US tariff negotiations with key trading partners have shifted into high gear as economies race to avoid steeper duties before an August 1 deadline.

Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday.

U.S. agreement, secured by President Donald Trump in Scotland, imposes a 15% tariff on most European goods but does not outline a tariff for the wine and spirits industry.

The twice-postponed deadline for duties to take effect is now Aug 1. Read more at straitstimes.com. Read more at straitstimes.com.

As of now, five countries have signed trade deals with the Trump administration ahead of next week's deadline. These are Britain, Vietnam, Indonesia, the Philippines and Japan.

Negotiations between the EU and the United States to strike a last-minute trade deal are "ongoing," European Commission President Ursula von der Leyen said on Thursday, with only eight days to go before new US tariffs on the bloc take effect.