EU trade ministers are meeting in Brussels to discuss 30% tariffs announced by President Donald Trump over the weekend.

European trade ministers are meeting in Brussels on Monday, following U.S. President Donald Trump’s surprise announcement of 30% tariffs on the European Union. The EU is America’s biggest business partner and the world’s largest trading bloc.

The European Union’s top trade negotiator said he intends to speak to his U.S. counterparts Monday, adding he senses a good outcome for both sides.

BRUSSELS, July 14 (Reuters) - European Union ministers agreed on Monday to prioritise negotiations with the United States to avoid threatened 30% tariffs that the EU trade chief said would wreck transatlantic trade.

European Trade Commissioner Maros Sefcovic expressed optimism that Washington and the EU were approaching a positive outcome for both sides. He warned, however, that a 30% tariff would practically eliminate trade between the U.S. and the 27-nation bloc, which are currently each other's largest trading partners.

Herrero, chief economist for Asia Pacific at Natixis and senior fellow at Bruegel, discusses the impact of EU-U.S. tariff negotiations on EU-China relations ahead of the upcoming summit.

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,

If a 30 percent tariff on Mexico goes into affect on August 1, a wide variety of foods will be more expensive, experts warn.