The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

Analysts see a potential path for other trading partners, including South Korea and the European Union, to strike their own deals.

President Donald Trump announced new trade deals with Japan and the Philippines this week, bringing the total number of deals to five. However, several major trading partners still haven’t reached trade agreements with the U.S. ahead of the Aug. 1 deadlines.

The European Union and Japan will work more closely to counter economic coercion and address unfair trade practices, European Commission President Ursula von der Leyen told reporters on Wednesday.

He is raising tariffs on some of America’s most important trading partners, and the world is largely cheering the agreements as victories.

The summit was moved from Brussels to Beijing, then reduced to one day from two. As the European Union struggles to curb China's unfair trade practices, are tougher tactics needed to cut the €400 billion trade deficit?

The outlook for European corporate health has slightly improved, the latest earnings forecasts showed on Tuesday, despite continued uncertainty over global trade and the European Union preparing for counter-measures against any major U.