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’s top trade negotiator has signaled the bloc will continue trying to reach a deal with the U.S. after President Donald Trump threatened a 30% tariff on goods from the bloc and Mexico over the weekend.

Italy's foreign minister warned that, while he hopes for successful negotiations, the EU will respond resolutely to Trump's latest tariff threat.