European shares fall on fears of car trade wars

The European Commission is drawing up a list of $20bn (€17bn) of US goods to hit with duties if Washington imposes tariffs on imported cars, EU trade commissioner Cecilia Malmstrom said on the eve of her boss’s meeting with US president Donald Trump.

Malmstrom is in Washington for talks on trade, with European Commission president Jean-Claude Juncker to meet Trump in a bid to stop the US from extending its import tariffs on EU steel and aluminium to cars and car parts.