EU trade chief Maros Sefcovic will head to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters, adding that he will meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.

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.

President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.

Trump announced the pact with Indonesia, a relatively minor U.S. trading partner, as he continued to press for what he views as better terms with trading partners and ways to shrink a huge U.S. trade deficit.

Most European markets took a hit as trading resumed in the wake of President Trump's latest tariff threats, and as the EU keeps hoping for a deal.

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,

Analysts have kept their forecasts for prices in the European Union’s carbon market roughly steady with the spectre of tariffs from the United States and weak industrial output weighing on expectations.