Global Response to Trump’s Tariffs: Europe’s Top Trade Official to Meet with US Colleagues

Europe’s Top Trade Official to Meet with US Colleagues Amid Tariff Tensions

As countries around the world grapple with the impact of President Donald Trump’s recent tariff hikes, Europe’s top trade official is set to meet with US colleagues on Friday to discuss the escalating trade war.

Trump’s decision to raise tariff barriers to their highest level in more than a century has sent shockwaves through global financial markets, prompting fears of a recession and causing a global stock rout.

Nations from Canada to China are preparing to retaliate against the US, with Japan’s Prime Minister Shigeru Ishiba calling the tariffs a “national crisis” as Tokyo’s stock market faces its worst week in years.

Investment bank JP Morgan has raised the risk of a global recession to 60%, up from 40% previously, as European stocks are on track for their worst weekly loss in three years.

The European Union is divided on how to respond to Trump’s tariffs, with some countries cautious about escalating tensions. However, the EU’s trade commissioner, Maros Sefcovic, will meet with American colleagues to discuss potential retaliatory measures.

The EU is considering using its ‘Anti-Coercion Instrument’ to retaliate against countries that put economic pressure on EU members. The European Commission is also finalizing a list of US imports worth up to 26 billion euros ($28 billion) on which to place retaliatory tariffs in response to US tariffs on steel and aluminum.

French President Emmanuel Macron has called on companies to freeze investment in the US, but French Finance Minister Eric Lombard has cautioned against like-for-like countermeasures, warning of potential repercussions on European consumers.

As tensions continue to rise, the global economy remains on edge as countries navigate the uncertain terrain of a trade war with the United States.