Italy's foreign minister warned that, while he hopes for successful negotiations, the EU will respond resolutely to Trump's latest tariff threat.

The chief executive of Volvo Cars urged the European Union to cut its 10% tariff on American-made cars, arguing that European automakers do not need protection from U.S. competitors, in an interview with Reuters on Thursday.

President Donald Trump expanded his tariff threats over the weekend, calling for 30% levies on two of America’s largest trading partners: the European Union and Mexico.

Stocks were mixed in early trading on Monday after President Donald Trump over the weekend issued 30% tariffs on the European Union and Mexico, rekindling tensions with two of the largest U.S. trade partners and threatening to raise consumer prices.

U.S. President Donald Trump said he believed Britain would fight to defend the United States but suggested he could not say the same for the European Union, a factor in his decision not to sign a trade deal with the bloc.

Most European markets took a hit as trading resumed in the wake of President Trump's latest tariff threats, and as the EU keeps hoping for a deal.

The U.S. will soon notify a group of minor trading partners that they will face tariffs higher than 10%, President Trump said on Tuesday evening. “We’ll be releasing a letter soon talking about many countries that are much smaller,