<p>WASHINGTON/BRUSSELS (Reuters) — The European Union said it was working on sealing a trade deal with the United States by the end of the month, while U.S. President Donald Trump promised that he would deliver further tariff notices on unnamed countries on Wednesday.</p>
<p>Trump broadened out a trade war that has cast a shadow over the global economic outlook when he said on Tuesday he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals.</p>
<p>Trump said late on Tuesday that &#8220;a minimum of seven&#8221; tariff notices would be released on Wednesday morning, and more in the afternoon. He gave no other details in his Truth Social post.</p>
<p>The threat came a day after he pressured 14 trading partners, including powerhouse U.S. suppliers South Korea and Japan, with tariff letters imposing levies of 25% and upwards to take effect from August 1.</p>
<h3>NEGOTIATIONS WITH THE E.U.</h3>
<p>Trump said trade talks have been going well with China and the European Union, which is the biggest bilateral trading partner of the U.S.</p>
<p>Trump said he would &#8220;probably&#8221; tell the E.U. within two days what rate it could expect for its exports to the U.S., adding that the 27-nation E.U. had become much more cooperative.</p>
<p>&#8220;They treated us very badly until recently, and now they&#8217;re treating us very nicely. It&#8217;s like a different world, actually,&#8221; he said.</p>
<p>European Commission President Ursula von der Leyen gave a guarded response.</p>
<p>&#8220;We stick to our principles, we defend our interests, we continue to work in good faith, and we get ready for all scenarios,&#8221; von der Leyen told the European Parliament.</p>
<p>A European Commission spokesperson said that the E.U. aimed to reach a trade deal before August 1, potentially even in the coming days.</p>
<p>However, Italian Economy Minister Giancarlo Giorgetti warned that talks between the two sides were &#8220;very complicated&#8221; and could continue right up to the deadline.</p>
<h3>HIGHEST TARIFF LEVELS SINCE 1934</h3>
<p>Equity markets shrugged off Trump&#8217;s latest tariff salvo on Wednesday, while the yen remained on the back foot after the levies set for Japan.</p>
<p>Following Trump&#8217;s announcement of higher tariffs for imports from the 14 countries, U.S. research group Yale Budget Lab estimated consumers face an effective U.S. tariff rate of 17.6%, up from 15.8% previously and the highest in nine decades.</p>
<p>Trump&#8217;s administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $100 billion so far and could collect $300 billion by the end of the year. The United States has taken in about $80 billion annually in tariff revenue in recent years.</p>
<p>Trump&#8217;s administration promised &#8220;90 deals in 90 days&#8221; after he unveiled an array of country-specific duties in early April. So far, only two agreements have been reached, with Britain and Vietnam. Trump has said a deal with India was close.</p>
<p>(Reporting by Julia Payne, Charlotte Van Campenhout, Philip Blenkinsop, Trevor Hunnicutt, Dan Burns; Writing by Keith Weir; Editing by Alex Richardson)</p>

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E.U. Seeks To Finalize Trade Deal With Trump By End Of The Month