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.

The European Union braced on Friday to receive a letter from U.S. President Donald Trump, outlining planned duties on his largest trade and investment partner after a broadening of his tariff war in recent days.

The European Union is awaiting clarity on the approach that President Donald Trump wants to take with respect to tariffs. According to a Reuters report, the EU is bracing for a tariff letter from the White House on Friday,

Shelving the plan could help EU persuade the U.S. to give it a more favorable trade deal and comes just two months after the Commission suggested it.

US stocks are little changed as investors shrug off more tariff threats from Trump. Investors await inflation data and earnings for direction.

U.S. stock indexes are edging mostly lower following President Donald Trump’s latest updates to his tariffs, but Wall Street is hanging near its record amid speculation about whether the president may ultimately back down.