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

The bloc’s trade commissioner says the two sides were close to a deal before the president last week threatened to impose a 30 percent levy.

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

President Trump has threatened to increase Mexico’s tariff rate to 30 percent starting Aug. 1, claiming the country hasn’t sufficiently tackled drug cartels.

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.

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

American company Venture Global reaches two major liquefied natural gas supply deals with European energy firms following trade discussions between President Trump and European leaders.

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.

"Other trading partners observing these threats will have the same mistrust of the negotiation process," experts argue.