The EU says the U.S. is resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached with U.S. by Aug. 1.

The European Union has warned that its trade with the United States could be effectively wiped out if Washington makes good on its threat to slap a 30% tariff on goods imported from the bloc.

The European Union on Monday warned that the 27-country bloc is preparing potential countermeasures targeting US goods worth 72 billion euros if talks with Washington fail to produce a viable outcome.