Volvo CEO Hakan Samuelsson urged the European Union to slash its auto tariffs on the US — an apparent bid to sway President Trump to lower his own hefty duties on foreign vehicles. The automaker, which is majority-owned by China’s Geely Holding, currently faces a steep 27.5% tariff on its imports.

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.

The United States is threatening 30 percent tariffs on EU goods, risking a trade war as Brussels readies $84 billion in potential countermeasures. Talks continue amid fears of economic fallout and efforts to secure new trade deals worldwide.

Tariffs expand: The administration has already imposed a 30% tariff on Chinese goods and is planning similar tariffs on imports from Mexico and the European Union, the nation’s top trading partners, as part of its push to reshape global trade in favor of U.S. manufacturing and jobs.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

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 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.