US: Trump expected to announce sweeping global tariffs

Mark Carneycanadian Prime Minister

We are going to be very deliberate in terms of the measures we take, to fight for Canada,

Canadian Prime Minister Mark Carney said on Tuesday

I consider it a moment when we can decide together to take our destiny into our own hands, and I think it is a march to independence,

she said

The lack of certainty and the shroud of secrecy has been driving the market insane,

Freedom Capital chief global strategist Jay Woods told CNBC

Europe has always been on the side of negotiation and calming things down, because trade wars, you know, only produce losers,

Ferracci told RMC radio

Europe has not started this confrontation. We do not necessarily want to retaliate, but if it is necessary, we have a strong plan to retaliate and we will use it,

European Commission President Ursula von der Leyen told EU lawmakers

Europe holds a lot of cards, from trade to technology to the size of our market. But this strength is also built on our readiness to take firm counter measures if necessary. All instruments are on the table,

von der Leyen said, at a European Parliament session in Strasbourg, France

So many Europeans feel utterly disheartened by the announcement from the United States,

von der Leyen said

Europe will likely buy more LNG from the U.S. this year, not due to geopolitics, but due to the continent’s need to restock inventories ahead of next winter and because more U.S. LNG supply is coming online this year,

said Laura Page, head of gas analytics at intelligence firm Kpler

Trump sees the EU as the only thing between him and subjugating individual countries to his will,

the diplomat said

We are trying to identify who are the key people in the U.S. administration; you need to understand who can actually deliver — some … may not be what their titles say,

said one of those envoys in March, complaining

Robert Habeckgerman Vice Chancellor

There is not much more we can do,

outgoing German Vice Chancellor Robert Habeck said in January, noting

Donald Trumppresident

The priority is to have a conversation, to engage early, discuss common interests and then be ready to negotiate,

a European Commission spokesperson said the day after Trump was sworn in

I am aware of the legal challenges, ... but this has been discussed in the G7 context and if there is a will, there is a way.”

Rehn said

We need to find a combination of national and European solutions,

Rehn said

If you look at the impact of these two factors, they may create both upside and downside risks to inflation,

Rehn said

There is an economic and a political logic,

Rehn, a former European economy commissioner, said

We saw a brief and marginal decline of the euro dollar after the press report about 20% tariffs,

said Francesco Pesole, rate strategist at ING

The risk of high tariffs disrupting trade and economic activity would potentially offset any U.S. federal revenue gains that the Trump administration seeks to use to further domestic policies,

said Mark Haefele, global wealth management chief investment officer at UBS

We are open to negotiations. We will approach these negotiations from a position of strength. Europe holds a lot of cards,

von der Leyen said

Europe has not started this confrontation,

Ursula von der Leyen, the head of the European Union’s executive, said in a speech