By Sukriti Gupta, Sanchayaita Roy and Shashwat Chauhan (Reuters) -European shares closed lower on Friday, as losses in banks and healthcare stocks weighed at the end of a week marred by U.S. President Donald Trump's tariff announcements,

US President Donald Trump speaks during a multilateral lunch with visiting African Leaders in the State Dining Room of the White House in Washington, DC, on July 9, 2025.

Plus, the Justice Department has subpoenaed 20 doctors and clinics involved in “performing transgender medical procedures on children.”

"The EU and China are broadly on a colliding trajectory in terms of their trade and industrial policy concerns," he told CNBC. Bones of contention include the challenge of China's overcapacity and trade diversion to Europe, Stec, who is also head of the Mercator Institute's Brussels office, explained.

President Trump is amping up trade threats, again unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

It shows that personal grudges rather than simple economics are a driving force in the U.S. leader’s use of tariffs.

Uncertainty persists about when a trade agreement between the U.S. and EU may be struck. U.S. President Donald Trump has suggested an agreement could come as soon as this week, however. The European Union (EU) is stuck in limbo as uncertainty persists around when a trade agreement with the U.S. might be reached.

Trump slapped a 50% tariff on Brazil, and Brazilian President Luiz Inacio Lula da Silva said his country would respond.