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.

President Donald Trump indicated he is open to more trade negotiations, including with the European Union, even as he insisted that his letters threatening new tariff rates are “the deals” for US trading partners.

The bloc’s trade commissioner says the two sides were close to a deal before the president last week threatened to impose a 30 percent levy.