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.

US tariff negotiations with key trading partners have shifted into high gear as economies race to avoid steeper duties before an August 1 deadline.

U.S. agreement, secured by President Donald Trump in Scotland, imposes a 15% tariff on most European goods but does not outline a tariff for the wine and spirits industry.

Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

While Greer acknowledged that he had previously suggested a deal with New Delhi might be imminent, he emphasized the significant policy shifts that would be required from India.

Negotiations between the EU and the United States to strike a last-minute trade deal are "ongoing," European Commission President Ursula von der Leyen said on Thursday, with only eight days to go before new US tariffs on the bloc take effect.

Chinese and US officials wrapped the first day in a fresh round of talks in Stockholm on Monday, with the world’s top two economies looking to extend

As of now, five countries have signed trade deals with the Trump administration ahead of next week's deadline. These are Britain, Vietnam, Indonesia, the Philippines and Japan.