Economists have warned that the U.S. and the EU failing to reach a deal would have repercussions for companies and consumers on both sides of the Atlantic.

The pause on the administration's import levies will expire July 9. European Union negotiators have given up on reaching a trade new agreement by then.

Some European Union carmakers and capitals are pushing for an agreement with President Donald Trump that would allow for tariff relief in return for increasing investment in the US, according to people familiar with the matter.