EU trade ministers have agreed that U.S. President Donald Trump’s 30% tariffs announced on the European Union are “absolutely unacceptable,” and they are studying a new set of countermeasures to respond to the move.

European shares nudged higher on Tuesday, driven by automobile stocks, as sentiment improved after U.S. President Donald Trump signalled a readiness to negotiate tariffs with the European Union.

It comes as US President Donald Trump threatens to impose 30% tariffs on imports from the European Union and Mexico.

The European Union will delay the implementation of its trade countermeasures against the United States from Monday until early August to allow more time to negotiate a deal.

European stocks ticked up on Tuesday after US President Donald Trump indicated he is open to more trade negotiations with the European Union and Nvidia Corp. said it planned to resume sales of its H20 AI chip to China after securing Washington’s backing.

The European Union’s top trade negotiator said he intends to speak to his U.S. counterparts Monday, adding he senses a good outcome for both sides.

The EU's retaliatory tariffs on US exports have been delayed again, European Commission President Ursula von der Leyen has announced. The countermeasures, which were due to start on Tuesday, came in response to US President Donald Trump's initial import taxes on steel and aluminium.

The ministers met in Brussels following President Trump’s announcement of such hefty tariffs, which could have repercussions for governments, companies, and consumers on both sides of the Atlantic.

European trade ministers are meeting in Brussels following U.S. President Donald Trump’s surprise announcement of 30% tariffs on the European Union.