The European Union expects to find out on Monday whether President Trump will impose more tariffs, in a move that would have repercussions on both sides of the Atlantic.

EU and US negotiators met over the weekend to secure trade deals that would help Europe avoid Trump's tariffs.The United States is warning its trading partners to negotiate new deals or face higher import taxes by August 1,

This follows last-minute talks by the EU, Japan, and South Korea to strike trade deals and avoid steep US tariffs.

The European Union still aims to reach a trade deal with the United States by July 9 after Commission President Ursula von der Leyen and U.S. President Donald Trump had a "good exchange", a Commission spokesperson said on Monday.

President Donald Trump on Monday informed seven nations, including Japan and South Korea, that new tariffs of at least 25% will be imposed starting Aug. 1 on most goods sent to the United States.

The slide started after Trump posted letters on his social media platform, Truth Social, that he says he sent to Japanese and Korean officials threatening them with 25% tariffs on goods being imported to the U.S. beginning Aug. 1. The countries can still reach a deal with his administration before then that could avoid those rates.

President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two crucial U.S. allies in Asia