Finnish minister urges zero U.S.-EU tariffs
Historical allies the U.S. and European Union should have zero tariffs between them, Finnish Foreign Minister Elina Valtonen urged amid the bloc’s ongoing efforts to mitigate the impact of 20% White House duties it was slapped with last week.
“Engaging in a global trade war is the surest way to achieve a global recession,” Valtonen she said during a press conference, in comments reported by Reuters. “But of course the European Union now has to react to what the U.S. has put forward,
The EU has previously expressed willingness to take steps against Washington if negotiations fail, but it has yet to specify the nature and extent of these potential countermeasures.
— Ruxandra Iordache
Trump’s schedule today
President Donald Trump speaks to reporters while in flight on Air Force One, en route to Joint Base Andrews on April 6, 2025.
Mandel Ngan | Afp | Getty Images
Trump will sign energy-related Executive Orders this afternoon, and deliver a speech to House Republicans this evening, according to the White House schedule.
3:00 p.m.  Trump participates in an Unleashing American Energy Executive Order signing eventÂ
White House East Room
6:45Â p.m. Â Trump delivers remarks at the National Republican Congressional Committee dinner
The National Building Museum
— Christina Wilkie
U.S. markets set to open higher after three days of losses
Traders work on the floor of the New York Stock Exchange (NYSE) on April 07, 2025 in New York City.Â
Spencer Platt | Getty Images
China, EU discuss potential trade diversion mechanism
European Commission President Ursula von der Leyen speaks after a meeting with representatives of European car industry at the EU Commission headquarters in Brussels, Belgium March 3, 2025.Â
Yves Herman | Reuters
Von der Leyen and Chinese Premier Li Qiang held “constructive” talks today that touch on a possible mechanism for trade diversion in the wake of sweeping levies announced by the world’s first economy.
“In response to the widespread disruption caused by the US tariffs, President von der Leyen stressed the responsibility of Europe and China, as two of world’s largest markets, to support a strong reformed trading system, free, fair and founded on a level playing field,” according to an EU readout, which added that von der Leyen called for a “negotiated resolution to the current situation” that avoids escalation.
“The leaders discussed setting up a mechanism for tracking possible trade diversion and ensuring any developments are duly addressed,” the readout said.
Speculation has been mounting whether Trump’s protectionist agenda will push U.S. trade partners toward China in a bid to redress commercial relations.
The conversation between the Beijing administration and the EU chief takes place after Washington last Wednesday slapped China and the EU with reciprocal tariffs of 34% and 20%, respectively. Beijing has already retaliated with its own 34% levies on the U.S., which is now threatening further countermeasures.
— Ruxandra Iordache
U.S. Trade Representative to testify before Senate at 10 a.m.
Jamieson Greer, US trade representative nominee for US President-elect Donald Trump, arrives for a meeting with Senator Bill Cassidy, a Republican from Louisiana, not pictured, on Capitol Hill in Washington, DC, US, on Tuesday, Dec. 10, 2024.Â
Stefani Reynolds | Bloomberg | Getty Images
The newly confirmed U.S. Trade Representative, Jamieson Greer, will testify before the Senate Finance Committee today at a hearing on “The President’s 2025 Trade Policy Agenda.”
Greer’s testimony will offer the Senate one of its first opportunities to question a Trump administration official about the president’s trade and tariff policy since Trump unveiled the sweeping new tariff regime.
The hearing will begin at 10:00 a.m. ET, and CNBC.com will stream the hearing on our liveblog.
— Christina Wilkie
Spain’s PM to visit Beijing, Hanoi as Europe rethinks trade relationships
Spanish Prime Minister Pedro Sanchez speaks at a press conference in Kunshan, Jiangsu province, China September 11, 2024.Â
Xihao Jiang | Reuters
Spanish Prime Minister Pedro Sanchez will visit China and Vietnam later this week, as Europe prepares to absorb the impacts of a new 20% tariff rate.
Sanchez is scheduled to visit Hanoi on Wednesday, the same day the new Trump tariff rates go into effect. Then he will go to Beijing, according to his office.
The visit underscores the pressure on EU bloc countries like Spain to reassess their trade relationships in the wake of Trump’s tariffs.
— Christina Wilkie
