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%.

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.

The European Union is preparing for potential new tariffs from the U.S. amidst ongoing trade negotiations. President Trump has announced increased tariffs on several countries, generating significant revenue but risking price hikes for U.

"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.

Canadian Prime Minister Mark Carney said his country would continue to work toward a new trade framework with the U.S.

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.

Trump's tariffs have companies scrambling as they navigate cost increases. Here are the companies that have talked about hiking prices.

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.

Wall Street is poised to conclude the week on a cautious note, with equities easing on Friday after President Donald Trump signaled a more aggressive trade stance.