"The EU and China are broadly on a colliding trajectory in terms of their trade and industrial policy concerns," he told CNBC. Bones of contention include the challenge of China's overcapacity and trade diversion to Europe, Stec, who is also head of the Mercator Institute's Brussels office, explained.

US President Donald Trump speaks during a multilateral lunch with visiting African Leaders in the State Dining Room of the White House in Washington, DC, on July 9, 2025.

The U.S. president, whose global wave of tariffs has upended businesses and policymaking, said the European Union will receive a letter "today or tomorrow". Both Nasdaq futures and S&P 500 futures fell about 0.4%. EUROSTOXX 50 futures dropped 0.6%. The euro slipped 0.3% to $1.1668, while the dollar gained 0.4% to C$1.3704.

US president Donald Trump said Canada would face a 35% tariff and floated 15% to 20% blanket tariffs on most trading partners.

President Donald Trump has launched a fresh assault on global trading partners with Canada likely to be among the worst hit.

The European Union may be nearing a trade agreement with the United States but is struggling to obtain immediate tariff relief and a commitment not to introduce new measures, the head of the European Parliament's trade committee said on Wednesday.

In a wide-ranging interview with NBC News, Trump talked about tariffs, sending Patriot missiles to NATO for Ukraine and how he'll sell his recently passed "big, beautiful bill."