U.S. President Donald Trump said he believed Britain would fight to defend the United States but suggested he could not say the same for the European Union, a factor in his decision not to sign a trade deal with the bloc.

The European Union is awaiting clarity on the approach that President Donald Trump wants to take with respect to tariffs. According to a Reuters report, the EU is bracing for a tariff letter from the White House on Friday,

Shelving the plan could help EU persuade the U.S. to give it a more favorable trade deal and comes just two months after the Commission suggested it.

The European Union braced on Friday to receive a letter from U.S. President Donald Trump, outlining planned duties on his largest trade and investment partner after a broadening of his tariff war in recent days.

US stocks are little changed as investors shrug off more tariff threats from Trump. Investors await inflation data and earnings for direction.