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,

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.

As trade tensions escalate, the European Union has approved a sweeping €93 billion ($109B) retaliatory tariff package aimed at US goods, which will take effect on August 7 if trade negotiations with Washington fail.

Washington and the EU imperialist powers are tearing apart the economic foundations of the NATO alliance that have underlay relations between them since the end of World War II.

Italy's foreign minister warned that, while he hopes for successful negotiations, the EU will respond resolutely to Trump's latest tariff threat.

The European Union will hold off on imposing retaliatory tariffs on U.S. goods that were set to take effect Monday, signaling an effort to keep trade negotiations with the Trump administration alive through the end of July, the Associated Press reported.