German Finance Minister Lars Klingbeil said on Sunday the European Union must take "decisive" measures against the United States if tariff negotiations fail to cool an escalating global trade war.

President Donald Trump published a letter to Prime Minister Mark Carney on Thursday, accusing Canada of having "financially retaliated" against the U.S.

A senior German politician said on Sunday the European Union and Washington could negotiate further and postpone higher import duties after U.S. President Donald Trump ramped up the trade war by threatening a hike in tariffs on the bloc.

Facing growing chaos, the European Union and numerous other countries are seeking to forge a global trading nexus that is less vulnerable to American tariffs.

Global manufacturing executives are begging for clarity on Donald Trump’s tariff policy before a 50 per cent levy is imposed on copper imports, as their stockpiles diminish and the clock ticks on existing contracts.

Vietnamese Prime Minister Pham Minh Chinh called on a US business group to continue supporting his country’s attempt to secure a final tariff agreement with the Trump administration after the two countries basically reached a consensus on the deal’s framework,

Manufacturers and construction companies — as well as consumers — would face higher prices if the U.S. jacks up tariffs on copper, analysts said.