion) worth of U.S. goods if the two sides fail to reach a trade deal by Washington's August 1 deadline for imposing import levies.