(fxcue news) - European stocks may open on a mixed note Thursday amid concerns that Donald Trump's 'America First' policy may revive trade tussle over tariffs. Trump has already floated the idea of a 10 percent or more tariff on all goods imported into the U.S., a move that could lead to global economic instability and lead to higher inflation and interest rates in the U.S. He has also threatened to impose a 200 percent tariff on some imported cars and suggested that allies such as the European Union could see higher duties on their goods. With Trump returning to the White House and Republicans securing control of the Senate, the focus now shifts to the House of Representatives, where the final balance of power remains undecided. Meanwhile, both the U.S. Federal Reserve and the Bank of England are expected to cut their key policy rates by 25 basis points later today. The accompanying policy statements could impact the outlook for growth and future rate cuts. In economic releases, U.S. data on weekly jobless claims and third quarter labor productivity and costs may garner some attention. Asian stocks traded mixed, with Chinese and Hong Kong markets leading regional gains as lawmakers meet this week to formulate measures to bolster growth. Gold extended steep losses from the previous session and copper prices plummeted as Trump's victory sent the U.S. dollar soaring. Oil clung to modest gains after falling slightly on Wednesday as new data showed an unexpected increase in U.S. crude oil inventories. U.S. stocks hit a record high overnight while Treasury yields jumped across the curve as Trump returned to the White House in a moment of historic consequence for American democracy. It is believed a Trump administration will scale back government regulations and be less hostile to mergers and acquisitions but policies such as tax cuts and tariffs could trigger price pressures. The Dow soared 3.6 percent, the tech-heavy Nasdaq Composite surged 3 percent and the S&P 500 added 2.5 percent. European stocks gave up early gains to end lower on Wednesday amid apprehensions about Trump's policies on tariffs and immigration. The pan European STOXX 600 dropped half a percent. The German DAX lost 1.1 percent, France's CAC 40 shed half a percent and the U.K.'s FTSE 100 finished marginally lower.