Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce to the EU warned in March that any conflict jeopardised $9.5 trillion of business in the world's most important commercial relationship.

The EU says its negotiators are working "might and main" on a deal, but the decision rests with US President Trump.

Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline.

EU and US trade negotiators have been locked in intense talks ahead of a meeting between Donald Trump and Ursula von der Leyen in Scotland on Sunday, as Brussels strives for a deal with Washington to avoid an economically damaging transatlantic tariff war.

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

Negotiations between the EU and the United States to strike a last-minute trade deal are "ongoing," European Commission President Ursula von der Leyen said on Thursday, with only eight days to go before new US tariffs on the bloc take effect.

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.

European Union countries have expressed broad support for one round of 30% retaliatory tariffs if the United States does not reach a trade deal with the EU.

After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the US now rests mostly on Donald Trump. Most Read from BloombergTrump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in USThe High Costs of Trump’s ‘Big Beautiful’ New Car Loan DeductionCan This Bridge Ease the Troubled US-Canadian Relationship?

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