Trump's planned tariffs could hit about 5% of Canadian goods exports, but experts say they may also speed Canada's push to diversify trade with the EU, China, ASEAN and other markets.
The EU has reached a trade deal compromise with the US, averting President Trump's threat of tariffs. The deal includes conditions for suspending it if the US doesn't reduce steel and aluminum duties by 2026.
European markets opened mixed Monday with the Stoxx 600 barely higher as telecoms rallied 1.6% but autos slumped 1.6% after Trump threatened 25% tariffs on EU cars. Nokia surged 7%, up 100% YTD, after Inseego acquired its fixed wireless access business. Continental fell 5.2% while Mercedes and Volkswagen dropped nearly 2%. The UK Maritime Trade Operations reported a vessel struck by projectiles near Fujairah, UAE.
The British Chambers of Commerce has urged the UK government to create an EU-style 'trade bazooka' to protect British economic interests from Trump's latest tariff threats. The lobby group, representing thousands of firms, said the UK's 'inadequate economic security' was putting growth and jobs at risk, calling for urgent action including new legislation with powers to impose duties, limit market access, and enhance investment scrutiny. The US is Britain's largest trading partner, accounting for about a fifth of global trade.
