Stock markets remain unfazed (for now) by Trump's tariffs

Barcelona / WashingtonAfter sowing panic in the markets for weeks with its unpredictable twists and turns, at least in the early hours, the world's major stock markets do not seem to be suffering too much from the effect of Donald Trump's new tariffs on the European Union. The continent's most important indexes, with the exception of London (the United Kingdom is outside the EU), opened this Thursday with moderate gains, despite the entry into force of the new taxes imposed by the President of the United States.

At the start of the session, the Ibex 35 rose 0.65% and remained at 0.67% in the early afternoon. Meanwhile, Frankfurt rose 0.38%, Milan 0.35%, and Paris 0.25%. London, meanwhile, fell 0.25%. The Bank of England's monetary policy decisions will also be announced throughout the day. The Euro Stoxx 50, which lists Europe's largest-cap companies, was appreciating 0.29% in the early stages of the day. Most European stock markets, therefore, remain optimistic, following a positive session in Asia, which mirrored the trend on Wall Street. The New York Stock Exchange closed yesterday with significant gains and reopened in the green this Thursday.

This Thursday, all eyes were also on tech companies, after Trump threatened 100% tariffs on semiconductor imports: with one exception: they will not apply to companies that manufacture in the US or that have pledged to do so. Thus, European tech stocks, particularly those of chipmakers, rose, relieved by the fact that there will be no surcharge for companies like Apple, which has promised to produce its products in the United States. European chipmakers BE Semiconductor, ASML Holding, and SAP all rose more than 2%.

For its part, the European Commission urged Trump on Thursday to implement the 15% tariff on European exports of cars, semiconductors, and pharmaceutical products (which are now higher) "as soon as possible." Trade spokesman Olof Gill recalled in a press conference that the US president also committed to lowering tariffs on these products, but has not yet signed this order, and the EU executive is confident it will arrive "soon." After Trump threatened to raise tariffs to 35% if $600 billion is not invested in the US, Gill made it clear that the pact "does not entail any binding obligations." According to the agreement between the two blocs, US tariffs on European exports must be 15%, "all inclusive," as Brussels insists.

For now, however, many details remain unknown, and the joint statement between Washington and Brussels detailing everything has not yet been published. Trump also has not signed the executive order that was supposed to lower tariffs on cars from 27% to 15%, which was legally independent of reciprocal tariffs. The EU spokesperson for Trade recalled that European Commission President Ursula von der Leyen presented Trump with "intentions" expressed by member states and companies, but that "in no case are they legally binding commitments."

Emergency meeting in Switzerland

One of the countries most affected by the implementation of Trump's tariffs this Thursday is Switzerland. The Swiss government is scheduled to hold an emergency meeting in Bern this afternoon after the US president imposed a 39% tariff on its imports, one of the highest rates ever. Swiss President Karin Keller-Sutter left Washington on Wednesday without an agreement after a hastily arranged trip that failed to secure a better deal despite last-minute efforts. Although she said she had a "very good meeting" with US Secretary of State Marco Rubio, the president did not meet with Trump or any of his top trade officials, Reuters reported. Washington reportedly rejected her proposal for a 10% tariff.

Like Switzerland, dozens of countries that have failed to reach agreements with Washington are facing the new tariffs. Indian Prime Minister Narendra Modi said Thursday that the country is willing to "pay a huge price" to defend its farmers, in remarks that coincide with Trump's latest move to impose an additional 25% tariff on oil purchases from Russia. The Asian country already faces up to 50% taxes on its imports. Indian technology and pharmaceutical giants, along with other key export sectors, opened lower on the stock market Thursday in response to this pressure measure.

In Catalonia, the Catalan Government's Minister of Business and Labor, Miquel Sàmper, has urged Catalan companies with interests in the United States to diversify their markets, given the new tariffs that come into effect this Thursday and the unpredictability of Trump, whom he accuses of engaging in trade "blackmail." In an interview with Europa Press, Sàmper explains that he expects this latest chapter of the trade war to impact some 3,300 Catalan companies, with a loss of approximately €4 billion; a figure he asserts is "not insignificant." In any case, the minister points out that 85% of Catalan exports go to countries with free trade agreements, such as the United Kingdom, Japan, South Korea, Morocco, and Mexico.