Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”

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.

Negotiations between the EU and the United States to strike a last-minute trade deal are "ongoing," European Commission President Ursula von der Leyen said on Thursday, with only eight days to go before new US tariffs on the bloc take effect.

President Trump’s handling of the economy has succeeded in bringing some of the biggest increases in a decade or more to tariffs revenue, blue-collar wages and capital

As a potential countermeasure to the US's tariff war, in the event of failure of talks between the US and EU, the European Union countries have considered tariffs on US goods worth €93 billion ($109 billion),

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.

Some of the world's top tech firms, including U.S. search giant Alphabet, South Korean chipmaker SK Hynix and Indian IT services provider Infosys, have provided upbeat guidance in their latest earnings reports,