The European Union dodged an imminent trade war with the US this week, but markets and a growing chorus of critics have dispelled early hopes that the deal will bring a sense of stability back to transatlantic relations.

(Reuters) -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.

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal. It raises tariffs on most European goods to 15%.

US stocks were mixed Monday and the S&P 500 eked out a record high for the sixth day in a row as investors digested the announcement of a trade deal between Washington and Brussels.

Investors kick off a hectic week with stocks moving mostly lower after a U.S.-European Union trade deal, with a Fed meeting, jobs data and a deluge of corporate earnings on deck.

Steven Erlanger, chief diplomatic correspondent for The New York Times, speaks to Bianna Golodryga about the new trade deal announced between the European Union and the United States that will see the bloc pay a 15% tariff on most of its trade,