The European Central Bank probably isn't going to cut interest rates again on Thursday. That's because the bank's leaders don't know what kind of headwinds they'll be facing from U.S. trade policy.

The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while its trade chief will hold talks with U.S. Commerce Secretary Howard Lutnick.

This week's U.S. trade agreement with Japan could provide a framework for a pact with the European Union, experts say.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

The European Union will merge two packages of potential tariffs against the U.S. so that both are ready to take effect in early August if no deal has been reached with the Trump administration. The combined list will need approval from EU member states and could take effect as soon as Aug.

European Union officials are set for a summit with China’s top leaders. China’s support of Russia and a long list of trade disputes are on the agenda.

As the EU digs in, President Trump announced two more deals and finalized a third, most notably a pact with Japan. “I just signed the largest deal in history with Japan," Trump

Trading updates and corporate earnings from some of Europe’s auto giants show the extent to which Trump’s tariffs have started to take their toll.