European leaders have called for a more balanced relationship with China during a summit with President Xi Jinping in Beijing.

Speaking at an AI summit in Washington, Trump laid out his latest tariff plans, describing them as “reciprocal” duties ahead of an Aug. 1 deadline.

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.

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.

The Trump administration is pressing the European Union to accept blanket tariffs in the range of 15% or more, well above the level the bloc had initially negotiated with the U.S., people familiar with the matter said.

The outlook for European corporate health has slightly improved, the latest earnings forecasts showed on Tuesday, despite continued uncertainty over global trade and the European Union preparing for counter-measures against any major U.

As the Aug. 1 deadline for tariff agreements approach, lawyers and political consultants caution that trade fights are likely ahead.