The European Union on Monday said it is preparing “countermeasures” against the United States after the Trump administration’s surprise tariffs on steel rattled global markets and complicated the ongoing, wider tariff negotiations between Brussels and Washington.
Last week, ahead of Friday’s surprise announcement, EU Commission President Ursula von der Leyen and U.S. President Donald Trump agreed to “accelerate talks” on a deal.
“In the event that our negotiations do not lead to a balanced outcome, the EU is prepared to impose countermeasures, including in response to this latest tariff increase,” European Commission spokesperson Olof Gill told a press conference in Brussels.
He said the EU is finalizing an expanded list of countermeasures that would automatically take effect on July 14 or earlier. That’s the date when a 90-day pause, intended to ease negotiations, ends in tariffs announced by the two economic powerhouses on each other.
Earnings show home cooking on the rise
The Campbell’s Co. said it saw stronger sales of broth and condensed soup in its latest quarter as more Americans cooked their meals at home.
“Consumers continue to cook at home and focus their spending on products that help them stretch their food budgets, and they’re increasingly intentional about their discretionary snack purchases,” Campbell’s President and CEO Mick Beekhuizen said during a conference call with investors.
Beekhuizen said Campbell’s saw the highest level of meals cooked at home since early 2020 in its fiscal third quarter, which ended April 27. Campbell’s noted sales of its broths rose 15% during the quarter while sales of its Rao’s pasta sauces were up 2%.
But Campbell’s said sales of its snacks, including Goldfish crackers and Cape Cod potato chips, fell 4% during the quarter.