The European Union has warned that its trade with the United States could be effectively wiped out if Washington makes good on its threat to slap a 30% tariff on goods imported from the bloc.

European trade ministers are hopeful for a negotiated trade deal after President Donald Trump announced 30% tariffs on the European Union.

Growth was supported by a surge of exports from Chinese manufacturers, as customers and producers alike took advantage of the U.S.-China trade war ceasefire.