Financial markets, which have shown increasing insensitivity to tariff threats from the US, will face a test at the Monday open after President Donald Trump declared a 30% rate for the European Union and Mexico effective Aug.

FINANCIAL markets, which have shown increasing insensitivity to tariff threats from the US, will face a test at the Monday open after President Donald Trump declared a 30 percent rate for the European Union and Mexico effective August 1.

German Chancellor Friedrich Merz on Sunday said he will work intensively with French President Emmanuel Macron and European Commission President Ursula von der Leyen to resolve the escalating trade war with the United States.

The European Union is preparing to step up engagement with other countries hit by President Donald Trump’s tariffs following a slew of new threats to the bloc and other US trading partners.