Unlike the European Union, the Japanese government has made no indication it plans to impose any kind of reciprocal tariff on the U.S., even if the U.S. does move forward with its planned 25% tariffs on all Japanese exports.

EU ambassadors are to meet next week to develop a contingency plan in the event of a no-deal with US President Donald Trump, Bloomberg reports. According to the agency, the vast majority prefers to continue negotiations with the United States to find a way out of the situation before August 1 (the day when the 30% duty is to take effect).

EU ministers on Monday will debate the bloc’s approach to trade talks with the United States, as Brussels scrambles to head off 30-percent tariffs threatened by President Donald Trump.

Fresh off announcing a U.S.-European Union trade deal, President Trump is looking to clinch more bilaterial agreements this week before his Friday tariff deadline.

Most European markets took a hit as trading resumed in the wake of President Trump's latest tariff threats, and as the EU keeps hoping for a deal.