The European Union plans to quickly hit the US with 30% tariffs on some €100 billion ($117 billion) worth of goods in the event of no deal and if US President Donald Trump carries through with his threat to impose that rate on most of the bloc’s exports after Aug.

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

President Donald Trump on Friday said there is a “50-50 chance” the United States will reach a trade agreement with the European Union to reduce tariffs, even as EU diplomats have signalled greater optimism about striking a deal before the August 1 deadline.

The European Union and the US are progressing toward an agreement that would set a 15% tariff for most imports, according to diplomats briefed on the negotiations.

After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the U.S. now rests mostly on Donald Trump.

LVMH's CEO Bernard Arnault plans to open a second factory in Texas; he said on Thursday, while the luxury group is anticipating a "good outcome" soon from trade talks between the U.S. and Europe, his finance chief said.

President Donald Trump is set to meet with European Commission chief Ursula von der Leyen in Scotland to discuss trade. Both sides are seeking an agreement on tariff rates. Trump played golf

Volvo CEO Hakan Samuelsson urged the European Union to slash its auto tariffs on the US — an apparent bid to sway President Trump to lower his own hefty duties on foreign vehicles. The automaker, which is majority-owned by China’s Geely Holding, currently faces a steep 27.5% tariff on its imports.

US President Trump stated a “50/50 chance” of securing a trade agreement with the EU to lower import tariffs, with an August 1 deadline looming. While the EU approved a $109 billion retaliatory package,

The European Union has decided to hold off on imposing retaliatory tariffs on U.S. goods that were set to begin Monday.