Most European markets took a hit as trading resumed in the wake of President Trump's latest tariff threats, and as the EU keeps hoping for a deal.

President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

The European Union is prepared to unleash a €21bn (£18.2bn) retaliation against Donald Trump after the US president announced new tariffs, Italy has said. The euro has fallen and European stocks are on track to open lower after Mr Trump on Saturday said he would impose a 30pc tariff on imports from Mexico and the EU from August 1.