logo
World leaders respond to latest Trump tariff threats against the EU and Mexico

World leaders respond to latest Trump tariff threats against the EU and Mexico

CNBCa day ago
European Union leaders are sounding off on the 30% tariffs U.S. President Donald Trump threatened to impose on the trade bloc, with most emphasizing the need for unity, constructive dialogue and their readiness to work toward an agreement by Aug. 1.
"Imposing 30% tariffs on EU exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic," Ursula von der Leyen, president of the European Commission, said in a statement. "The EU has consistently prioritized a negotiated solution with the U.S., reflecting our commitment to dialogue, stability, and a constructive transatlantic partnership."
Some leaders were more critical of Trump's latest move. Dutch Prime Minister Dick Schoof said it's "concerning and not the way forward" in a post on X. Pedro Sánchez, prime minister of Spain, also took to X, calling the duties "unjustified." Swedish Prime Minister Ulf Kristersson noted that the EU "is prepared to respond with tough countermeasures if necessary," while emphasizing that it would be best to avoid such a move.
On Saturday morning, Trump announced the 30% tariff rates in letters to von der Leyen and Mexico's President Claudia Sheinbaum, posted on his Truth Social account. The U.S. president warned that if the EU or Mexico retaliate with higher tariffs, "then, whatever the number you choose to raise them by, will be added on to the 30% that we charge."
Trump also said there would not be tariffs on goods from Europe "or companies within the EU" that build or manufacture products in the U.S. This week, Trump sent similar letters to 23 other U.S. trading partners, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% up to 50%.
Here's how European leaders have reacted to the latest salvo in Trump's trade skirmish:
Von der Leyen's statement emphasized the EU's commitment to dialogue and stability:
The Italian government said in a statement:
The Dutch Prime Minister said in an X post:
Kristersson said on X that the EU would be ready to impose countermeasures, but emphasized the need to avoid that.
The French President echoed the possibility of employing countermeasures if no agreement is reached by August, in a post on X.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gold Advances Amid Rising Trade Tensions
Gold Advances Amid Rising Trade Tensions

Wall Street Journal

time29 minutes ago

  • Wall Street Journal

Gold Advances Amid Rising Trade Tensions

2340 GMT — Gold advances in the early Asian session amid rising trade tensions that typically enhance the safe-haven appeal of the precious metal. The U.S. will impose a 30% tariff on goods from the EU and Mexico effective Aug. 1, President Trump said in letters to them, posted on Truth Social on Saturday. The tariffs 'represent escalations that have undermined hopes for comprehensive agreements to end the broader global trade conflict,' Samer Hasn says in an email. 'These developments reinforce the likelihood of actual tariffs being imposed by August 1, reviving concerns over their potential implications for the U.S. economy,' the senior market analyst adds. Spot gold is 0.4% higher at $3,367.16/oz. (

Zara Billionaire Ortega Buys Hotel in Paris for $113 Million
Zara Billionaire Ortega Buys Hotel in Paris for $113 Million

Business of Fashion

time29 minutes ago

  • Business of Fashion

Zara Billionaire Ortega Buys Hotel in Paris for $113 Million

Fashion billionaire Amancio Ortega bought Hotel Banke in Paris for €97 million ($113 million), the Zara brand founder's second property acquisition in the French city in the past year. Ortega's family office Pontegadea acquired the building from Derby Hotels, a spokesman for the Spanish firm said, confirming a report in newspaper Expansion. The five-star hotel is located in central Paris, near the Palais Garnier opera theatre. Pontegadea holds Ortega's 59 percent stake in Zara-owner Inditex SA and reinvests its dividends, mainly in real estate. The family office also holds investments in infrastructure and energy assets. This year, Ortega had already acquired an apartment building in Fort Lauderdale for about €165 million and an office building in Barcelona for €250 million. It will be the first year Ortega, 89, receives more than €3 billion in dividends from Inditex, the company he founded more than 50 years ago in northwestern Spain. In 2024, Pontegadea acquired a commercial building in Paris for about €200 million. Pontegadea's strategy is to invest mainly in high-end commercial and residential real estate, mostly in a handful of cities in western Europe, as well as in the US and Canada. The firm rarely invests in hotels. Inditex, the world's largest clothing firm, has a market value of €136 billion. Ortega's personal fortune amounts to about €103 billion, making him Spain's wealthiest person and Europe's second richest, according to the Bloomberg Billionaires Index. By Rodrigo Orihuela Learn more: Zara Founder Ortega Buys Dutch Warehouse Leased to Primark for $110 Million The deal follows investments in logistics assets in the United States, including the acquisition in December of a warehouse in Florida.

Wall St slips with Asia stocks as US trade policy confounds
Wall St slips with Asia stocks as US trade policy confounds

Yahoo

time29 minutes ago

  • Yahoo

Wall St slips with Asia stocks as US trade policy confounds

By Wayne Cole SYDNEY (Reuters) -Losses in Wall Street futures dragged Asian stocks lower on Monday as the latest round of threats in the U.S. tariff wars kept investors on edge, though the fallout was limited by hopes this was mainly bluster by President Donald Trump. Trump on Saturday said he would impose a 30% tariff on most imports from the EU and Mexico from August 1, even as they are locked in long negotiations. The European Union said it would extend a suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead. Investors have become largely inured to Trump's chaotic policy methods and stocks eased only modestly, while the dollar gained just a fraction on the euro. "It is hard to say whether the muted market response is best characterised by resilience or complacency," said Taylor Nugent, a senior markets economist at NAB. "But it is difficult to price the array of headlines purportedly defining where tariffs will sit from August when negotiations are ongoing." For now, MSCI's broadest index of Asia-Pacific shares outside Japan were little changed, while Japan's Nikkei eased 0.5%. S&P 500 futures and Nasdaq futures both eased 0.4%. Earnings season kicks off this week with the major banks leading the pack on Tuesday. S&P companies are expected to have increased profits by 5.8% from the year-earlier period, down from an expectation of a 10.2% gain on April 1, according to LSEG IBES. Analysts at BofA noted the bar was low for earnings with consensus seeing a slowdown to 4% growth, from the previous quarter's 13%. "We expect a modest beat of 2%, below the 3% average and last quarter's 6% figure, though medium-term, we are more constructive," they wrote in a note. PRESSURING POWELL In bond markets, Treasuries got a very marginal safety bid and 10-year yields held at 4.41%. Futures for the Federal Reserve funds rate edged higher as markets priced in a little more policy easing for next year. While Fed Chair Jerome Powell has signalled a patient outlook on cuts, Trump is piling up political pressure for more aggressive stimulus. White House economic adviser Kevin Hassett over the weekend warned Trump might have grounds to fire Powell because of renovation cost overruns at the Fed's Washington headquarters. Trump said on Sunday that it would be a great thing if Powell stepped down. Figures on U.S. consumer prices for June are due on Tuesday and could finally start to show early upward pressure from tariffs, though retailers still have pre-levy inventory to draw on and some companies are absorbing the costs into margins. The impact on supply chain costs could show in producer price and import price figures this week, while a reading on retail sales will indicate how consumers are faring. There is also a raft of data out from China starting with June trade on Monday, followed by retail sales, industrial output and gross domestic product the day after. Among currencies, the euro dipped 0.2% on the tariff news to $1.1665, edging away from its recent four-year top of $1.1830. The dollar added 0.1% on the yen to 147.53 and a similar amount on its currency index to 98.008. The dollar also gained 0.3% on the Mexican peso to 18.6900, with Mexican President Claudia Sheinbaum confident a trade deal could be reached before the August deadline. In commodity markets, gold picked up a modest safe-haven bid and rose 0.3% to $3,366 an ounce. [GOL/] Oil prices edged higher on speculation Trump could announce stiffer sanctions on Russia later on Monday, including levies on major customers buying Russian oil. [O/R] Brent edged up 0.1% to $70.45 a barrel, while U.S. crude firmed slightly to $0.68.50 per barrel. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store