FX.co ★ European Markets Set to Open Lower Amid Tariff Jitters

European equity markets were set to open lower on Friday as investors assessed the latest trade tensions emanating from Washington. U.S. President Donald Trump declared a 35% tariff on Canadian imports beginning August 1 and hinted at plans to impose broad tariffs of 15% to 20% on most other trade partners. Furthermore, he suggested that new tariffs on the European Union might be unveiled as soon as today or Monday, heightening market uncertainty. Traders are also keeping a close eye on significant economic data releases, such as the UK's monthly GDP figures, German wholesale inflation statistics, and French consumer price numbers, to gain better insights into the region's growth and inflation prospects. In premarket activity, futures for the Euro Stoxx 50 fell by 0.2%, while those for the Stoxx 600 declined by 0.1%, pointing to a cautious start to the trading session.