The only acceptable tariff on European Union exports to the United States would be zero as the bloc is already facing a detrimental exchange rate, the head of Italy's business lobby said on Wednesday.

The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

European trade ministers were hopeful for a negotiated trade deal after Trump announced 30% tariffs on the European Union.

While the inflation numbers aren't "as bad as expected," they suggest that President Donald Trump's import tariffs are "starting to bite," Heather Long, the chief economist at Navy Federal Credit Union, told CNN. "A long stretch when Trump's policies left little imprint on the hard data appears to be ending," said The Wall Street Journal.

Analysts have kept their forecasts for prices in the European Union’s carbon market roughly steady with the spectre of tariffs from the United States and weak industrial output weighing on expectations.

President Trump is threatening Mexico and the European Union, two of the largest U.S. trading partners, with 30% tariffs starting in August if they don't reach a trade deal with the U.S. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means for U.

President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.

The European Union has finalized a second list of countermeasures to target U.S. goods worth $84 billion, including Boeing Co. aircraft, automobiles and bourbon, if it decides to retaliate against Donald Trump's tariff policy.