After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the US now rests mostly on Donald Trump.

Nearly every member of the European Union supports a plan to hit back against President Trump’s tariffs if no agreement is reached.

Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline.

This week's U.S. trade agreement with Japan could provide a framework for a pact with the European Union, experts say.

President Donald Trump is set to meet Sunday with European Commission President Ursula von der Leyen to continue talks on a trade deal. Ahead of that meeting, policy analysts say that any agreement on trade must include the removal of non-tariff regulations and digital service taxes that largely target U.

If enforced, U.S. suppliers could face restricted access to the EU market. For example they would be unable to participate in public tenders in the bloc, there could be curbs on exports and imports, and foreign direct investment could be limited.

Australia should accept compromises to reach a trade deal with the European Union and demonstrate that such agreements can still be reached in a more protectionist world, Trade Minister Don Farrell said on Friday.