Economists had already downgraded growth for the European Union, and the new duties would hit industries there especially hard. Companies are looking for ways to blunt the impact.

US President Donald Trump has reset the level of his country’s threatened tariffs against the European Union, Washington’s largest trading partner, at a rate of 30%.

President Trump's tariff threats are more about dominating the news than trade negotiations, causing market reactions and raising economic concerns. His feud with Fed Chair Jerome Powell and potential aggressive interest rate cuts add further market uncertainty.