NewzVille International
Amid rising tensions with the US, the European Parliament is set to announce the suspension of the approval of the trade deal agreed with the United States last July.
Earlier, EU lawmakers had decided to hold off on ratifying the deal following President Donald Trump’s tariff threats over Greenland. The European Parliament is expected to formally suspend its work on the US-EU trade agreement on Wednesday in protest against Trump’s warning.
Trump has threatened tariffs on eight EU nations, including France and Germany, for not complying with his demand to secure Greenland.
Washington cites Greenland’s strategic location and mineral resources as vital to its security, but the leadership in Denmark and Greenland have rejected the idea, emphasising their right to self-determination.
Trade tensions between the US and Europe had eased after a deal in Scotland last July, which set US levies on most European goods at 15%.
In return, Europe agreed to invest in the US and make changes expected to boost US exports.
The deal still requires approval from the European Parliament to become official.
Global Stocks Fall
World stock markets fell on Tuesday as rising tensions between the US and EU increased volatility, following US President Trump’s warnings about tariffs.
Shares declined on both sides of the Atlantic, with European markets recording a second consecutive day of losses.
In the US, all three major Wall Street indexes posted their largest one-day drops in three months. The Dow Jones fell by over 1.7%, the S&P 500 dropped by more than 2%, and the Nasdaq closed around 2.4% lower. Europe’s main markets also suffered, with London down 0.7% and Frankfurt ending 1.0% lower.
In currency markets, the US dollar weakened sharply. The euro rose over 0.8% against the dollar to $1.1749 before retreating, while the pound jumped before closing up 0.1% at $1.343.
