EU Response to Trump's Tariffs, Stocks Sink on US-EU Tariff Turmoil, More
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News when you want it with Bloomberg News Now. I'm Erica Herskowitz. German Chancellor Friedrich Merz indicated Germany is less willing than France to unleash the European Union's strongest trade countermeasure in response, but would back its deployment if necessary. This after Germany's finance chief said President Trump has reached a red line with his threat to hit NATO allies with additional tariffs for opposing his bid to annex Greenland. The EU is discussing imposing tariffs on more than $108 million worth of U.S. goods if Trump follows through on his threat. EU leaders will hold an emergency meeting to explore possible retaliatory measures. The EU has legally established a toolbox that can respond to economic blackmail with sensitive measures and some leaders urging the use of the anti-coercion instrument, which has never been used.
to respond to Trump's threats. In an interview with NBC's Meet the Press on Sunday, Treasury Secretary Scott Besson said the U.S. won't back down on taking over Greenland, citing the continent is too weak to ensure its security.
I believe that the Europeans will understand that this is best for Greenland, best for Europe, and best for the United States.
Treasury Secretary Scott Besant. Meanwhile, UK Prime Minister Keir Starmer is taking a stand against Trump's threats of new tariffs on European nations and says they would damage the British economy, adding the use of tariffs against allies is completely wrong.
Any decision about the future status of Greenland belongs to the people of Greenland and the Kingdom of Denmark alone. That right is fundamental. And we support it.
UK Prime Minister Keir Starmer. In Europe, stocks are slumping and gold hit a fresh record as trade tensions between the U.S. and Europe flare. But Hennion and Walsh Asset Management CIO Kevin Mann says it's important for investors not to overreact.
Let this serve as a reminder that 2026 is going to be a much more challenging year for investors in the markets worldwide. But if we learned anything from 2025, that's not to overreact to the threat of terrorists.
Hennion and Walsh Asset Management CIO Kevin Mann. The tensions are also adding to the significance of a pending U.S. Supreme Court ruling on some of Trump's earlier tariffs, with a decision possible as soon as tomorrow. Meanwhile, Fed Chair Jerome Powell says he will attend the Supreme Court's oral argument in a case involving the attempted firing of Fed Governor Lisa Cook. The case will consider whether President Trump can fire Cook, who has been accused of mortgage fraud, an allegation she's denied. If Trump succeeds in removing Cook, he could appoint another person to fill her slot, giving his appointees a majority on the Fed's board.
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