EU and U.S. officials are still negotiating a final list of products that would have either a zero-for-zero duty or a significantly lower most-favoured nation rate. The EU wants low or zero rates on spirits, wines, some chemicals and medical devices.

US trade deal will need to be honoured by the EU or 35% blanket tariffs will be applied to the bloc, US President Donald Trump has warned. On Tuesday President Trump was quizzed on the deal he agreed by handshake with Commission President Ursula von der Leyen in Scotland on 27 July on CNBC’s ‘Squawk Box’ via phone.

President Trump warned that if the European Union fails to deliver on its commitment to invest $600 billion in the US, then he will ramp up tariffs against the 27-nation bloc.