The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.

President Donald Trump threatened new tariffs on more than 20 countries this week, but his justification for raising import taxes on Brazil stands out.

It shows that personal grudges rather than simple economics are a driving force in the U.S. leader’s use of tariffs.

The European Union may be nearing a trade agreement with the United States but is struggling to obtain immediate tariff relief and a commitment not to introduce new measures, the head of the European Parliament's trade committee said on Wednesday.

The European Commission announced the European Flagship Fund for the Reconstruction of Ukraine. The aim is to help rebuild homes, hospitals, businesses and energy.

The U.S. dollar strengthened on Thursday amid new tariff tensions from President Trump, particularly against Brazil. Markets remained cautious but optimistic regarding potential trade agreements with China and the EU.

European politicians and diplomats were on standby waiting for word of a breakthrough in the tariff negotiations with the United States, which one official said had entered the “final phase”.

Trump said the United States would impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30% on South Africa, Bosnia and Herzegovina, climbing to 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand; and 40% on Laos and Myanmar. A deal with India was close, Trump added.