Arriving for talks with European ministers in Brussels, Maroš Šefčovič, the EU trade commissioner, said a tariff of 30% or more would have a huge impact, making it “almost impossible to continue” current transatlantic trade, which is worth €4.4bn a day.

Stocks fell on Monday as President Trump escalated his trade war by threatening to impose 30% tariffs on the European Union and Mexico. Bitcoin breached $120,000 for the first time, as Peter Devlin explains.