President Donald Trump unveiled a trade agreement with the European Union on Sunday, making it the latest in a series of accords as the White House threatens to slap tariffs on dozens of countries this week.

France’s prime minister described it as a “dark day” for the European Union, a “submission” to U.S. tariff demands. Commentators said EU Commission chief Ursula von der Leyen’s handshake with President Donald Trump amounted to capitulation.

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

EDINBURGH, Scotland -- 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.

The sharp increase in U.S. trade tariffs on the European Union will not trigger immediate sovereign rating cuts, but could compound existing pressures, Fitch and other agencies said on Tuesday, while Moody's warned of the effect on exporting firms.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

Tuesday's analysis warns of economic and political costs, especially in swing states with significant manufacturing sectors, like Michigan and Wisconsin.

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