European trade ministers are hopeful for a negotiated trade deal after President Donald Trump announced 30% tariffs on the European Union.

The outlook for European corporate health has deteriorated, the latest earnings forecasts showed on Tuesday, as U.S. President Donald Trump's most recent tariff statements created further uncertainty for businesses.

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

Inflation rose last month to its highest level in four months as the cost of gas, food, and groceries rose, reversing several months of cooling price pressures.

Aircraft, machinery, cars, chemicals and medical devices are the leading big-ticket items on the latest list of U.S. goods the European Commission has proposed to impose tariffs on if talks with Washington do not yield an agreement on trade.

President Donald Trump on Saturday threatened duties of 30% on products from Mexico and the European Union, two of America’s biggest trading partners, in an ongoing tariff campaign that’s upended global trade since he retook office in January.

President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.

Earlier in the year, factory output had surged as U.S. firms rushed to stock up ahead of the anticipated tariffs.The rebound in May is a sign of resilience in Europe’s manufacturing sector, which has suffered a series of blows over recent years.