The European Union and the US believe they can clinch some form of a trade agreement before a July 9 deadline, when Washington is set to impose a 50% tariff on nearly all EU products and the bloc plans to unleash its own series of countermeasures.

European Union leaders considered new US trade proposals ahead of the July 9 deadline for US President Donald Trump's tariffs at a Brussels summit on Thursday. They also addressed the Mercosur trade agreement,

BRUSSELS (Reuters) -European Commission President Ursula von der Leyen said on Thursday the EU had received the "latest U.S. document" for further negotiations on tariffs but did not reveal details of Washington's demands. "All options remain on the table," she told reporters following a EU summit in Brussels.

E.U. chief Ursula von der Leyen said the bloc was ready for a trade deal with Washington, but hinted at preparations for countermeasures if a July 9 deadline was not reached.

Last night as EU leaders mulled how to react to Donald Trump’s trade war, Ursula von der Leyen floated the idea of founding a rival to the World Trade Organization: my colleagues explain her thinking.