The euro fell against the U.S. dollar amid European pushback over the pact. The Nasdaq Composite and S&P 500 inched up to fresh records.

The U.S. and Europe have a new trade deal that includes 15% import tariffs on many European goods, including cars. That is good news for the European auto industry, but investors didn’t react happily in Monday trading.

European stocks rose to a four-month high on Monday after the US and EU reached a tariff deal that looks set to avert a full-blown trade war. The broad Stoxx Europe 600 index was up 1 per cent in early trading, while Germany’s Dax gained 0.9 per cent and France’s Cac 40 climbed 1.2 per cent.