EU trade chief Maros Sefcovic will head to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters, adding that he will meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.

President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.

President Trump announced his team struck a trade deal with Indonesia on Tuesday that will see goods from the country face a 19% tariff. The announcement comes after Trump unveiled a new batch of letters to over 20 trade partners outlining tariffs on goods imported from their countries beginning in August.

Analysts have kept their forecasts for prices in the European Union’s carbon market roughly steady with the spectre of tariffs from the United States and weak industrial output weighing on expectations.

The European Union has prepared a €21 billion ($24.5 billion) list of tariffs on U.S. goods in case trade talks fail, Italy's Foreign Minister Antonio Tajani said in an interview with Il Messaggero newspaper,

If a 30 percent tariff on Mexico goes into affect on August 1, a wide variety of foods will be more expensive, experts warn.

"It’s all going to be the same for everyone," the president told reporters of the U.S. duty those countries will face.