Exports to the U.S. fell for the second consecutive month in May after a first-quarter boom, but remained higher than a year earlier.

The European Union has warned that its trade with the United States could be effectively wiped out if Washington makes good on its threat to slap a 30% tariff on goods imported from the bloc.

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Bloc’s trade commissioner Maroš Šefčovič said duties at that level would make transatlantic trading ‘almost impossible’

The EU threatens $84 billion in retaliatory tariffs on U.S. exports as the August 1 trade deal deadline with the Trump administration approaches, escalating transatlantic trade tensions.

EU warns Trump’s proposed 30% tariffs would cripple transatlantic trade. Brussels prepares €72bn in retaliatory measures as negotiations enter final weeks.

The International Monetary Fund has estimated the EU's own internal barriers to the free flow of activity are the equivalent of tariffs of 44% for goods and 110% for services. Mooted reforms such as creating freer cross-border capital markets have made little headway in more than a decade.

The bloc’s trade commissioner says the two sides were close to a deal before the president last week threatened to impose a 30 percent levy.

The EU's top trade negotiator Maros Sefcovic is jetting to Washington on Wednesday for talks with his US counterparts as the bloc renews its push to settle the transatlantic tariffs standoff.

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