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.

BRUSSELS, July 15 (Reuters) - The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.

German Finance Minister Lars Klingbeil warns the EU to act firmly if tariff negotiations with the US fail. Amid escalating trade tensions, President Trump's proposed tariffs on EU imports intensify. EU favors negotiation but is ready for countermeasures.

Former U.S. President Donald Trump has threatened to impose 30% tariffs on EU imports starting August 1, escalating transatlanti

The FTSE 100 rose above the 9,000 mark for the first time on Tuesday morning after Brexit Britain was branded a 'clear winner' in Donald Trump's trade war.

The European Union has prepared a €21 billion ($24.5 billion) list of tariffs on U.S. goods in case trade talks fail, Italy's Foreign Minister Antonio Tajani said in an interview with Il Messaggero newspaper,

The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.

Trump has also threatened reciprocal tariffs on any counter measures from the EU - the consequences could not be greater