The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

A deal with Japan and a potential deal with Europe follows months of uncertainty and will likely raise prices while offering a bit of clarity for global trade.

European Union officials are set for a summit with China’s top leaders. China’s support of Russia and a long list of trade disputes are on the agenda.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

The European Union will merge two packages of potential tariffs against the U.S. so that both are ready to take effect in early August if no deal has been reached with the Trump administration. The combined list will need approval from EU member states and could take effect as soon as Aug.

President Donald Trump's announcement of 30% tariffs on the European Union will have repercussions for companies and consumers on both sides of the Atlantic.

The European Union and the United States are heading towards a trade deal that would result in a broad tariff of 15% applying to EU goods imported into the United States, two diplomats said on Wednesday.

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.