European Commission President Ursula von der Leyen said on Thursday the EU had received the "latest U.S. document" for further negotiations on tariffs but did not reveal details of Washington's demands, Reuters reports.

“We are assessing it," von der Leyen said of the US proposal. "Our message today is clear. We are ready for a deal. At the same time, we are preparing for the possibility that no satisfactory agreement is reached.”

"All options remain on the table," she told reporters following an EU summit in Brussels

The EU essentially has tens of billions of dollars in retaliatory tariffs if a deal is not reached, reports NBC News. The 27 EU countries are collectively the United States' largest trading partners, with trillions of dollars worth of goods crossing EU and US borders each year. The European Commission, the EU's executive body, negotiates trade measures, such as tariffs, on behalf of the entire bloc.