Global stock markets opened lower on Monday, influenced by President Trump's tariff announcements targeting Canada, Mexico, and China, prompting fears of an impending trade war. Major Asian and European indices experienced significant declines, particularly in manufacturing and tech sectors. The U.S. dollar strengthened against other currencies, notably causing the Canadian dollar to fall to a 20-year low. Amidst this turmoil, the European Union signaled readiness to respond, emphasizing the detrimental effects of trade wars on consumers and employment.
E.U. foreign policy chief Kaja Kallas stated: 'We were listening carefully to those words, and of course we are also preparing on our side.' Tariffs are detrimental for consumers and employment, and 'there are no winners in trade wars.'
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