But the EU is not expecting to achieve the same access to the US market as British steel, cars and other products subject to sectoral duties, according to six diplomats briefed on the issue. Trump, who championed the UK’s 2016 decision to leave the bloc, is also demanding 17 per cent tariffs on EU agrifood products.

German automaker Mercedes-Benz Group AG, French luxury giant LVMH Moët Hennessy Louis Vuitton SE and other major European firms are spearheading a corporate push that’s weakening the European Union’s efforts to stand up to Donald Trump’s tariff threats.

The commercial relationship between the United States and the European Union, described by the European Commission as 'the most important trade relationship in the world,' is under significant strain due to President Donald Trump's tariff policy.