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.

Economists had already downgraded growth for the European Union, and the new duties would hit industries there especially hard. Companies are looking for ways to blunt the impact.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

U.S. stocks ended flat on Friday as markets shook off initial jitters from a Financial Times report suggesting former President Donald Trump is pushing for steep tariffsbetween 15% and 20%on European Union goods.