European markets are poised to open higher on Friday, influenced by ongoing concerns over U.S. President Donald Trump's tariff regime. The focus remains on Trump's recent threats to impose a 200% tariff on alcoholic beverages from the European Union, in response to the EU's 50% tariff on U.S. whiskey. This escalation in the trade war has led to a mixed performance in global markets, with European stocks closing in negative territory on Thursday. The EU has announced countermeasures worth 26 billion euros in response to Trump's 25% tariffs on steel and aluminum. The Ibex 35 in Spain has experienced significant declines this week, dropping over 3% amid fears of a U.S. recession triggered by Trump's tariffs. The index was the only major European market to fall on Wednesday, weighed down by a sharp decline in Inditex shares following the company's announcement of a record net profit of 5.866 billion euros for the fiscal year 2024-2025, yet a slowdown in growth that disappointed investors. Trump has stated he will not back down from his tariff plans. In Asia, markets rebounded with gains, led by the Hang Seng Index, which rose over 2%. Notable performers included WuXi Biologics, up 13%, Meituan, up 6%, Ping An Insurance, up 6%, and BYD, up 5.8%. Corporate earnings are also in focus, with companies like BMW, Daimler, and Swiss Life set to report. Economic data releases expected on Friday include the U.K.'s January GDP figures and inflation data from Germany, France, and Spain. Investors are also awaiting the U.S. consumer confidence report and the upcoming Federal Reserve meeting next week.