AsianFin -- The European Union is set to learn on Monday whether U.S. President Donald Trump will move forward with steep tariffs on America’s largest trading partner—a decision economists say could have far-reaching consequences for businesses and consumers across both sides of the Atlantic

In early April, Trump announced a 20% import tax on all EU-made products as part of a broader tariff package targeting countries with which the U.S. runs a trade deficit. Just hours after the country-specific tariffs were set to take effect, he paused their implementation until July 9, lowering the rate to a standard 10% to calm markets and allow room for negotiations.