European Union countries approved a package of retaliatory tariffs on U.S. goods that could start in August if no trade agreement is reached. The list covers more than $100 billion worth of annual U.S.

The 27-country bloc faces a tariff rate of 30% on imports to the U.S. if no deal is struck by next Friday. The EU is also planning to raise levies on imports from the U.S. if a pa