The European Union sent a technical team to Washington for trade negotiations with the Trump administration, a spokesman said Monday. Over the weekend, the EU warned that Trump's new plan to double steel tariffs to 50% could imperil negotiations between the two economies and trigger retaliatory tariffs on U.S. goods. The spokesman reiterated that warning Monday, saying the EU was ready to take countermeasures if "our negotiations do not lead to a balanced outcome."
The currency was lower on Friday—including against the euro, Japanese yen and Canadian dollar—after Trump targeted Apple and the European Union in his latest trade broadside. Higher tariffs threaten Europe's already-anemic growth and will encourage the European Central Bank to cut interest rates more aggressively.
The European Union won’t comment on President Trump’s threat to impose a 50% tariff on the bloc before a scheduled phone call between the two sides' top trade officials, an EU spokesperson said. EU Trade Commissioner Maroš Šefčovič is expected to speak with U.
President Trump threatened to impose a 50% tariff on goods from the European Union starting June 1, arguing that trade negotiations with the bloc aren't making progress. "Our discussions with them are going nowhere!" Trump said on his Truth Social platform on Friday. The EU "was formed for the primary purpose of taking advantage of the United States on TRADE," the president said in the post.
The European Union’s top economic official, Valdis Dombrovskis, is due to meet U.S. Treasury Secretary Scott Bessent on Thursday, at a gathering of economic policymakers in Canada. Dombrovskis said he would raise "trade points and the importance of making progress in EU-U.
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President Trump said the U.S. has “all the cards” in its trade discussions with the European Union. “The European Union is in many ways nastier than China. We've just started with them. We have all the cards.
The European Union is set to publish a list on Thursday of more than $100 billion worth of American products it could hit with tariffs if trade negotiations with the U.S. break down, people familiar with the matter said. The list was prepared by the European Commission, the bloc’s executive body, which is responsible for EU trade policy. The EU previously approved a separate list of 21 billion euros worth of U.S. imports that it had planned to hit with tariffs, including boats, soybeans, peanut butter and beef.
American advance GDP for the first quarter surprised at negative 0.3%.
European manufacturers probably got a fillip from trade tensions, new data indicates. Eurozone manufacturing activity rose to a more than two-year high this month, according to an early reading from an S&P Global purchasing managers index.
Italy’s economy is set to grow more slowly in 2025-26 given US tariffs and delays in recovery-plan investments. Still, reforms and continuing EU-fund deployment should support medium-term growth after 2026.
Three scenarios for the sovereign credit outlook have emerged from the uncertainty over US trade policy – “tariff-light”, trade war, or a wider economic and financial crisis including introduction of capital controls.
The European Central Bank cut interest rates by a quarter point to offset the blow from tariffs, drawing attention from President Trump, who urged the Federal Reserve to follow suit. The euro weakened further against the dollar after the announcement.
After quite an active week of British data, the pound has generally held its strength or gained in various pairs.
The dollar is under pressure as President Trump's tariff strategy erodes global investors' confidence in American assets. China's decision to raise tariffs on U.S. goods to 125% on Friday sparked a new wave of selling. "The question of a potential dollar confidence crisis has now been definitively answered—we are experiencing one in full force," wrote ING's Francesco Pesole.
The partial suspension of U.S. tariffs “remains fragile,” and the European Union must continue to prepare counter-measures to defend itself, French President Emmanuel Macron said Friday. While the pause opens a door for talks, Macron said in a post on X, it also continues “uncertainty for businesses on both sides of the Atlantic” and leaves intact the 25% tariffs on steel and cars, and 10% tariffs on other goods.
The European Union will suspend its first wave of retaliatory duties against the U.S. for 90 days to focus on negotiations, after the Trump administration paused some global tariffs, a top EU official said.
The balance of risks for the global credit outlook remains negative. The United States government’s wide-ranging new import tariffs have exacerbated global economic and financial vulnerabilities.
European Commission President Ursula von der Leyen said she welcomes President Trump’s decision to pause some tariffs, calling it an important step toward stabilizing the global economy. The move came after European Union member states approved a plan on Wednesday to retaliate against U.S. steel and aluminum tariffs with duties on about 21 billion euros worth of American products, equivalent to about $23 billion. “Clear, predictable conditions are essential for trade and supply chains to function,” von der Leyen said early Thursday.
The European Union is moving ahead with imposing tariffs on a wide range of American products—including chewing gum, motorcycles and peanut butter—in retaliation for U.S. steel and aluminum duties. The tariffs target about 21 billion euros, or roughly $23 billion, of U.