The European Union's Trade Commissioner on Monday said talks with the U.S. would continue but the bloc must be "prepared for all outcomes" following the Trump administration's surprise announcement of 30% tariffs on the EU.

France, Spain, Italy, Denmark and Greece will test a blueprint for an age verification app to protect children online, the European Commission said on Monday, amid growing global concern about the impact of social media on children's mental health.

European Trade Commissioner Maros Sefcovic expressed optimism that Washington and the EU were approaching a positive outcome for both sides. He warned, however, that a 30% tariff would practically eliminate trade between the U.S. and the 27-nation bloc, which are currently each other's largest trading partners.

The European Union has decided to hold off on imposing retaliatory tariffs on U.S. goods that were set to begin Monday.

The European Union will delay the implementation of its trade countermeasures against the United States from Monday until early August to allow more time to negotiate a deal.

The European Commission has told Italy that imposing certain conditions on UniCredit's planned bid for Banco BPM could breach EU law, it said in a statement on Monday. In a letter sent to Rome setting out its preliminary view,