US tariffs on EU goods fuel global growth concerns

European stocks are set to open mixed Thursday morning after the U.S. announced it would impose billions of dollars’ worth of tariffs on exports from the European Union.The FTSE 100 is seen 15 points lower at 7,107, while the CAC is expected to open up 8 points at 5,430, according to IG. Germany’s stock market index will be closed on Thursday. European Markets: FTSE, GDAXI, FCHI, IBEXThe White House released a list of EU products it plans to target with tariffs on Wednesday, intensifying the Trump administration’s global trade battles.The decision came after the World Trade Organization (WTO) granted the U.S. permission to tax as much as $7.5 billion of European exports annually.Washington will impose 10% charges on Airbus planes and 25% duties on French wine, Irish and Scotch whiskies and cheese from across the continent. The tariffs are set to take effect from October 18.EU manufacturers are already facing EU levies on steel and aluminum and a threat by Trump to penalize EU cars and car parts. The prospect of the EU responding in kind to the U.S. is likely to fuel concerns about slowing global growth.The action escalates conflicts the Trump administration has waged around the globe as it tries to get major trade partners to change their practices. The U.S. is also locked in a trade war with China as it struggles to strike a new agreement with the world’s second-largest economy.On the data front, Spain, France and Germany are set to report Markit Services Purchasing Managers’ Index (PMI) data for September shortly after the opening bell.The euro area is expected to release a final reading of Markit Services PMI data for September at around 9:00 a.m. London time.

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