The U.S. president, whose global wave of tariffs has upended businesses and policymaking, said the European Union will receive a letter "today or tomorrow". Both Nasdaq futures and S&P 500 futures fell about 0.4%. EUROSTOXX 50 futures dropped 0.6%. The euro slipped 0.3% to $1.1668, while the dollar gained 0.4% to C$1.3704.

The European Commission describes the trade between the U.S. and the EU as "the most important commercial relationship in the world.” The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.