Trump’s 30% tariff threat could rupture the US-EU trade relationship. The EU prepares €72B in countermeasures as markets misread the real risk of long-term decoupling.

U.S. officials told the EU’s trade chief this past week that they expect President Trump to demand further concessions from the bloc to get an agreement, including a baseline tariff on most European goods that could be in the range of 15% or higher, according to people briefed on the talks.

As U.S. tariffs go into force today on European aluminum and steel, the European Union has just approved 25% retaliatory tariffs on a wide range of American products, including almonds, orange ...