The European Union on Monday warned that the 27-country bloc is preparing potential countermeasures targeting US goods worth 72 billion euros if talks with Washington fail to produce a viable outcome.

The EU says the U.S. is resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached with U.S. by Aug. 1.

The European Union has warned that its trade with the United States could be effectively wiped out if Washington makes good on its threat to slap a 30% tariff on goods imported from the bloc.

The European Union has promised to take countermeasures against the United States if the administration of US President Donald Trump introduces 30 percent tariffs on imports from the bloc next month.

The EU paused planned countermeasures against the US after Trump delayed a tariff hike. But a new 30% rate has the bloc considering retaliation.

BRUSSELS - The European Union (EU) has proposed a new round of tariffs on US goods worth 72 billion euros (84 billion US dollars), amid the ongoing trade dispute between the world's largest economy and its biggest trading partner.

The European Union warns the United States of countermeasures if a trade deal isn't reached, as Trump threatens a 30% tariff on EU imports. EU ministers urge negotiation to prevent escalation but propose retaliation if necessary,

Von der Leyen's decision to resist immediate retaliatory measures points to the European Commission's desire to avoid a spiralling tit-for-tat escalation.

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

The European Union is working towards a favorable trade deal with the United States by August 1, while preparing potential counteractions should negotiations collapse. EU trade commissioners emphasize the importance of a negotiated solution.