America's largest trade partner is awaiting word on whether U.S. President Donald Trump will impose punishing tariffs on its goods.

The pause on the administration's import levies will expire July 9. European Union negotiators have given up on reaching a trade new agreement by then.

President Trump said he was preparing to set unilateral tariff rates of up to 70% that would kick in Aug. 1, delaying the levies while putting pressure on global trade negotiations. The European Union will hold crunch talks with the U.