European Commission president von der Leyen proposed that Brussels team up with the 11 other global economies of the CPTPP to form an institution to replace the WTO, which is struggling to contain global tensions.

E.U. chief Ursula von der Leyen said the bloc was ready for a trade deal with Washington, but hinted at preparations for countermeasures if a July 9 deadline was not reached.

The European Union is prepared for all eventualities in its trade negotiations with the US, including for a breakdown in talks, Ursula von der Leyen said, after discussing the latest proposals from the Trump White House with the bloc’s leaders.