Nearly every member of the European Union supports a plan to hit back against President Trump’s tariffs if no agreement is reached.

After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the US now rests mostly on Donald Trump.

Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline.

This week's U.S. trade agreement with Japan could provide a framework for a pact with the European Union, experts say.

If enforced, U.S. suppliers could face restricted access to the EU market. For example they would be unable to participate in public tenders in the bloc, there could be curbs on exports and imports, and foreign direct investment could be limited.

The S&P 500 and Nasdaq notched record high closes on Wednesday, lifted by Nvidia and GE Vernova, as the European Union and the U.S. appeared headed toward a trade deal similar to an agreement President Donald Trump struck with Japan.

European Union officials are set for a summit with China’s top leaders. China’s support of Russia and a long list of trade disputes are on the agenda.