German finance minister Lars Klingbeil has warned that the EU stands ready to impose retaliatory measures against US goods if the two parties fail to reach a “fair” deal to resolve their trade dispute. Klingbeil told German MPs on Tuesday:

The EU is aiming for a July 9 deal, which would include a 10 percent baseline tariff. Trump has threatened to impose 50 percent tariffs if no deal is reached.

The European Union said it’s closing in on a framework trade agreement with the US after the head of the bloc’s executive arm, Ursula von der Leyen, held a call with President Donald Trump on Sunday.