UBS warns Trump’s proposed US tariffs could significantly impact Greece’s exports, posing risks to growth through 2026.

Leaders say it is imperative that the EU negotiate that percentage down by Aug. 1 to avoid "severe" consequences.

BRUSSELS, July 15 (Reuters) - The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.

The EU as a whole has an annual trade surplus with the United States of $235.6 billion, according to the Bureau of Economic Analysis (BEA), which reports to the U.S. Department of Commerce. Only China has a higher amount. Ireland has the largest surplus among EU members, at $86.7 billion.

After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.

European officials are increasingly resigned to a 10% rate on "reciprocal" tariffs being the baseline in any trade deal between the United States and the European Union, five sources familiar with the negotiations said.

President Donald Trump announced new tariffs on imports from the European Union (EU) and Mexico, aiming to improve trade deals and national security, while economists warn of potential price increases.

The European Union is pushing back against US tariff threats, signaling potential retaliatory measures if negotiations fail. The impending tariffs, set by President Trump, could significantly impact transatlantic trade,