EU trade chief Maros Sefcovic will head to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters, adding that he will meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.

EU trade ministers have agreed that U.S. President Donald Trump’s 30% tariffs announced on the European Union are “absolutely unacceptable,” and they are studying a new set of countermeasures to respond to the move.

The European Union could target Boeing and whiskey-maker Brown-Forman under its plans for retaliatory tariffs if the bloc can’t reach a trade deal with the U.S.

Trump announced the pact with Indonesia, a relatively minor U.S. trading partner, as he continued to press for what he views as better terms with trading partners and ways to shrink a huge U.S. trade deficit.

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,

If a 30 percent tariff on Mexico goes into affect on August 1, a wide variety of foods will be more expensive, experts warn.

Analysts have kept their forecasts for prices in the European Union’s carbon market roughly steady with the spectre of tariffs from the United States and weak industrial output weighing on expectations.