Leaders from Europe's two largest economies have led a chorus of gloomy reactions to the trade deal struck between EU chief Ursula von der Leyen and US President Donald Trump.

The EU-US trade deal prompted a backlash in Europe on Monday, with France’s Prime Minister François Bayrou saying that the bloc had “resigned itself into submission”.

Germany and France are pushing the European Union to prepare retaliatory tariffs against the United States unless the White House agrees to drop a fresh round of trade penalties by August 1, according to the Financial Times.