The euro is down a fraction, but European futures have lost a larger 0.7% as it's hard to see how Brussels could ever satisfy Trump's demands, in part because it's not clear what he wants. EU tariffs on U.S. goods are already so minor there is little to cut, while granting exemption to domestic taxes and regulations is politically fraught.

The president stepped up his pressure on both trading partners, warning he would impose the higher levies from Aug. 1 if deals aren’t reached by then.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.