The European Union could target Boeing and whiskey-maker Brown-Forman under its plans for retaliatory tariffs if the bloc can’t reach a trade deal with the U.S.

U.S. President Donald Trump on Tuesday announced a trade deal with Indonesia, the latest pact in a bid to cement better terms with trading partners and reduce a massive trade deficit, even as the European Union readied retaliatory measures should talks between Washington and its top trading partner fail.

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 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.

The European Union's Trade Commissioner on Monday said talks with the U.S. would continue but the bloc must be "prepared for all outcomes" following the Trump administration's surprise announcement of 30% tariffs on the EU.

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

Investors awaited tariff news between the U.S. and European Union on Friday that could add a potentially volatile development to the end of a week in which President Donald Trump reignited his global trade war.