Tariffs ‘will definitely happen with the European Union,’ Trump said over the weekend
Britain's Prime Minister Keir Starmer, right, and Germany's Chancellor Olaf Scholz attend a bilateral meeting in Britain on Feb. 2, ahead of today's EU leaders' meeting that will be the first attended by a British PM since the U.K. left the union in 2020.Britain and the European Union are bracing for U.S. President Donald Trump to impose sweeping tariffs on U.S. imports from Europe as he expands his trade war beyond North America and Asia.
He added that the U.S. had a US$350-billion trade deficit with the EU and that the tariffs would be introduced “pretty soon.” Russ Mould, investment director at London broker AJ Bell noted that only four stocks in the FTSE 100 showed gains on Monday; bottler Coca-Cola HBC; tobacco giants British American Tobacco and Imperial Brands; and British healthcare business Haleon. “That sums up the mood perfectly. A can of coke, a cigarette and some headache tablets are simple things that could bring someone small relief in the face of chaos,” he added.
Mr. Trump has singled out the U.K. for a possible exemption to tariffs, saying Britain was “out of line” and that he could likely work out a solution with Mr. Starmer. “Prime Minister Starmer has been very nice. We’ve had a couple of meetings, we’ve had numerous phone calls, we’re getting along very well,” he said.
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