President Trump announced a 30% tariff on EU imports, effective August 1st. This impacts a massive trading relationship worth nearly $2 trillion annually. The EU, aiming to reduce its trade surplus, is scrambling for a solution before the deadline. Sectors like pharmaceuticals, automotive, and aircraft are most vulnerable. While analysts predict a last-minute agreement, Trump's demands for complete market access increase the risk of economic harm for both the US and EU.

Prepared by Christopher Adams and reviewed by editorial team.