Ireland wants EU-US trade deal as soon as possible, Europe Minister insists
Mr Byrne is to take part in a meeting of the Foreign Affairs Council on Trade in Brussels on Monday.
It comes after Donald Trump threatened that the EU and Mexico will face a 30 per cent tariff on imports to the US from August.
The US president warned he would impose even higher import taxes if either of the US trading partners decided to retaliate.
European Commission President Ursula von der Leyen has responded by stating the EU prefers a negotiated solution on trade with the United States and that the bloc would extend its suspension of countermeasures to US tariffs until early August.
Commissioner for Trade and Economic Security Maros Sefcovic will update ministers in Brussels on the negotiations.
Mr Byrne said: "We want to see a deal between the EU and the US agreed as soon as possible, including if possible, in advance of the 1 August deadline.
"The Irish Government strongly supports the efforts of Trade Commissioner Sefcovic.
"We remain cautiously optimistic about reaching agreement in principle on a framework agreement in the coming days."
Other items on the agenda at the summit include a discussion on ongoing bilateral trade negotiations and EU-China trade relations.
Mr Byrne said: "Now, more than ever, we need to expand our trade and diversify our markets.
"An ambitious trade agenda, with new partners around the globe, is in our overall interests.
"But in pursuing this agenda, we must maintain EU standards on food safety, animal and plant health, as well as remain faithful to our European values of supporting better environmental and human rights standards around the world."
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