The EU is prepared to take the necessary steps to safeguard its interests if the U.S. proceeds with imposing a 30% tariff on European goods starting Aug 1, European Commission President Ursula von der Leyen said on Saturday.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

The EU remains hopeful it will strike a deal to avoid steep levies Trump has threatened on its exports to the US.

Goods imported from both the European Union and Mexico will face a 30% U.S. tariff rate starting August 1, U.S. President Donald Trump said in letters posted to his social media platform on Saturday.

NEW YORK (Reuters) -Investors awaited tariff news between the U.S. and European Union on Friday that could add a potentially volatile development to the end of a week in which President Donald Trump reignited his global trade war.

Amidst ongoing trade tensions, BMW's CEO expresses optimism for a US-EU auto tariff agreement. Discover what's at stake for the automotive industry and why a deal is crucial.

The European Union may be nearing a trade agreement with the United States but is struggling to obtain immediate tariff relief and a commitment not to introduce new measures, the head of the European Parliament's trade committee said on Wednesday.

"The EU and China are broadly on a colliding trajectory in terms of their trade and industrial policy concerns," he told CNBC. Bones of contention include the challenge of China's overcapacity and trade diversion to Europe, Stec, who is also head of the Mercator Institute's Brussels office, explained.