Trump Refuses to Negotiate Tariffs Without Payment, Warns Europe Amid Market Turmoil:

US President Donald Trump has made it clear that he is not open to negotiating tariff reductions with European countries unless they agree to pay the United States “a lot of money annually.”

Speaking aboard Air Force One on Sunday, Trump stated, “They want to talk, but there’s no talk unless they pay us a lot of money on a yearly basis.” He added that he had spoken to leaders from Europe and Asia over the weekend who were trying to persuade him to reconsider tariff hikes, which are set to rise up to 50% this week.

No Concern Over Market Losses

Despite a staggering loss of $5 trillion in global market value last week, Trump dismissed concerns about the economic fallout. “I don't want anything to go down. But sometimes you have to take medicine to fix something,” he said.

This comes as global markets continue to suffer. US S&P 500 futures indicated a 5% decline, European Stoxx 600 dropped 6%, and Asian indices saw their worst losses since 2008. Investors are pulling out of riskier assets, and US 10-year Treasury yields dropped to 3.9% as part of a broader flight to safety.

EU Responds with Possible Retaliation

Tensions between the United States and the European Union have escalated since the start of Trump’s second term. In a response on Monday, Spanish Economy Minister Carlos Cuerpo warned that the EU must be prepared to use all tools at its disposal.

“We’re open to negotiations, we’re open to trade, but we will not be naive,” Cuerpo told Bloomberg TV. He emphasized that no retaliatory measure should be ruled out.

Markets Brace for Prolonged Turmoil

With Trump doubling down on his tariff strategy, markets are bracing for prolonged volatility. His defiant tone—“Forget markets for a second”—has signaled a policy direction that prioritizes trade leverage over short-term economic stability.