U.S. President Donald Trump issued final tariff notices to seven minor trading partners on Wednesday as his administration inched closer to a deal with its biggest trading partner, the European Union.

NEW YORK (Reuters) -Investors awaited tariff news between the U.S. and European Union on Friday that could add a potentially volatile development to the end of a week in which President Donald Trump reignited his global trade war.

Amidst ongoing trade tensions, BMW's CEO expresses optimism for a US-EU auto tariff agreement. Discover what's at stake for the automotive industry and why a deal is crucial.

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.

"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.

US President Donald Trump speaks during a multilateral lunch with visiting African Leaders in the State Dining Room of the White House in Washington, DC, on July 9, 2025.

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.

President Trump said he plans to impose blanket levies of 15% to 20% on most trading partners that haven't yet received suggested tariff rates. That would be higher than the 10% baseline currently in effect.