As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

Trump’s tariffs continue to affect markets and corporate earnings. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

The European Union is readying a sweeping €100 billion ($117 billion) package of retaliatory tariffs on American goods if President Donald Trump follows through on his threat to impose a 30% levy on most EU exports after August 1,

President Donald Trump's announcement of 30% tariffs on the European Union will have repercussions for companies and consumers on both sides of the Atlantic.

As the tariff pause ends, the Trump administration should pivot to a more targeted and strategic policy that minimizes domestic harm.

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

The European Union will merge two packages of potential tariffs against the U.S. so that both are ready to take effect in early August if no deal has been reached with the Trump administration. The combined list will need approval from EU member states and could take effect as soon as Aug.

Many U.S. companies, including GM, Walmart, and Home Depot, are currently absorbing tariff costs, sacrificing profits to shield consumers from price hikes.