German Chancellor Friedrich Merz said that Trump’s threat of 30% tariffs on goods from the European Union would hit the German export industry “to the core,” and vowed to work toward a solution.

Key Points The president has extended his tariff pause until Aug. 1.His administration also sent letters to many countries letting them know what their tariff rates will be on Aug. 1 -- and many of these rates are high.

U.S. and European stock futures dipped in Asia on Friday after President Donald Trump stepped up tariff threats against Europe and Canada, restraining an early rally in regional share markets.The dollar gained on the euro and the Canadian currency as Trump issued a letter late on Thursday that a 35% tariff rate on all imports from Canada would apply from August 1,