By Alessandro Parodi (Reuters) -Dutch healthcare technology company Philips slashed its estimated tariff impact on Tuesday after the United States and the European Union agreed a trade deal that imposes a 15% rate on most goods imported from Europe.

The EU has agreed to a 15% tariff on most of its exports to the US, a steep rate likely to impact European industries. In return, US tariffs on EU goods will drop to a baseline 5%, far lower than Trump’s earlier threat of 30%.

German auto companies embraced greater clarity but warned that even the lower rate of tariffs agreed between Brussels and Washington would still hurt.