EU, China and summit
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European shares retreated on Friday, giving back gains from the previous session, as automobile stocks weighed and investors awaited updates on EU-U.S. trade talks ahead of U.S. President Donald Trump's tariff deadline next week.
The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.
French President Emmanuel Macron is to meet German Chancellor Friedrich Merz in Berlin on Wednesday to discuss NATO security, the US-EU trade row and other key issues.
European shares retreated on Friday, giving back gains from the previous session, as investors assessed mixed corporate earnings while awaiting updates on EU-U.S. trade discussions ahead of U.S. President Donald Trump's tariff deadline next week.
Leaders of the European Union and Japan have launched an alliance aimed at boosting economic cooperation, defending free trade and countering unfair trade practices as the two sides face growing challenges from the United States and China.