After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.

BRUSSELS, July 14 (Reuters) - European Union ministers agreed on Monday to prioritise negotiations with the United States to avoid threatened 30% tariffs that the EU trade chief said would wreck transatlantic trade.

European Trade Commissioner Maros Sefcovic expressed optimism that Washington and the EU were approaching a positive outcome for both sides. He warned, however, that a 30% tariff would practically eliminate trade between the U.S. and the 27-nation bloc, which are currently each other's largest trading partners.