The European Union could hit the United States with counter-tariffs on 93 billion euros ($109 billion) worth of U.S. goods if the two sides fail to reach a trade deal by Washington's August 1 deadline for imposing import levies.

Brussels prepares to strike back with up to 30% levies on US goods and services starting August 7 if no deal is reached, responding to US President Donald Trump's tariff threats.

The European Union has said it believes a deal on trade tariffs with the US is "within reach", ahead of a 1 August deadline when President Donald Trump has threatened to impose a sweeping 30% levy on EU imports.