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.

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.

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

The bloc’s trade commissioner says the two sides were close to a deal before the president last week threatened to impose a 30 percent levy.

German Finance Minister Lars Klingbeil made clear in a meeting with his counterparts from the Group of Seven major economies on Friday that the global trade conflict must be ended quickly, he told reporters.

The European Commission describes the trade between the U.S. and the EU as "the most important commercial relationship in the world.” The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

Volvo CEO Hakan Samuelsson urged the European Union to slash its auto tariffs on the US — an apparent bid to sway President Trump to lower his own hefty duties on foreign vehicles. The automaker, which is majority-owned by China’s Geely Holding, currently faces a steep 27.5% tariff on its imports.

President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.