The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday.

EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.

After the US-UK trade deal, aerospace industry officials urged the White House to use it as a template for future trade negotiations. GE's Culp and Delta Air Lines CEO Ed Bastian mentioned the deal as a template to follow. The agreement stops short of restoring the whole 1979 agreement and focuses on the single largest aerospace markets.

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.

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal

President Donald Trump’s trade deal with the European Union could prompt other partners to move more quickly in pursuit of assurances they’ll avoid new tariffs next week.

The dollar gained against major currencies including the euro and yen on Monday with sentiment lifted by a trade agreement between the U.S. and the EU, which brings market certainty and averts a global trade war.