The EU is ready to retaliate to safeguard its interests if the U.S. proceeds with imposing a threatened 30% tariff on European goods starting on August 1, European Commission President Ursula von der Leyen said on July 12.

President Donald Trump on Saturday announced 30 percent tariffs on all European goods entering the U.S., prompting pushback from European allies.

The announcement follows failed attempts in recent weeks to strike a trade deal between the US and EU. Top EU leaders said negotiations would continue but have vowed to protect the bloc's interests.