EU Threatens US With Counter Tariffs
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US and EU 'making progress' on trade deal
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EU trade chief Maros Sefcovic will head to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters, adding that he will meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.
President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.
After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.
Trump tariffs live updates: Trump announces deal with Indonesia, EU releases list of counter-tariffs
President Trump announced his team struck a trade deal with Indonesia on Tuesday that will see goods from the country face a 19% tariff. The announcement comes after Trump unveiled a new batch of letters to over 20 trade partners outlining tariffs on goods imported from their countries beginning in August.
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Futures data from IG suggests regional markets will start the week flat to lower, with London's FTSE 100 unchanged and both France's CAC 40 and Germany's DAX expected to open 0.2% lower. Italy's FTSE MIB is seen opening 0.35% higher.
Analysts have kept their forecasts for prices in the European Union’s carbon market roughly steady with the spectre of tariffs from the United States and weak industrial output weighing on expectations.