The US and EU have finalised a major trade pact reducing tariffs to 15%, averting a trade war. Energy, defence, and investment dominate the deal, but key sectors like pharma and semiconductors remain at risk.

President Donald Trump holds a conference with European Commission President Ursula von der Leyen in Turnberry, Scotland.

By Sanchayaita Roy and Twesha Dikshit (Reuters) -European shares retreated on Friday, giving back gains from the previous session, as investors assessed mixed corporate earnings while awaiting updates on EU-U.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.