EU's High-Stakes Trade Gamble with the U.S.

The European Union is under pressure to open its markets to U.S. exports in a bid to avoid a looming 30% tariff, set to take effect on August 1. U.S. Commerce Secretary Howard Lutnick urged Brussels to present an appealing deal to prevent this trade barrier.

In an interview on "Fox News Sunday," Lutnick stressed the importance of providing a favorable agreement that could lead President Trump to reconsider the tariffs, which aim to enhance access for U.S. companies in European markets.

Though a final decision rests with President Trump, who estimates a 50% likelihood of crafting a deal with the EU, tensions remain high as both parties navigate complex trade negotiations.

(With inputs from agencies.)