Analyst: The EU may avoid a significant economic downturn that could be caused by stricter tariff regulations.

After the US and EU reached a trade agreement, Alex Ottmann, the head of Lubbock Fine's German business, wrote in a written comment: "The EU has managed to avoid a significant economic downturn that could have been triggered by more severe tariff measures, as well as potential retaliatory measures between the two major trading blocs. As the UK's main trading partner, the EU economy avoiding decline means that exports from the UK to the EU can avoid shrinking."