The European Union said on Saturday it was ready to retaliate to defend its interests if the United States pressed ahead with imposing a 30% tariff on European goods from August 1. U.S. President Donald Trump latest salvo surprised the bloc,

Germany's Economy Minister Katherina Reiche warns that President Trump's proposed 30% tariffs on EU imports could harm European exporters and US consumers. She advocates for a swift and pragmatic resolution to the trade conflict to prevent further economic damage amid rising tensions.

The European Union is still hoping for a rough outline of a deal, even after President Trump talked about sending the bloc a letter outlining tariffs that would be imposed Aug. 1.

The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.

On Saturday morning, Trump posted letters to his Truth Social account outlining his plans to impose 30% tariffs on goods coming into the United States from Mexico and the European Union starting next month, leaving a short window for potential trade deals before that deadline.