President Trump said he was preparing to set unilateral tariff rates of up to 70% that would kick in Aug. 1, delaying the levies while putting pressure on global trade negotiations.The European Union will hold crunch talks with the U.

EU and US negotiators are attempting to finalize a deal on tariffs before an impending deadline on July 9. Experts say a no-deal scenario is possible.

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.