European Union, Trump and Tariffs
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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.
Stocks closed slightly higher on Monday, shrugging off President Donald Trump's announced tariffs over the weekend targeting the European Union and Mexico. Those new levies rekindled tensions with two of the largest U.S. trade partners and threatened to raise consumer prices.
Italy's foreign minister warned that, while he hopes for successful negotiations, the EU will respond resolutely to Trump's latest tariff threat.
U.S. President Donald Trump over the weekend said he would slap a 30% tariff on goods imported from the European Union from Aug. 1. EU leaders have said they are still aiming to come to an agreement with the U.S. before the tariffs kick in. Economists said they still expect that a framework agreement can be reached in time.
Most European markets took a hit as trading resumed in the wake of President Trump's latest tariff threats, and as the EU keeps hoping for a deal.
Latest news and live updates as Trump announces the U.S. will send Patriot missiles to Ukraine and meets with NATO's secretary general.
Trump has repeatedly shifted his stance on tariffs since his “Liberation Day” announcement—earning him the nickname “TACO Trump.”
The European Union will suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month.