Wall Street indexes moved lower on Friday after the Financial Times reported that U.S. President Donald Trump was pushing for a minimum 15% to 20% tariff on all EU goods.

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 ministers have agreed that U.S. President Donald Trump’s 30% tariffs announced on the European Union are “absolutely unacceptable,” and they are studying a new set of countermeasures to respond to the move.

The European Union is pushing to secure a trade deal with the U.S. ahead of President Donald Trump's Aug. 1 deadline.

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.

European Union member states approved the launch of negotiations with six Gulf countries as the bloc seeks to broaden its international partnerships amid tariff threats from President Donald Trump.

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August. Trump on Thursday announced a 35% tariff on Canadian goods.

Analysts have kept their forecasts for prices in the European Union’s carbon market roughly steady with the spectre of tariffs from the United States and weak industrial output weighing on expectations.