The European Union has returned U.S. spirits to its proposed list of retaliatory tariffs. Here's what that could mean for Kentucky's bourbon industry.

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.

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

The announcement comes as Trump has pushed through his tariff agenda by unveiling a new batch of letters to over 20 trade partners outlining tariffs on goods imported from their c

"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.

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.

Wall Street is poised to conclude the week on a cautious note, with equities easing on Friday after President Donald Trump signaled a more aggressive trade stance.