President Donald Trump announced July 27 the United States had reached a trade deal with the European Union, days ahead of a self-imposed Aug. 1 deadline. Trump met with the EU's president, Ursula von der Leyen, during his trip to Scotland over the weekend, where the pair discussed terms and came to an agreement.

A new trade pact between the United States and the European Union threatens Europe's plastics and rubber machinery exports with a 15 percent tariff, sparking warnings from Italian trade group Amaplast about higher costs and market disruption.

The U.S.-EU trade agreement imposes 15 percent tariffs on most European imports, avoiding the 30 percent levies that President Trump had threatened. Critics argue the deal disproportionately favors