European markets mostly fell on Monday as investors digested President Trump’s latest trade war salvos, which saw him Threatened to hit European Union and Mexico With 30% tariff starting on 1 August. The threat of Mr. Trump came after a series of announcements last week which included a potential 50% levy on all copper imports and all goods from Brazil, 35% levy on Canadian goods and 200% on imported pharmaceuticals.
Announcing his latest intentions on Saturday, Mr. Trump cited the role of Mexico in illegal drugs flowing in the United States and made a business imbalance with the European Union.
The move threw months laborious dialogue in dislocation with Brussels.
European Commission chief Ursula von Dere Leyen has insisted that the European Union still wants to make an agreement with America on Sunday, block Its employed vengeance delayed for separate American duties On steel and aluminum. European Union officials threatened to put tariffs on about $ 117 billion goods, including cars and aircraft, when negotiations failed from 14 July in May.
Von Der Leyen said on Sunday that Mr. Trump’s letter shows that “we have to talk” before August “.
“We are always clear that we prefer a solution to a conversation,” von Der Leyen said, “We will continue to prepare counterers so that we are fully prepared.”
In April, Mr. Trump put tariffs on dozens of countries, quickly stayed for three months to interact on deals. The associated press said that the 90 -day period expired this week, Mr. Trump started sending tariff letters to the leaders, but he pushed back the date of implementation of the levy threatened by August, the associated press said.
The European Union’s trade head, Maroš šefčovič, said he planned to talk with his American counterparts on Monday.
“I am sure the solution of a conversation is much better than the stress that we can have after 1 August,” šefčovič told reporters in Brussels. “I cannot imagine going away without real effort. Saying that, the current uncertainty caused by improper tariffs cannot remain indefinitely and hence we should prepare for all results, if necessary, our transit is a well-consulted protest to restore balance in static relations.”
He said that the European Union was beyond the United States “being doubled on efforts to open new markets”.
French President Emmanuel Macron supported efforts to reach an agreement, which “shows the honor of business partners such as the European and the United States,” but urged the block that the two sides failed to reach an agreement in the incident of “increasing the preparation of reliable counterers”.
Shares fell in Frankfurt and Paris, although prices were seen at prices in London.
In Asia, Hong Kong, Shanghai, Seoul, Singapore, Manila, Bangkok and Jakarta were all rose, while Tokyo, Sydney, Taipei, Mumbai and Wellington dropped down.
Bitcoin hit a new record of $ 123,205 high.
Taylor Nugant of National Australia Bank said, “It is difficult to say that silent market reaction in the week is the best flexibility or decency.” “But it is difficult that the array of the headlines is clearly difficult to define, where the tariff will sit from 1 August when the conversation is going on.”
Data showed that Chinese exports jumped more than expected in June after agreeing on a temporary deal for low levy on each other after Washington and Beijing. This included a 32.4% increase in shipments in the US, which fell in May.
The traders were also keeping a nervous eye on the Federal Reserve as Mr. Trump continued boss Geom Powell to not cut interest rates soon on Sunday, “I hope” I hope he leaves, “and” should leave them. “
