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

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.

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.

European Union countries approved a proposal by the European Commission to potentially impose import tariffs on goods with a total trade volume of €93 billion ($109. 4 billion) if talks with the United States fail,

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.

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.

One team of economists found clear price increases for American consumers due to President Donald Trump’s tariffs. I, a chart, they compare the price tags for imported goods with those for goods made in the U.