"In a non-deal scenario without another delay of US tariffs, I see the EU going for a tit-for-tat approach, ie imposing 30% tariffs on selected US goods, not yet all goods, like the well-known motorcycles, cars, clothing and alcohol," he said in emailed comments.

With the contours of a hard-fought EU-US trade deal taking shape, the European Union is flexing its muscles in a bid to squeeze concessions from US President Donald Trump in

European Union countries approved a package of retaliatory tariffs on U.S. goods that could start in August if no trade agreement is reached. The list covers more than $100 billion worth of annual U.S.

The European Union is currently negotiating a deal in which its products imported into the U.S. are tariffed at a 15% rate. That would be well below the 30% rate President Donald Trump announced earlier this month in a letter to the 27-member bloc.

The U.S. and the European Union are reportedly close to finalizing a trade deal that could impose a 15% tariff on European imports. Brussels could agree to the reciprocal tariffs to avoid U.S. President Donald Trump's threat to raise them to 30% from August 1,

China and the European Union have issued a joint call to action on climate change during a tense summit in Beijing.

European leaders have called for a more balanced relationship with China during a summit with President Xi Jinping in Beijing

A summit between China and the European Union has opened in Beijing on Thursday, with leaders expected to tackle a wide range of issues including trade tensions and the war in Ukraine.