Update: The updated post reflects European markets closing indices. London (UKX) -0.38% to 8,941, after closing at a new record level on Thursday, as investors reacted to weak UK GDP data and escalating trade tensions.

President Trump announced in letters posted to social media on Saturday that he would place a 30 percent tariff on goods from the European Union and Mexico, upending months of careful negotiations and disrupting America’s economic relationships with two of its biggest trading partners.

European stock markets have given up some of their recent gains by tumbling on the last trading day of the week, while waiting on an expected EU tariff letter from White House. Th

President Donald Trump cranked up the pressure Monday on America’s trading partners, firing off letters to heads of several countries, informing them of their new tariff rate. But at the same time, Trump took some of the edge off by signing an executive action Monday to extend the date for all “reciprocal” tariffs,

Ahead of the vote on Thursday, Ursula von der Leyen, president of the commission, appeared before the European Parliament to defend herself against complaints about transparency.

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.