Trump on April 2 proposed a 20% tariff for EU goods and then threatened to raise that to 50% after negotiations did not move as fast as he would have liked, only to return to the 10% baseline. The EU has 27 member states, including France, Germany, Italy and Spain.

U.S. stocks closed lower after President Donald Trump said in social media posts he sent letters to Japan and Korea notifying them that their tariffs would be 25%, The tariffs will be levied beginning Aug. 1 and will be added to any retaliatory tariffs from either nation.