US President Donald Trump speaks during a multilateral lunch with visiting African Leaders in the State Dining Room of the White House in Washington, DC, on July 9, 2025.

The U.S. president, whose global wave of tariffs has upended businesses and policymaking, said the European Union will receive a letter "today or tomorrow". Both Nasdaq futures and S&P 500 futures fell about 0.4%. EUROSTOXX 50 futures dropped 0.6%. The euro slipped 0.3% to $1.1668, while the dollar gained 0.4% to C$1.3704.

The announcement came in a letter published on Truth Social, in which Mr Trump responded to a letter sent last week by Canadian Prime Minister John Carney

How tariffs will be a weapon for countries to put the squeeze back on Trump and his red-state allies - ‘When products like Kentucky bourbon are in the headlines, you know something's going on’

Japan, which Trump said Monday faces a 25% tariff, wants concessions for its large automobile industry and will not sacrifice its agriculture sector for an early deal, top trade negotiator Ryosei Akazawa said.

President Donald Trump has sent out tariff letters to seven smaller U.S. trading partners in his first batch of import tax announcements of the day.

"America will, once again, build a DOMINANT Copper Industry," Trump said in a post on his Truth Social media platform.

European Union negotiators are closing in on a trade deal with U.S. President Donald Trump that would cement higher tariffs than those granted to the UK, the Financial Times reported on Wednesday.