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

President Donald Trump's announcement of 30% tariffs on the European Union will have repercussions for companies and consumers on both sides of the Atlantic.

The bloc’s trade commissioner says the two sides were close to a deal before the president last week threatened to impose a 30 percent levy.

President Trump has introduced a plan for 30% tariffs against the EU in part because of those deficits. However, McKelvey explained the resulting trade wars might hurt Texas businesses.

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

President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.

The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating U.S. President Donald Trump was pushing for steep new tariffs on European Union products.

Tariffs expand: The administration has already imposed a 30% tariff on Chinese goods and is planning similar tariffs on imports from Mexico and the European Union, the nation’s top trading partners, as part of its push to reshape global trade in favor of U.S. manufacturing and jobs.