Trump's Tariff Storm: EU on Edge Amid Trade War Escalations

The European Union is on high alert, anticipating a possible announcement from U.S. President Donald Trump regarding new tariffs against its largest trade and investment partner. Recently widening his trade war, Trump has introduced steep tariffs on imports from several countries, igniting concern across the Atlantic.

While Germany pushes for a quick deal to protect its industrial sector, other EU members like France resist settling for a deal skewed towards U.S. terms. Trump's actions have contributed to a surge in U.S. customs revenue, reaching historic highs. The impact on consumer prices remains to be fully seen, with some experts predicting a delayed effect.

European industries, notably winemakers, worry about being left out of any tariff exemptions. Market reactions have been mixed, with European shares dipping and gold prices rising in the wake of these developments. As discussions continue, the EU contemplates countermeasures, which could include billions of euros in levies on U.S. goods.

(With inputs from agencies.)