As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

President Trump's threatened 30% tariffs on the EU might prompt some businesses to take another look at the U.K.

Trump's proposed 30% tariffs on EU imports could significantly increase olive oil costs for American consumers who rely heavily on Mediterranean suppliers.

If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy.

President Trump announced on social media that he is levying 30% tariffs against Mexico and the European Union. They are set to begin on Aug. 1.

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.”

The European Union is currently negotiating a deal in which its products imported into the U.S. are tariffed at a 15% rate. That would be well below the 30% rate President Donald Trump announced earlier this month in a letter to the 27-member bloc.

President Donald Trump’s vows to roll out punishing new tariffs on Aug. 1 have barely made a ripple with investors who are convinced he’ll once again back down. But at the White House, officials insist they’re serious this time.