The EU is preparing to apply much higher tariffs on imports from Ukraine within weeks, hitting Kyiv's economy at a crucial time in its fight against Russian aggression, the Financial Times reported on Wednesday,

BRUSSELS (Reuters) -When U.S. Treasury Secretary Scott Bessent this week said Switzerland and Britain had jumped to the front of the queue for a trade deal with the United States, he warned the European Union it was moving "much slower".

European leaders say they are ready to place counter tariffs on some $106 billion of U.S. goods, including chemicals, plastics, rubber and processing machinery, if trade talks don't lead to a mutually beneficial outcome.

The EU is weighing a temporary return to its pre-war trade agreement with Ukraine if a renegotiated deal is not ready to take effect when war-related tariff suspensions expire on June 5, EU diplomats said on Wednesday.

The European Commission announced Thursday it has compiled a list of imported goods and items from the United States which could become subject to tariffs.

The EU plans to significantly increase tariffs on Ukrainian goods after the current duty-free deal lapses on June 6, the Financial Times reported on May 14, citing undisclosed diplomatic sources.

The new measure would slap duties of 25% on U.S. imports amounting to $23.5 billion, which includes motorcycles and other powersports commodities.

The runaway production debate has already shifted away from the presiden't all-stick, no-carrot approach, with Trump's 'ambassadors' now proposing co-production treaties and tax breaks.

The EU is preparing to apply much higher tariffs on Ukrainian imports within weeks, hitting Kyiv’s economy at a crucial time in its fight against Russian aggression.

Chinese imports to the U.S. dropped to their lowest levels since the pandemic as punishing tariffs began to take hold in March.

By Sukriti Gupta and Purvi Agarwal (Reuters) -European shares started the week on a positive note on Monday after the United States and China agreed to temporarily slash tariffs, providing some relief to global markets roiled by the trade war.