If implemented by the 1 August deadline, the move could derail $1.7 trillion worth of transatlantic commerce and force the EU to reconsider its export-reliant economic structure.

The International Monetary Fund has estimated the EU's own internal barriers to the free flow of activity are the equivalent of tariffs of 44% for goods and 110% for services. Mooted reforms such as creating freer cross-border capital markets have made little headway in more than a decade.

Negotiations between the EU and U.S. could lead to postponed tariffs amid ongoing trade disputes. German politician Juergen Hardt predicts partial agreements to avoid high economic costs, while questioning U.

Ignacio Sánchez Recarte, secretary general of wine lobby CEEV, said "there is no political, strategic or economic interest" for involving the alcoholic beverage in the transatlantic trade spat.

The FTSE 100 rose above the 9,000 mark for the first time on Tuesday morning after Brexit Britain was branded a 'clear winner' in Donald Trump's trade war.

German Finance Minister Lars Klingbeil warns the EU to act firmly if tariff negotiations with the US fail. Amid escalating trade tensions, President Trump's proposed tariffs on EU imports intensify. EU favors negotiation but is ready for countermeasures.

The European Union has prepared a €21 billion ($24.5 billion) list of tariffs on U.S. goods in case trade talks fail, Italy's Foreign Minister Antonio Tajani said in an interview with Il Messaggero newspaper,

The European Union remains hopeful of reaching a trade agreement with the United States despite President Donald Trump's intensified threat of