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.

President Donald Trump says he has clinched a trade deal with Europe that will avert the possibility of trade-killing 30% tariffs on the bloc’s exports to the U.S. But many important details remain unclear, so assessing the arrangement’s impact on consumers is a little difficult.

The Europe trade deal will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than Europeans hoped for.