European Trade Commissioner Maros Sefcovic expressed optimism that Washington and the EU were approaching a positive outcome for both sides. He warned, however, that a 30% tariff would practically eliminate trade between the U.S. and the 27-nation bloc, which are currently each other's largest trading partners.

President Donald Trump announced on Monday that he is levying tariffs against South Korea and Japan beginning in August. Trump

The country’s new president, in office for a little over a month, had just dispatched his senior deputies to Washington to try to work out a trade deal.