EU said it was prepared to retaliate with tariffs on hundreds of American products, from U.S. beef, auto parts and beer to Boeing airplanes.

The European Union expects to find out on Monday whether President Trump will impose more tariffs, in a move that would have repercussions on both sides of the Atlantic.

Portuguese Finance Minister Joaquim Miranda Sarmento said he sees the European Union and the US reaching an agreement with tariffs potentially below 10% that would help keep trade flowing.

President Donald Trump on Monday informed Japan and South Korea that 25% tariffs will be imposed starting Aug. 1 on goods sent to the United States.

President Trump said on Monday that he would subject imports from Japan and South Korea to new 25 percent tariffs that would take effect on Aug. 1, putting economic pressure on two U.S. allies as a deadline for making trade deals elapses this week.