Any action on services would be in addition to two sets of retaliatory tariffs on goods: one put forward this week that targets €72 billion (US$83 billion) of US products and another worth €21 billion, drawn up in response to steel and aluminium tariffs.

One of the European Union’s most reliable punching bags is shaped like a bottle of whiskey. The EU this week circulated to member states a list of products it could hit with tariffs if a trade deal is

President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.

The European Union is prepared to unleash a €21bn (£18.2bn) retaliation against Donald Trump after the US president announced new tariffs, Italy has said. The euro has fallen and European stocks are on track to open lower after Mr Trump on Saturday said he would impose a 30pc tariff on imports from Mexico and the EU from August 1.

The European Union will suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month.