U.S. President Donald Trump's tariffs threaten the American economy at least as much the European one, German Finance Minister Lars Klingbeil said on Wednesday, calling for a "fair deal" with the Americans.

European Union officials have drawn up plans to impose levies on American imports, but questions abound about whether they would go through with them.

The EU says the U.S. is resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached with U.S. by Aug. 1.