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 Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August. Trump on Thursday announced a 35% tariff on Canadian goods.

After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.

Ahead of the threatened tariffs, front-running of orders looks to have been particularly steep in the pharmaceutical sector. Factory output recorded a strong rebound in May in Ireland, where pharma titans like Allergan and Pfizer manufacture popular drugs from Botox to Viagra.

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August. Trump on Thursday announced a 35% tariff on Canadian goods.

The European Union has prepared a €21 billion ($24.5 billion) list of tariffs on U.S. goods in case trade talks fail, Italy's Foreign Minister Antonio Tajani said in an interview with Il Messaggero newspaper,

President Donald Trump announced new tariffs on the European Union and Mexico that will take effect on Aug. 1.

The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Profits for S&P 500 companies in the second quarter are expected to rise 5.8%, according to LSEG data,