EU trade chief Maros Sefcovic headed to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters, adding that he will meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.

President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.

EU trade ministers have agreed that U.S. President Donald Trump’s 30% tariffs announced on the European Union are “absolutely unacceptable,” and they are studying a new set of countermeasures to respond to the move.

The chief executive of Volvo Cars urged the European Union to cut its 10% tariff on American-made cars, arguing that European automakers do not need protection from U.S. competitors, in an interview with Reuters on Thursday.

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

President Donald Trump has announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1.

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.

The dour mood for European markets comes after U.S. President Donald Trump announced at the weekend that he would impose a 30% tariff on goods imported from the EU, dealing a blow to the bloc after several months of negotiations to try to reach a trade deal. The duty will go into effect on Aug.1.