If implemented by the 1 August deadline, the move could derail $1.7 trillion worth of transatlantic commerce and force the EU to reconsider its export-reliant economic structure.

BRUSSELS, July 15 (Reuters) - The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.

German Finance Minister Lars Klingbeil warns the EU to act firmly if tariff negotiations with the US fail. Amid escalating trade tensions, President Trump's proposed tariffs on EU imports intensify. EU favors negotiation but is ready for countermeasures.

The FTSE 100 rose above the 9,000 mark for the first time on Tuesday morning after Brexit Britain was branded a 'clear winner' in Donald Trump's trade war.

The European Union remains hopeful of reaching a trade agreement with the United States despite President Donald Trump's intensified threat of

Trump has also threatened reciprocal tariffs on any counter measures from the EU - the consequences could not be greater

The European Union sent a group of trade officials to Washington on Tuesday, hoping to revive an outline trade agreement with the U.S. after President Trump's letter threatening 30% tariffs. EU trade