Some European politicians are dismayed that the European Union did not drive a harder bargain, but facing the threat of a damaging trade war, officials say they had little choice.

"This year reminds us of the classic Charles Dickens quote, 'It was the best of times, it was the worst of times.'"

The euro’s fall accelerated on Monday as investors bet that the EU-US trade deal would hurt the European economy’s already lacklustre growth. The single currency was down 0.7 per cent against the dollar at $1.

The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.