U.S. President Donald Trump returned to focus on Friday with new tariff threats, causing declines across commodity and financial markets. His latest move was to double tariffs on imported steel and aluminum from 25% to 50%, effective June 4.

Widespread bearish pressure across markets weighed on European carbon prices as well, with the EUA Dec’25 contract settling at €70.41 after a 0.75% daily decline. The contract also posted a 1.6% weekly loss, “ending a seven-week run of gains,” according to Carbon Pulse.

While Trump’s announcement triggered some losses in the European carbon market, EUAs—like many other assets—fell only modestly, having grown more resilient to trade tensions. Trading activity was subdued, as many participants took a long weekend following Thursday’s Ascension Day holiday.

On Monday morning, EUAs opened lower, briefly dipping to €70.01 before reversing course and moving higher, tracking gains in the gas market. “We do not expect carbon to edge much further down as the market faces technical resistance around the current levels,” wrote Mind Energy in its Monday morning note.

After a sharp 3.5% drop on Friday, the TTF front-month contract traded higher on Monday, supported by expectations of “prolonged planned maintenance this summer—which will reduce flows until early July by up to 100 mcm,” according to Auxilione, referring to Norwegian gas supplies to Europe.