The EU faces potential 30% tariffs as Commerce Secretary Howard Lutnick confirmed there will be no extensions beyond the Trump administration's Aug. 1 deadline.

U.S. President Donald Trump on Tuesday said the U.S. and Japan have struck a deal that will lower the hefty tariffs Trump had threatened to impose on goods from its Asian ally while extracting commitments for Japan to invest $550 billion US in the United States and open its markets to American goods.

Japan will invest $550 billion in the U.S. and allow the U.S. to tax Japanese goods sold in America at 15 percent.