The European Union has called on the United States to quickly restore tariff levels agreed in last year’s EU-US trade deal, the European Commission said Tuesday.

A recent jump in electric car sales in the UK is likely to be “tempered” by worries over rising inflation and energy prices caused by the Iran war, a leading industry body has warned.

The latest data on the U.S. trade balance has been released, revealing a mixed picture for the nation’s economic standing. The trade balance, which measures the difference in value between imported and exported goods and services, showed an actual figure of -$60.30 billion. This figure is a crucial indicator of economic health, as a positive balance suggests more goods and services are being exported than imported.

Activity in the key U.S. services expanded at a slower rate in April, while a gauge of prices paid by these businesses held steady but is anticipated to speed up as an energy shock from the Iran war trickles through the wider economy.

Iranian Foreign Minister Seyed Araghchi on Monday warned that military action would not yield a resolution to the Hormuz crisis, but also said that talks in Pakistan were making headway.

European Union countries are broadly pushing for the swift implementation of the bloc's side of a trade deal struck with the United States last year to ward off the threat of higher auto tariffs, EU diplomats said on Monday.