The rate will apply in addition to individual “reciprocal” tariffs targeting countries with which the US runs a trade deficit.

The dollar gained against major currencies including the euro and yen on Monday with sentiment lifted by a trade agreement between the U.S. and the EU, which brings market certainty and averts a global trade war.

The U.S. and European Union agreed on trade terms that include a 15% across-the-board rate on EU products as well as hundreds of billions of dollars of investments in American industry. President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement.