Wall Street indexes moved lower on Friday after the Financial Times reported that U.S. President Donald Trump was pushing for a minimum 15% to 20% tariff on all EU goods.

The European Union is pushing to secure a trade deal with the U.S. ahead of President Donald Trump's Aug. 1 deadline.

The European Union has warned that its trade with the United States could be effectively wiped out if Washington makes good on its threat to slap a 30% tariff on goods imported from the bloc.

President Donald Trump on Tuesday said the U.S. would impose a 19% tariff on goods from Indonesia under a new agreement with the Southeast Asian country and more deals were coming, while offering fresh details on planned duties on pharmaceuticals.

EU trade ministers have agreed that U.S. President Donald Trump’s 30% tariffs announced on the European Union are “absolutely unacceptable,” and they are studying a new set of countermeasures to respond to the move.

While some evidence shows tariffs are pushing up prices for consumers, the economy appears to be mostly healthy.

U.S. President Donald Trump on Tuesday announced a trade deal with Indonesia, the latest pact in a bid to cement better terms with trading partners and reduce a massive trade deficit, even as the European Union readied retaliatory measures should talks between Washington and its top trading partner fail.