Leaders from both economies had been trying to negotiate more favorable terms, only to have those efforts blown up by form letters.

The Government hopes US president Donald Trump’s announcement of a 30pc tariff on the European Union will not lead to a trade war, Transport Minister Darragh O’Brien has said.

After months of seeing very little inflation, US consumers probably experienced slightly faster price growth in June as companies started to pass along the higher cost of imported merchandise associated with tariffs.

Next week is data-heavy, with markets bracing for key Chinese economic indicators as well as US inflation, retail sales, and consumer sentiment data, for insights into the monetary policy outlook.

The US economy is expected to slow the rest of the year as tariffs take a bigger toll on consumers and businesses, immigration constraints intensify

Germany's Economy Minister Katherina Reiche warns that President Trump's proposed 30% tariffs on EU imports could harm European exporters and US consumers. She advocates for a swift and pragmatic resolution to the trade conflict to prevent further economic damage amid rising tensions.

US tariff policy reduces trade and heightens uncertainty, decelerating both economic and insurance premium growth around the world, a recent Swiss Re