The S&P 500 and Nasdaq Composite ended little changed on Friday, overcoming a brief dip triggered by a Financial Times report indicating U.S. President Donald Trump was pushing for steep new tariffs on European Union products.

The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

The European Commission describes the trade between the U.S. and the EU as "the most important commercial relationship in the world.” The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.

One of the European Union’s most reliable punching bags is shaped like a bottle of whiskey. The EU this week circulated to member states a list of products it could hit with tariffs if a trade deal is

The only acceptable tariff on European Union exports to the United States would be zero as the bloc is already facing a detrimental exchange rate, the head of Italy's business lobby said on Wednesday.

"Other trading partners observing these threats will have the same mistrust of the negotiation process," experts argue.