America’s largest trade partner, the European Union, is among the entities awaiting word Monday on whether U.S. President Donald Trump will impose punishing tariffs on their goods, a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic.

The European Union expects to find out on Monday whether President Trump will impose more tariffs, in a move that would have repercussions on both sides of the Atlantic.

EU and US negotiators met over the weekend to secure trade deals that would help Europe avoid Trump's tariffs.The United States is warning its trading partners to negotiate new deals or face higher import taxes by August 1,

America is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said.

The U.S. and the European Union have not yet struck a trade deal with just days to go before Trump’s tariff reprieve is set to end.

There are plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug. 1. That furthers the uncertainty for businesses, consumers, and America's trading partners.