As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

The European Union will merge two packages of potential tariffs against the U.S. so that both are ready to take effect in early August if no deal has been reached with the Trump administration. The combined list will need approval from EU member states and could take effect as soon as Aug.

As the tariff pause ends, the Trump administration should pivot to a more targeted and strategic policy that minimizes domestic harm.

Many U.S. companies, including GM, Walmart, and Home Depot, are currently absorbing tariff costs, sacrificing profits to shield consumers from price hikes.

Oil prices fell for a third consecutive session on Tuesday, as fading hopes for a trade deal between the U.S. and Europe threatened to slow economic activity in the world's largest oil markets.

The British drug maker plans to invest $50 billion in the United States as it seeks to appease President Trump.