Trump managed to firmed up a trade deal with the United Kingdom last week, and its European Union neighbors are apparently pushing for a similarly styled deal despite fits and starts in talks.
According to reports, the EU now expects a 10% “reciprocal” tariff to be the starting point for an US-EU trade deal. The FT reported last Thursday that the EU is pushing for a deal modeled on the US-UK agreement. Trump has threatened tariffs of up to 50% on EU imports after various tariff “pauses” lapse July 9.
Starting Monday, Trump’s tariffs will affect washing machines, fridges and ovens. This could mean higher prices for everyday items in the US.
Meanwhile, in Canada, Prime Minister Mark Carney’s government threatened to hike tariffs by late July on US imports of steel and aluminum, weeks after Trump ballooned US levies on those metals to 50%. At the G7 this week, Trump and Carney both expressed optimism on a trade deal between the countries.
The furious push follows Trump’s recent warning that he would soon send letters setting unilateral tariff rates, raising questions about the status of negotiations and a return to his “Liberation Day” tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.
Trump scored a legal win on Friday, as the Supreme Court decline to expedite a challenge from two family-owned businesses, including toy maker Learning Resources.
The case is one of several legal challenges working its way through the court system.
Meanwhile, the US economy is still figuring out the effects of the tariffs. Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady last week that the Fed is still waiting to see the effects of the tariffs on prices.
“We’re beginning to see some effects, and we do expect to see more of them over the coming months,” he said.
He said the Fed needs more data, saying “the pass-through of tariffs to consumer price inflation is a whole process that’s very uncertain.”
Here are the latest updates as the policy reverberates around the world.
LIVE1243 updates
Pressure to seal Trump trade deals ramps up with two weeks to go
With just two weeks left before President Trump’s deadline to make trade deals, talks with key US partners are still stuck. If no deal is made by July 9, countries could face steep new tariffs, which will be much higher than the current 10%.
So far, only the UK has a deal, but it doesn’t solve everything, like the 25% steel tariffs. China is on a separate timeline, with a temporary pause on tariffs lasting until mid-August to allow talks to continue.
Here is a look at how each country is doing, as it races to reach a deal with the Trump administration:
From cans to cartons: how Trump’s metals duties affect packages on shelves
President Trump’s tariffs on imported steel and aluminum doubled to 50% on June 4. As a result, many companies in the US have become collateral damage and have been hit hard.
Trump tariffs fan calls by European metal producers for scrap export curbs
Metal companies in the EU want the bloc to impose export duties or curbs on scrap metal shipments “in the next few weeks” to stem a sharp increase in flows to the United States caused by the Trump administration’s trade policies. The groups are claiming too much is being sent to the US because of trade policies from the Trump administration.
South Korea’s trade chief seeks tariff relief in first US talks
South Korea’s Trade Minister Yeo Han-koo has requested again to be exempt from US tariffs, this includes duties affecting key sectors such as cars and steel.
Tariffs on household goods bring home costs of Trump’s trade wars
Starting Monday, President Trump’s tariffs will affect washing machines, fridges and ovens. This could mean higher prices for everyday items in the US.
According to the US Commerce department, the new tariffs are in addition to Trump’s existing 50% tariffs on imports of steel and some steel items and will apply to the steel content of goods.
Will tariff pressures show up in the Fed’s preferred inflation measure?
The Federal Reserve’s preferred inflation measure is expected to show a slight uptick in price pressures in May, with prices going up more broadly, as Trump’s tariffs start to affect US costs.
Korea’s early exports to US jump ahead of tariff deadline
Early trade data for June from South Korea has shown the biggest rise in exports to the US so far this year. This is an indication that manufacturers may have rushed shipments ahead of a July deadline that will see broad tariff rates double.
UK private sector grows at fastest pace since Trump tariffs hit
The UK’s private sector grew slightly faster in June, easing fears of a second-quarter slowdown. This is the first sign of stability since President Trump’s tariffs began impacting global trade.
Audi could build plant in US to placate Trump: Report
German auto group, Volkswagen (VWAGY) may build a new factory in the US. On Friday, Reuters reported that VW’s luxury brand Audi could open the plant. This is just one option being looked at to ease tensions with President Trump over tariffs.
US tariff spike hits China’s small parcels, squeezing exporters
Tariff hikes from the US on small packages from China triggered a slump in shipments in May, contributing to a huge drop in bilateral trade and causing problems for exporters such as Shein.
Analysis: Oil, war and tariffs tear up markets’ central bank roadmap
Norway’s shock rate cut on Thursday has highlighted how uncertain investors have become about the economic environment. US tariffs, conflict between Israel and Iran, and a shaky dollar have made global monetary policy and inflation harder to predict.
Japan won’t fixate on July 9 in US trade talks, Akazawa says
Japan’s trade negotiator Ryosei Akazawa said on Friday that negotiations remained “in a fog” despite both sides seeking to make a deal. Akazawa also said that Japan is not fixated on the July 9 deadline, which is when reciprocal tariffs return to higher levels.
Japan was keen to speak to President Trump at the G-7 summit this week, but Trump’s early exit meant this discussion never took place. Tokyo has failed so far to clinch a trade deal with Washington and fulfil its goal of convincing Trump to scrap a 25% tariff on Japanese cars, as well as a 24% reciprocal tariff on other Japanese imports that has been paused until July 9.
As war and tariffs fog the outlook, some central banks trim rates
Tariffs and conflict have clouded the outlook for central banks. President Trump’s sweeping tariff threats and the escalating Israel-Iran conflict have left central banks steering policy amid rare global economic uncertainty.
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