Trump and EU Reach Trade Agreement - Minute Briefing
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Kate Bullivant: Here's your Morning Brief for Monday, July 28th. I'm Kate Bullivant for The Wall Street Journal. The world's two biggest trade partners, the U.S. and the European Union, reached a trade deal yesterday, setting a 15% baseline tariff for European goods. It's the largest deal President Trump has announced so far as he tries to remake the global trading system. In return, the EU has agreed to buy U.S. energy products and invest $600 billion in the U.S. Financial markets are welcoming the progress on trade deals. U.S. stock futures are up ahead of the open. European stocks are higher in midday trading, with auto stocks particularly rallying on the news that the sector will now get a lower tariff than the 25% rate in place since April. South Korean tech giant, Samsung Electronics, will supply chips for Tesla in a 16.5 billion multi-year deal marking a major win for its foundry business. In a post on X, Tesla boss, Elon Musk, said, Samsung's new Texas facilities will be dedicated to making the U.S. EV maker's next generation AI6 chip. The deal comes at a particularly sensitive time for the U.S. and South Korea who are yet to hash out a trade agreement. And Hong Kong-based CK Hutchinson says it's in talks with a BlackRock-led consortium to include a strategic investor from China as part of its plans to sell ports on either end of the Panama Canal. CK Hutchinson didn't identify the Chinese company. Earlier this month, The Wall Street Journal reported that China was pushing for state-owned COSCO to be an equal partner and shareholder of the ports. This, as earlier moves to put the ports into U.S. ownership, reportedly angered Chinese leader, Xi Jinping. President Trump has identified the ports as a security concern due to their Chinese connections. And we have a lot more coverage of the day's news on the WSJ's What's News Podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
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