Treasury Secretary Scott Bessent said on Friday that President Donald Trump does not believe that the European Union's trade offers to the United States are of sufficient quality and that he hopes that a June 1 50% tariff threat will "light a fire under the EU" in negotiations with Washington.

The United States was the trading bloc's biggest export partner in 2024, making up 20.6% of exports, according to Eurostat. Medicinal and pharmaceutical products were the EU's most exported group to the U.S in 2024, followed by motor vehicles and aircrafts and associated equipment, according to the data.

Donald Trump has threatened to impose 50pc tariffs on the EU in just over a week, as he pressures Brussels to strike a trade deal.

BYD sold more pure battery electric vehicles than Tesla for the first time last month, a "watershed moment" for the region's car market, JATO Dynamics said.

The European Parliament voted on Thursday to impose prohibitive tariffs on fertilisers and certain farm produce from Russia and its ally Belarus to prevent a potential threat to EU food security and limit Russian funds for its war against Ukraine.