European leaders were preparing for the US tariff on Monday after US President Donald Trump imposed comprehensive drawings on Mexico, Canada and China, which would affect billions of dollars from trade and global markets.
Trump said that the customs duties against the three largest commercial partners in the United States, which enter into force on Tuesday, may cause some Americans in the short term, but “in the long run, the United States erupted by every country in the world.”
On Monday, global stock markets and currencies fell on fears that the definitions will lead to an economically harmful trade war. The Stoxx 600 in Europe decreased by 1.3 percent in the morning trading, which was appointed to the largest chip for one day this year, and the futures contracts in the S&P 500 in Wall Street decreased by 1.4 percent.
Speaking in his queen Mar Lago in Florida on Sunday, Trump indicated that the European Union will be 27 countries in the shooting line, but he did not say when.
“They do not take our cars, and do not take our agricultural products. He told reporters,” They take almost nothing and take everything from them. “
European Union leaders said at an informal summit in Brussels on Monday that Europe would be ready to respond if the United States imposes a tariff, but also called for reason and negotiation.
Upon arriving at the talks, French President Emmanuel Macron said if the European Union was attacked in its commercial interests, he would have to “make himself respectful and thus interact.” He added that the recent statements from the United States were pushing Europe to be stronger and more challenging.
Counselor Olaf Schools of Germany, the largest economy in the European Union, which relies heavily on exports, said that the bloc can respond if necessary with its own definitions against the United States, but stressed that it is better for the two to find an agreement on trade.
“I think the definitions are always bad. The definitions are bad for trade. The definitions are bad to the United States,” said Prime Minister Luxembourg Luke Friden.
Trump hinted that Britain, who left the European Union in 2020, may be drifted in the tariff, saying: “I think one can be placed.”
The United States is the largest commercial partner and investment in the European Union and has constantly imported more goods than it was exported to the bloc. The US merchandise trade deficit reached 155.8 billion euros ($ 161.6 billion) in 2023, according to Eurostat data.
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However, in services, the United States had a surplus of imports with the European Union of 104 billion euros.
The head of the European Union’s foreign policy, Kaja Calas, said that there were no winners in a commercial war, saying that if one of them broke out between Europe and the United States, “then laughing on the side is China.”
The customs duties in Canada, Mexico and China, shown on three executive orders, are scheduled to enter 12:01 am on Tuesday.
Trump said that he would speak on Monday with the leaders of Canada and Mexico, who each announced their own retaliatory tariff, but he reduced the expectations of changing his opinion.
“They owe us a lot of money, and I am sure they will pay,” Trump told reporters.
Economists said that the Republican President’s plan to impose a 25 percent tariff on Canada, Mexico and ten percent of the customs tariffs on China will slow down global growth and lead to high prices of Americans.
Trump says it is necessary to reduce migration and drug trafficking and motivate local industries.
On Monday, the financial market reaction reflected concerns about the repercussions of the trade war. The stocks in Tokyo today ended a decrease of about three percent, and the Australia standard – often a 1.8 percent trade agent – has decreased. The China Market was closed on the mainland of the new moon moon.
The Chinese yuan, the Canadian dollar, and the Mexican bizo are all fell for a high dollar. With the sources of Canada and Mexico, the most important sources of importing American crude oil, US oil prices have jumped more than 1 %, while future gasoline contracts RBC1 have increased by approximately 3 percent.
Analysts wrote that the Trump tariff would cover nearly half of the United States’ imports and will require more than twice its manufacturing output to cover the gap – a task that is not possible in the short term.
Other analysts said that the customs tariff can throw Canada and Mexico in stagnation and lead to “stagnation” – high inflation, stagnant growth and high unemployment – at home.
In Europe, economists at Deutsche Bank said they are currently studying 0.5 percent in GDP if Trump imposes a tariff ten percent on the mass.
The White House reality newspaper has not given any details about what Canada, Mexico and China will need to do to win a return.
Trump pledged to keep them in place until what he described as a national emergency on fentanel, fatal philosophers, and illegal immigration to the United States.
China has described the problem of Ventanel America and said it would challenge the definitions of the World Trade Organization and take other counter measures, but it left the door open to the conversations.
Mexican President Claudia Shinbom has pledged to flexibility and said it would provide more details on Monday from the retaliatory definitions she requested at the weekend. Canada said it would take legal measures under international bodies related to defiance.
Auto industry companies will be a special blow, with a new tariff on the vehicles that were built in Canada and Mexico, which is postponing the vast regional supply chain where parts can cross the border several times before the final assembly.
Arrows in Volkswagen VOWG_P.DE, BMW BMWG.DE, Porsche P911_P.DE, Stelantis Stlam.mi, and Daimler Truck DTGGE.DE truck makers all fell by about five to six percent in European trading on Monday.
Stifel analysts have estimated that eight billion euros of VW revenue will be affected by tariffs and 16 billion euros from Stelantis.
The stocks in the large United States in the United States were lower before the US Open, as Microsoft, Alphabet, Amazon and Apple decreased between 1.5 percent to two percent.
Trump imposed a duty of only 10 percent on energy products.
