Daily SumUp

The European Union is readying a package of tariffs to be levied on 72 billion euros’ ($84bn) worth of goods against the US, even as it steps up efforts to reach a trade deal and avert a transatlantic trade war with President Donald Trump.

The European Commission, which oversees EU trade policy, is understood to have drawn up a list of duties for various US imports, ranging from cars to bourbon, after Trump declared on Sunday that he would levy a 30 percent “reciprocal” tariff on European imports from August 1.