Senior EU officials told the FT that they did not expect Trump to ultimately go through with his new threat of 30 per cent tariffs, which is being widely interpreted by Brussels as a bid by the US President to increase pressure on the bloc in the remaining time left for negotiations.

Gulf equities ended mixed on Sunday, with stocks drifting in a tight range during a quiet trading session as investors sought clarity after U.S. President Donald Trump escalated his global trade war.

President Donald Trump on Saturday announced 30 percent tariffs on all European goods entering the U.S., prompting pushback from European allies.

US President Donald Trump has announced that all imports from Canada will have a 35% tariff as of August 1. He sent a letter to the country’s president, Mark Carney, informing him of the new rate, which has also been posted on his Truth Social account.

President Donald Trump has been sending letters to countries outlining higher tariffs they’ll face if they don’t make trade deals with the U.S. by Aug. 1.

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

The president said the blanket 35% would be on top of tariffs on certain sectors. That’s higher than the previous 25% rate.

The twists and turns in U.S. President Donald Trump's tariff policies have not only rattled global financial markets but have also taken investors on a roller-coaster ride. Adding to the uncertainty are tariff-related legal challenges and Trump's assertion that he would hammer out bilateral deals with trade partners.