European markets set to start the week on a negative note as tariff threat weighs

Futures data from IG suggest a negative start to the new trading week for European bourses, with London's FTSE 100 seen opening 0.1% lower, France's CAC 40 down 0.3%, Germany's DAX down 0.4%, and Italy's FTSE MIB 0.35% lower.

European markets have been on tenterhooks since U.S. President Donald Trump announced earlier in July that he would impose a 30% tariff on goods imported from the EU starting Aug. 1. The EU has said it hopes to strike a trade deal before then but an agreement remains elusive.

On Sunday, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the “hard deadline” for countries to start paying tariffs, although he also added that “nothing stops countries from talking to us after August 1.”