Europe to suspend approval of US tariffs deal
19 days ago
- #Global Markets
- #Trade War
- #US-Europe Relations
- European Parliament plans to suspend approval of the US trade deal agreed in July.
- Suspension announcement expected in Strasbourg, France, marking an escalation in US-Europe tensions.
- Donald Trump's efforts to acquire Greenland and threats of new tariffs have rattled financial markets.
- European and US stock markets experienced losses, with the Dow Jones, S&P 500, and Nasdaq all declining.
- Gold prices rose above $4,800 an ounce, while silver dipped from a record high.
- US dollar held steady against major currencies after a recent drop.
- Trade tensions had eased after a July deal but resurfaced due to Trump's Greenland threats.
- EU had previously considered retaliatory tariffs worth €93bn on US goods but put plans on hold.
- French President Emmanuel Macron urges EU to consider retaliatory options, including the 'trade bazooka'.
- US Treasury Secretary Scott Bessent warns European leaders against retaliation.
- US and EU are each other's biggest trade partners, with €1.6tn in goods and services exchanged in 2024.
- Canada's Prime Minister Mark Carney calls for 'middle powers' to unite against great power rivalry.
- Pending Supreme Court decision may determine the legality of Trump's tariffs.