While annual inflation in the euro area hit the central bank's 2% target last month, traders widely expected a hold in July — in large part due to geopolitical volatility. The U.S. is the EU's biggest bilateral trade and investment partner and the 27-member bloc exported 503 billion euros ($590 billion) in goods to the States last year.

As the deadline for the start of 30 percent tariffs on the EU, Cecilia Malmstrom, former European Commissioner for Trade, explains the scope and scale of the EU-US trading partnership and what's at stake if a deal isn't reached.

The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

Brussels could reportedly accept reciprocal levies to avoid US tariff hike, set to begin on Aug. 1 - Anadolu Ajansı

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

Europe's largest car manufacturer Volkswagen is hoping investment commitments can help it negotiate further concessions on U.S. tariffs once Washington and the European Union strike a broad trade deal,

EU Commission President Ursula von der Leyen, who constantly accuses the US of harming all sides with its tariffs, threatened China with Trump-style tariffs.

Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”