As Trump threatens steep tariffs on European goods, economists warn that the trade standoff could end up hurting the US economy more than helping it. Higher prices, disrupted supply chains and retaliatory EU tariffs could strain American consumers and businesses ahead of a fragile economic recovery.

The U.S. and the European Union have not yet struck a trade deal with just days to go before Trump's tariff reprieve is set to end.

Global stocks mostly retreated on Friday as countries pushed to secure trade deals with the Trump administration ahead of a July 9 deadline for US tariffs to take effect. Markets also weighed the possible impact of US President Donald Trump's sweeping spending bill set to add an estimated $3.

Major US trading partners scrambled over the weekend to finalize trade deals or lobby for extra time as President Donald Trump said he’s notifying about a dozen countries on Monday of the new tariff level on their shipments to the US.

The potential accord with the European Union, which would spare European goods the 50 percent tariffs Trump has threatened, is one of a few deals the White House could finalize this week.