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.

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%.

The European Union is preparing for a letter from U.S. President Trump regarding planned tariffs, as trade tensions rise. Despite talks for a trade agreement, EU's challenges in negotiations highlight divisions within its members.

"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.

President Donald Trump said in a letter that he will raise taxes on many imported goods from Canada to 35%, deepening a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance.

Blunt letters dictating terms posted to social media and changes late in negotiations have left trading partners wondering what President Trump will do next.

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.

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.