The sharp increase in U.S. trade tariffs on European Union member countries won't trigger immediate sovereign rating cut, but could compound existing pressures, Fitch said on Tuesday.

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.

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

Chinese and U.S. trade officials were heading into a second day of meetings in the Swedish capital Tuesday to try to break a logjam over tariffs that have skewed the pivotal commercial ties between the world's two largest economies.

Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.

Dutch healthcare technology company Philips slashed its estimated tariff impacton Tuesday after the United States and the European Union agreed a trade dealthat imposes a 15% rate on most goods imported from Europe.