The EU has reverted to offering the US tit-for-tat tariff reductions on cars, with negotiators abandoning the idea of a complex “netting mechanism” first proposed by German carmakers.

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.

One of the European Union’s most reliable punching bags is shaped like a bottle of whiskey. The EU this week circulated to member states a list of products it could hit with tariffs if a trade deal is

The EU is preparing a list of potential tariffs on US services, as well as export controls, as part of its possible retaliation if trade talks with Washington fail, two officials briefed on the talks said.

The chief executive of Volvo Cars urged the European Union to cut its 10% tariff on American-made cars, arguing that European automakers do not need protection from U.S. competitors, in an interview with Reuters on Thursday.

European markets have been on tenterhooks since U.S. President Donald Trump announced last weekend that he would impose a 30% tariff on goods imported from the EU starting Aug. 1. The EU has said it hopes to strike a trade deal before then.

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.

BRUSSELS, July 15 (Reuters) - The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.