After a series of negotiations in Scotland, the United States and the European Union reached what many describe as the largest trade agreement in history.

In reality, it seems more like the preliminary framework for an agreement than a full trade deal, as the details are still unclear.

Trump: wins

After promising new trade agreements with dozens of countries, Trump has just sealed the biggest of all.

Most analysts believe the EU has given up more, with an initial analysis by Capital Economics suggesting a 0.5% drop in European GDP.

Tens of billions are also expected of dollars into US coffers in the form of import taxes.

However, the pro-Trump headlines could change if the numerous economic data released this week show adverse effects of his drastic restructuring of the US economy.

Figures on inflation, jobs, growth, and consumer confidence will provide a clearer picture of whether Trump's tariffs are generating more benefits or harm.

US Consumers: Lose

Ordinary citizens in the US are already upset about the rising cost of living, and this deal could make things worse by making European products more expensive.

Although they could have been Higher, the 15% tariffs are considered significant and pose a much bigger obstacle than the one that existed before Trump returned to the presidency.

Tariffs are taxes applied to goods purchased abroad and are generallyare calculated as a percentage of the product's value.

Thus, a 15% tariff means that a $100 product imported from the EU will have an additional $15 tax, raising the total cost to the importer to $115.

Companies that import foreign products into the US must pay this tax to the government and often pass on some or all of the extra cost to consumers.

Markets: gain

Stock markets in Asia and Europe, as well as Wall Street, rose on Monday after the framework of the agreement was announced.

According to the text, the US will apply a 15% tariff to products imported from the EU.

Although this is a considerable rate, it is lower than it could have been and at least offers certainty to investors.

"The agreement is clearly market-friendly and should further boost the euro," Chris Weston of Australian firm Pepperstone told AFP.

European cohesion loses

The deal will need to be approved by all 27 EU members, each with varying interests and dependence on US goods exports.

While some countries have greeted the deal with caution, others have been critical, hinting at divisions within the bloc, which is also caught up in responding to other crises such as the ongoing war in Ukraine.

French Prime Minister Franois Bayrou commented: "It is a dark day when an alliance of free peoples, gathered to affirm their common values and defend their shared interests, resigns itself to submission."

His words were echoed by at least two French government ministers, as well as Hungarian leader Viktor Orban, who claimed that Trump "ate Von der Leyen for breakfast."

Carmakers in Germany: Lose Out

The tariff faced by US importers of cars from the EU has been cut almost in half: from 27.5% imposed by Trump in April to a new rate of 15%.

Vehicles are one of the EU's main exports to the US and, as the bloc's largest car manufacturer - thanks to brands such as VW, Mercedes and BMW - Germany is the biggest stakeholder in this sector.

Its chancellor, Friedrich Merz welcomed the new pact, though he admitted he would have liked "more easing of transatlantic trade." That mildly pessimistic tone was echoed by Germany's automakers' association, the VDA, which warned that even a 15% rate "will cost the German auto industry billions annually." U.S. automakers:win

Trump seeks to boost US vehicle production.

American manufacturers received some good news when they learned that the EU will eliminate its own tariff on US-made cars, lowering it from 10% to 2.5%.

In theory, that could translate into more American cars sold in Europe and benefit US exports.

However, the agreement is not entirely positive when it comes to domestic sales, due to the complex way in which American cars are assembled.

Many of them are assembled abroad - Canada and Mexico - and Trump applies a 25% tariff to them when they enter the US, compared to the 15% that will now be taxed on European vehicles.

So US manufacturers may fear being displaced by Europeans in their own market.

EU pharmaceutical industry loses

There is confusion over the tariff that will be imposed on European-made medicines sold in the US.

The EU wants medicines to be subject to the lowest possible rate to encourage sales.

Trump said that pharmaceuticals are not included in the agreement announced on Sunday, in which the tariff on several products was reduced to 15%.

But Von der Leyen said they were included, and a White House source confirmed the same to the BBC.

Any of the scenarios represents a disappointment for the European pharmaceutical industry, which initially hoped for a complete exemption from tariffs.

The sector now has a strong presence in the US market thanks to products such as Ozempic, a successful type 2 diabetes drug manufactured in Denmark.

This has been particularly relevant in Ireland, where opposition parties have highlighted the importance of the sector and criticized the detrimental effects of uncertainty.

US Energy: Wins

Trump announced that the EU will buy US$750 billion in US energy, in addition to increasing total European investment in the US by US$600 billion.

“We will replace Russian gas and oil with significant purchases of natural gas liquefied petroleum and US nuclear fuels,” von der Leyen said.

This deepens the ties between European and US energy security, at a time when Europe has been reducing its imports of Russian gas since the large-scale invasion of Ukraine.

Aerospace industry in the EU and the US: wins

Von der Leyen indicated that some “strategic products” will not be subject to tariffs,such as aircraft and aircraft parts, certain chemical products and some agricultural products.

This means that companies that make aircraft components will be able to trade without barriers between these two huge trading blocs.

He added that the EU still hopes to achieve more "zero for zero" agreements, especially in sectors such as wine and spirits, in the coming days.