The European Union expects to find out on Monday whether President Donald Trump will impose punishing tariffs on America's largest trade partner in a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic.

The pause on the administration's import levies will expire July 9. European Union negotiators have given up on reaching a trade new agreement by then.

The United States, under President Trump, is finalizing several trade agreements and will raise tariffs by August 1. Key trading partners, including the EU and India, are negotiating to reach deals, while Trump's strategy has caused global economic shifts,