"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.

Trump has broadened his trade war in recent days, setting new tariffs on a number of countries along with a 50% tariff on copper. Among sectors, European personal and household goods fell 1%, while healthcare stocks declined 0.7%. Defence stocks were up 0.6%.

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 European Union is ready to finish an outline trade deal with the U.S. and is waiting to hear from the Trump administration, a spokesman said. President Trump told NBC News on Thursday that he expected to send a letter to the EU imminently outlining tariffs the bloc would have to pay.

The Canadian dollar was sliding following President Trump's threat of a 35% tariff against Canada. But the bigger picture is what it might presage for U.S. negotiations with the European Union. The U.

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.

Euro zone yields increased on Friday as traders anticipated U.S. President Trump's tariff decision targeting the EU. German bond yields rose notably, reflecting concerns over fiscal demands amidst rising defence and infrastructure commitments.

U.S. and European stock futures slid in Asia on Friday after President Donald Trump stepped up tariff threats against Europe and Canada, snuffing out an early rally in regional share markets.

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."