China is ‘laughing’ at the U.S. trade wars and has the most to gain from Trump’s ongoing European tariffs, top diplomat says

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China is ‘laughing’ at the U.S. trade wars and has the most to gain from Trump’s ongoing European tariffs, top diplomat says - Fortune

Quick Summary:

EU foreign policy chief Kaja Kallas said the EU was "ready to act” to defend itself against U.S.tariffs.

The latest escalation between the U.S.and EU comes as the U.S.stock market fell into a correction Thursday, with the S&P 500 falling more than 10% below the all-time-high it hit just three weeks ago. Uncertainty about tariffs and the threat of a recession have spooked investors, and the Atlanta Fed now predicts the U.S.GDP will decline by 2.4% in the first quarter.

He called on the EU to drop its tariffs on American whiskey or face reciprocal tariffs.