EU trade chief Maros Sefcovic will head to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters, adding that he will meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.

President Donald Trump in recent days slapped tariffs as high as 50% on dozens of countries, restoring the type of aggressive trade policy that sent stocks plummeting a few months ago. The new round of levies prompted little more than a shrug on Wall Street.

Latest news and live updates as Trump announces the U.S. will send Patriot missiles to Ukraine and meets with NATO's secretary general.

Trump has repeatedly shifted his stance on tariffs since his “Liberation Day” announcement—earning him the nickname “TACO Trump.”

The European Union will suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month.

S&P 500 futures lost 0.5%, while Nasdaq 100 futures dropped 0.6%. Futures for the Dow Jones Industrial Average fell 204 points, or 0.5%.

President Trump plans to impose 30% tariffs on EU imports starting August 1, prompting French dairy leaders to warn of 'disastrous' impacts on their exports.

If a 30 percent tariff on Mexico goes into affect on August 1, a wide variety of foods will be more expensive, experts warn.