The European Union is pushing to secure a trade deal with the U.S. ahead of President Donald Trump’s Aug.1 deadline.

German Finance Minister Lars Klingbeil made clear in a meeting with his counterparts from the Group of Seven major economies on Friday that the global trade conflict must be ended quickly, he told reporters.

The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

European trade ministers were hopeful for a negotiated trade deal after Trump announced 30% tariffs on the European Union.

President Donald Trump’s bizarre pivot from one extreme to the other in the Jeffrey Epstein fever swamps dominated the news in recent days, for understandable reasons. This was a

But this shopping could cost consumers a little bit more this year. On Saturday, President Trump announced 30% tariffs against Mexico and the European Union beginning August 1 that could impact the price of many consumer goods. Some shoppers are already seeing higher clothing prices as a result of the tariffs instituted in April.

President Trump is threatening Mexico and the European Union, two of the largest U.S. trading partners, with 30% tariffs starting in August if they don't reach a trade deal with the U.S. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means for U.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

Leaders say it is imperative that the EU negotiate that percentage down by Aug. 1 to avoid "severe" consequences.