The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating U.S. President Donald Trump was pushing for steep new tariffs on European Union products.

Last weekend, Trump announced he is planning to hit the EU with a blanket tariff rate of 30% from Aug. 1, after last-minute negotiations failed to produce a framework deal. Huge uncertainty now hangs over whether an agreement can be struck in the next two weeks, and what details or compromises it might contain.

President Donald Trump is readying plans for industry-specific tariffs to kick in alongside his country-by-country duties in two weeks, ramping up his push to reshape the U.S.’s standing in the global trading system by penalizing purchases from abroad.

The Trump administration is pressing the European Union to accept blanket tariffs in the range of 15% or more, well above the level the bloc had initially negotiated with the U.S., people familiar with the matter said.

BRIDGEWATER, N.J. (AP) — President Donald Trump on Saturday announced he’s levying tariffs of 30% against the European Union and Mexico starting August 1, a move that could cause massive upheaval between the United States and two of its biggest trade partners.

European trade ministers were hopeful for a negotiated trade deal after Trump announced 30% tariffs on the European Union.

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.

The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels