U.S. tariff agreement sealed over the weekend has been described as a “dark day” for Europe and even a capitulation to American demands.

MADRID (Reuters) -Spain announced plans on Tuesday to give both mothers and fathers an extra week off work after having a baby, extending one of Europe's most generous paid parental leave allowances to 17 weeks. Spain and Finland are the only EU countries to offer equal fully-paid birth leave to both parents.

The fee for Americans and other visa-free travelers won’t begin until fall 2026, but the price is about to triple, officials say, because of rising costs.

Spanish GDP grew 0.7% in the second quarter, accelerating a little from 0.6% in the first months of the year, a sign of resilience with higher U.S. tariffs set to bite.

European shares turned lower on Tuesday after a shock profit warning from Novo Nordisk wiped more than 80 billion euros ($92.34 billion) off the heavyweight drugmaker's market value at one point.

According to the EU, the European Travel Information and Authorization System (ETIAS) will be implemented for visa-free travelers in the last quarter of 2026, and an application will now cost 20 euros (about $23.20), up from the initially announced 7 euros.

Many pharmaceutical products made in Europe will face a 15 percent tariff, pinching manufacturers and potentially leading to higher drug prices.

A new factory in Hungary will help the Chinese automaker take on auto giants like Volkswagen on their home turf.