European Union envoys are set to meet as early as this week to formulate a plan for measures to respond to a possible no-deal scenario with US President Donald Trump, whose tariff negotiating position is seen to have stiffened ahead of an Aug.

The European Commission is seeking the green light from EU member states to impose import tariffs on goods with a total trade volume of around €95 billion ($111. 4 billion) should talks with the United States fail.

The EU on Monday unveiled a list of US goods worth €72 billion it could target with tariffs if trade talks fail, after Trump threatened to hit EU exports with 30% duties from August 1. Brussels

President Trump on Wednesday said he would be sending letters to over 150 countries as he plans a barrage of duties to take effect Aug. 1, including levies on pharmaceutical imports and semiconductors.