Who pays for US tariffs? It is becoming increasingly clear Americans will end up footing Trump's bill

Burying the hatchet with Brussels, Donald Trump - flanked by the leader of the European Commission - hailed a bold new era of transatlantic relations, an ambitious economic pact, and declared: "This was a very big day for free and fair trade."

- Callum Jones

That was seven years ago. And then on Sunday, the US president - flanked by a different leader of the European Commission - hailed another new era of transatlantic relations, another economic pact and declared: "I think it's the biggest deal ever made."

Trumpian hyperbole can typically be relied upon as long as he's in the room, at the lectern or typing into Truth Social. What matters after that is the underlying detail - and we have very little, beyond a handful of big numbers designed to grab headlines.

What we do know, as a result of this deal, is that European exports to the US will face a blanket 15% tariff: a tax expected, at least in part, to be passed along to US consumers. The price of key products shipped from the EU, from cars to medicine and wine, is about to come into sharp focus.

This pact is not unique. Trump's agreement with Japan also hits Japanese exports to the US with a 15% tariff. Most British exports to the US face a 10% tariff under his deal with the UK.