1 week Ago
This is CNBC's live coverage of how the White House, U.S. trade partners and employers are responding to President Donald Trump's historic tariffs.
Stephane Boujnah, CEO of Euronext, says the recent market selloff is not a sign of panic, but simply a rotation of assets. "Since this began, money is leaving the United States to be reinvested in Europe," Boujnah said in an with France Inter radio today. Investors, he said, are struggling to navigate Trump's unpredictability, which is making the U.
S. "unrecognizable." "We are mourning the United States that we knew .
.. which was very similar in values and institutions to Europe," he said.
"Now it looks more like an emerging country." Euronext operates markets in various European cities, including Paris, Milan, Amsterdam, Brussels and Dublin. — Historical allies the U.
S. and European Union should have zero tariffs between them, Finnish Foreign Minister Elina Valtonen urged amid the bloc's ongoing efforts to mitigate the impact of 20% White House duties it was slapped with last week. "Engaging in a global trade war is the surest way to achieve a global recession," Valtonen she said during a press conference, in comments reported by Reuters.
"But of course the European Union now has to react to what the U.S. has put forward, The EU has previously expressed willingness to take steps against Washington if negotiations fail, but it has yet to specify the nature and extent of these potential countermeasures.
— Trump will sign energy-related Executive Orders this afternoon, and deliver a speech to House Republicans this evening, according to the White House schedule. U.S.
markets are poised to open higher this morning, after three days of steep losses. Overnight, the 747 points, or 2%. were up 1.
5%, while gained about 1.3%. Asian markets also closed higher Tuesday, staunching a decline fueled by Trump's tariff rollout that has seen the biggest losses since the pandemic.
Von der Leyen and Chinese Premier Li Qiang held "constructive" talks today that touch on a possible mechanism for trade diversion in the wake of sweeping levies announced by the world's first economy. "In response to the widespread disruption caused by the US tariffs, President von der Leyen stressed the responsibility of Europe and China, as two of world's largest markets, to support a strong reformed trading system, free, fair and founded on a level playing field," according to , which added that von der Leyen called for a "negotiated resolution to the current situation" that avoids escalation. "The leaders discussed setting up a mechanism for tracking possible trade diversion and ensuring any developments are duly addressed," the readout said.
Speculation has been mounting whether Trump's protectionist agenda will push U.S. trade partners toward China in a bid to redress commercial relations.
The conversation between the Beijing administration and the EU chief takes place after Washington last Wednesday slapped China and the EU with reciprocal tariffs of 34% and 20%, respectively. Beijing has already retaliated with its own 34% levies on the U.S.
, which is now threatening further countermeasures. — The newly confirmed U.S.
Trade Representative, Jamieson Greer, will testify before the today at a hearing on "The President’s 2025 Trade Policy Agenda." Greer's testimony will offer the Senate one of its first opportunities to question a Trump administration official about the president's trade and tariff policy since Trump unveiled the sweeping new tariff regime. The hearing will begin at 10:00 a.
m. ET, and CNBC.com will stream the hearing on our liveblog.
Spanish Prime Minister Pedro Sanchez will visit China and Vietnam later this week, as Europe prepares to absorb the impacts of a new 20% tariff rate. Sanchez is scheduled to visit Hanoi on Wednesday, the same day the new Trump tariff rates go into effect. Then he will go to Beijing, according to his office.
The visit underscores the pressure on EU bloc countries like Spain to reassess their trade relationships in the wake of Trump's tariffs. — Christina Wilkie.
