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.

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 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 EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

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

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 Donald Trump on Saturday announced 30 percent tariffs on all European goods entering the U.S., prompting pushback from European allies.

Analysts have kept their forecasts for prices in the European Union’s carbon market roughly steady with the spectre of tariffs from the United States and weak industrial output weighing on expectations.