U.S. President Donald Trump is reportedly seeking to impose a new baseline tariff of 15%-20% in trade talks with the European Union, rejecting the lower 10% framework that had underpinned weeks of negotiations.

Donald Trump has escalated his demands in trade negotiations with the EU, pushing for a minimum tariff of 15 to 20 per cent in any deal with the bloc, according to three people briefed on the talks.

The new report on consumer sentiment came a day after the release of retail sales data that showed unexpectedly strong performance in June. Robust shopper appetites last month suggested that the uncertainty surrounding Trump’s tariffs hadn't prompted households to stash extra income.