Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”

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.

As a potential countermeasure to the US's tariff war, in the event of failure of talks between the US and EU, the European Union countries have considered tariffs on US goods worth €93 billion ($109 billion),

President Donald Trump’s vows to roll out punishing new tariffs on Aug. 1 have barely made a ripple with investors who are convinced he’ll once again back down. But at the White House, officials insist they’re serious this time.

Some of the world's top tech firms, including U.S. search giant Alphabet, South Korean chipmaker SK Hynix and Indian IT services provider Infosys, have provided upbeat guidance in their latest earnings reports,

The European Central Bank on Thursday kept interest rates steady amid major economic uncertainty, as the European Union scrambles to negotiate a trade agreement with the U.S. before the end of the month.

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.

The dollar traded sideways versus the euro on Thursday after the European Central Bank held rates steady, and was confined to a tight range against the yen as prospects for higher Japanese rates offset worries about political risk after Sunday's elections.