"In a non-deal scenario without another delay of US tariffs, I see the EU going for a tit-for-tat approach, ie imposing 30% tariffs on selected US goods, not yet all goods, like the well-known motorcycles, cars, clothing and alcohol," he said in emailed comments.

The EU plans to impose 30% tariffs on €100 billion of U.S. goods as retaliation if no trade deal is reached by Aug. 1, heightening uncertainty.