European stocks trimmed early gains as optimism around a US trade deal was replaced by lingering concerns that higher levies would crimp earnings.

The Stoxx Europe 600 Index was up 0.4% at 1:02 p.m. in London, after initially rallying as much as 0.9% as the US and the European Union made a tariff agreement that will see the bloc face 15% tariffs on most of its exports, including autos.