Trade

Washington has criticised Spain’s outreach to China with Treasury Secretary Scott Bessent saying cosying up to Beijing is like ‘cutting your own throat.’

Washington has criticised Spain’s outreach to China with Treasury Secretary Scott Bessent saying cosying up to Beijing is like ‘cutting your own throat.’

Crude oil prices plunged to a fresh four-year low as the US-China trade war escalated. Other economic-growth-sensitive commodities, including iron ore and copper, also slumped in recent sessions amid deteriorating demand outlooks in the world’s largest importer.

The European Commission will examine Donald Trump’s decision to temporarily pause his sweeping tariffs before taking further steps.

US stocks fell further as tariff fears deepened, with the S&P 500 entering bear market territory. Trump defended new trade barriers, while Europe signalled openness to talks. Recession risks rose, and investors shifted to defensive sectors.

From Commissioner Maroš Šefčovič to influential advisor Peter Navarro, Euronews breaks down the main characters in the EU-US trade war.

Amid escalating trade war with the US, the EU reached out to China on Tuesday in a telephone exchange between Ursula von der Leyen and Chinese Premier Li Qiang.

China’s move comes in response to US tariffs, totalling 34% on Chinese goods, announced by Washington this week.

The EU must hit US digital and financial services hard to stop the trade war launched by US president Donald Trump, Jean-Luc Demarty, former director-general of the Commission’s DG Trade, told Euronews.

Canadian Foreign Minister Mélanie Joly calls on Europe and the rest of the world to follow its lead in retaliation to US tariffs. She also calls on the American public to play a crucial role in resolving the trade war, she tells Euronews.