EU Threatens US With Counter Tariffs
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19hon MSN
The European Union could target Boeing and whiskey-maker Brown-Forman under its plans for retaliatory tariffs if the bloc can’t reach a trade deal with the U.S.
European shares slipped on Wednesday, with ASML leading losses after a weak business update, while broader investor sentiment remained cautious on concerns over tariff-driven inflation following stronger-than-expected U.
After European Union leaders said they would keep negotiating instead of immediately retaliating against President Trump’s latest threat, businesses remain unable to develop long-term plans.
Futures data from IG suggests regional markets will start the week flat to lower, with London's FTSE 100 unchanged and both France's CAC 40 and Germany's DAX expected to open 0.2% lower. Italy's FTSE MIB is seen opening 0.35% higher.
The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.
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Ahead of the threatened tariffs, front-running of orders looks to have been particularly steep in the pharmaceutical sector. Factory output recorded a strong rebound in May in Ireland, where pharma titans like Allergan and Pfizer manufacture popular drugs from Botox to Viagra.