The European Union has already prepared a list of tariffs worth 21 billion euros ($24.52 billion) on U.S. goods if the two countries fail to reach a trade deal, Italy’s Foreign Minister Antonio Tajani said in a newspaper interview on Monday.
Oil prices nudged higher on Monday, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains.
Most Asian stocks kept to a tight range on Monday as investors digested the announcement of even more trade tariffs by U.S. President Donald Trump, while Chinese markets advanced on positive trade data for June.
Goldman Sachs Group Inc strategists raised their forecast for Asian stocks, citing a more favourable macro environment and greater certainty around tariffs.
China should add as much as 1.5 trillion yuan (US$209 billion or RM891 billion) in fresh stimulus to boost consumer spending and maintain currency flexibility to counter US tariffs’ drag on growth, academics including an adviser to the country’s central bank said.
Oil prices rose on Friday after US President Donald Trump said he would make an announcement regarding Russia, raising the prospect of more sanctions on the major oil producer, while tariff concern and rising Opec+ output capped gains.