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

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.

Earnings season just exposed exactly how much Europe is bleeding from Donald Trump’s latest round of tariffs. Industrial and consumer-facing companies across the region are now reporting weaker profits, rising expenses, and slower investment as the impact of U.S. trade policies finally crashes into their bottom lines.