Further afield, European economies are also at risk from Trump's tariff regime. The U.S. president told reporters on Sunday that tariffs on the EU "will definitely happen" — but said a deal "could be worked out" with the U.

Punishing 25% levies on imports from America’s closest neighbors were due to come into force at 12:01 a.m. ET Tuesday, but Trump put his two-front trade war on hold, claiming he’d scored two big wins and major concessions.

Trump's tariffs on Canada, Mexico and China suggest he is willing to risk a global trade war. The main thing that could stop him would be a stock market selloff.

President Trump’s tariffs could threaten supply chains in the renewable energy industry and disrupt oil and gas markets.

"There are no winners in trade wars. If … the U.S. starts a trade war, then the one laughing on the side is China," said the EU's foreign policy chief.

Canada and Mexico have surrendered to Donald Trump, but these victories for the US president in his phoney trade war are not what they seem.

The decision by President Trump to impose sweeping tariffs on Mexico and Canada is a stark repudiation of his own approach between 2017 and 2020. Why it matters: No one yet knows whether these tariffs are an attempt by a transactional president to extract concessions from U.

EU leaders meeting in Brussels Monday warned there would be no winners in a trade war with the United States, insisting they would hit back if President Donald Trump imposes

U.S. President Donald Trump has hinted that the European Union could be the next target in his ongoing tariff battle. After imposing steep tariffs on China, Mexico, and Canada, Trump now claims the EU has been unfairly benefiting at the expense of the U.