President Trump said he was preparing to set unilateral tariff rates of up to 70% that would kick in Aug. 1, delaying the levies while putting pressure on global trade negotiations.The European Union will hold crunch talks with the U.

The U.S. and the European Union have not yet struck a trade deal with just days to go before Trump's tariff reprieve is set to end.

EU and US negotiators are attempting to finalize a deal on tariffs before an impending deadline on July 9. Experts say a no-deal scenario is possible.