European Commission chief Ursula von der Leyen has proposed to EU leaders the launch of a Europe-led initiative to establish a structured trade cooperation with Asian countries, potentially laying the groundwork for an alternative to the gridlocked World Trade Organisation (WTO).

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.

"All options remain on the table," she told reporters following a EU summit in Brussels. "We are assessing it," von der Leyen said of the U.S. proposal. "Our message today is clear. We are ready for a deal.