Trump tariffs live updates: US trade talks with EU, Canada in focus as G-7 kicks off

Yahoo

7 hours ago

US trade and tariff talks with the European Union and Canada are in focus to start the week as President Trump attends the G7 summit in Canada.
A report in German newspaper Handelsblatt on Monday hinted the EU could agree to a baseline 10% US tariff on all European Union exports, in exchange for avoiding higher tariffs on cars, medicines, and electronics. The European Commission denied that report.
Meanwhile, Trump said at the first day of the G7 gathering that a trade deal with Canada was possible.
"We have different concepts. I have a tariff concept. Mark has a different concept," Trump said, standing alongside Canadian Prime Minister Mark Carney. "We're going to see if we can get to the bottom of it today."
Canada's exports have been hit hard in Trump's trade salvos so far, as Trump has doubled duties on steel and aluminum imports to 50%. Meanwhile, Canada's auto exports to the US face 25% duties. Some products not included in the countries' existing trade agreement also face 25% levies.
Trump told reporters last week that he would send soon letters to trading partners setting unilateral tariff rates, raising questions about the status of negotiations — as well as fears of a possible escalation back to his "Liberation Day" tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.
The diverging signals came as the US made key progress with China, as the nations agreed to a framework and implementation plan to ease tariff and trade tensions.
Trump and other US officials indicated the deal should resolve issues between the two countries on rare earth mineral exports. Trump said the US would impose a total of 55% tariffs on Chinese goods. Yahoo Finance's Ben Werschkul reports, citing a White House official, that Trump arrived at that figure by adding together an array of preexisting duties and not any new tariffs.
Meanwhile last week, a federal appeals court held a decision saying his tariffs can temporarily stay in effect. The US Court of International Trade had blocked their implementation last month, deeming the method used to enact them "unlawful."
Read more: What Trump's tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
President Trump on Monday suggested he was optimistic about trade negotiations with Canada during the opening day of the G7 meeting.
"We have different concepts. I have a tariff concept. Mark has a different concept," Trump said, standing alongside Canadian Prime Minister Mark Carney. "We're going to see if we can get to the bottom of it today."
Trade is one of several items taking focus at the G7 gathering, with Trump's latest self-imposed tariff deadline is looming in July. Canada already faces a bevy of duties that affect its imports: 50% on steel and aluminum and 25% on foreign autos.
At Home filed for bankruptcy on Monday and said tariffs played a central role in its financial struggles.
The chain of 260 stores sells home goods and has been struggling to manage its debt load for several years as the housing market slowed down and inflation-wary customers pulled back on spending. This year, tariffs proved to be a final blow, the company's CFO wrote in court documents.
"The volatility of the current tariff environment came at a time when the management team was working to address the company's existing issues," CFO Jeremy Aguilar wrote. "These newly imposed tariffs and the uncertainty of ongoing U.S. trade negotiations intensified the financial pressure on the company, accelerating the need for a comprehensive solution."
At Home sources a large percentage of its goods from China, and the tariff uncertainty made it hard for it to plan its key Halloween and Christmas orders ahead of time. Earlier this year, it was in talks to raise money and amend an agreement with lenders to shore up its finances but realized it needed a more "comprehensive strategy" after the new tariffs were announced.
The chain is entering bankruptcy with a plan to continue operating, close some stores, and hand ownership to its lenders.
Trump's Tariffs are affecting consumers beyond retail — they are also impacting aspects of everyday life. Families who would typically avoid the big amusement parks like Disney World in favor of more regional parks, which allow them to travel locally and avoid expensive flights are now saying they may stay home due to the economic uncertainty brought on by tariffs.
AP reports:
Read more here.
CNN reports:
Read more here.
As President Trump's tariff deadline looms, what will happen when the countdown ends on Liberation Day 2.0? Yahoo Finance's Washington Correspondent Ben Werschkul looks into Trump's plan of action:
Read more here.
Despite a trade truce between the US and China last week in London, a key area remains unresolved. Export restrictions tied to national security are still being discussed, and Beijing has not committed to grant export clearance for some specialized rare earth magnets, according to two sources.
Reuters reports:
Read more here.
Reuters reports:
Read more here.
According to reports in the German newspaper Handlesblatt, senior Brussels negotiators are considering whether to accept US tariffs of 10% on all EU exports into the US, in hopes it will prevent higher duties on cars, drugs, and electronics.
Per Reuters, EU officials said the offer would come under certain conditions and would not be permanent.
Handelsblatt reported that the EU is ready to cut tariffs on US-made vehicles and may ease technical and legal hurdles to make it easier for US manufacturers to sell their cars in Europe.
Reuters reports:
Read more here.
China reported mixed economic performance for May on Monday, as retail sales jumped while factory output slowed due to higher US tariffs.
AP reports:
Read more here.
Thailand's commerce minister has expressed confidence that he will be able to negotiate tariffs as low as 10% with the US.
Reuters reports:
Read more here.
Reuters reports:
Read more here.
As part of tariff negotiations, the US has requested that Vietnam reduce the use of Chinese tech devices that are assembled in the country before exporting to America, according to several people familiar with the matter.
Reuters reports:
Read more here.
South Korea has launched a task force to help handle tariff and non-tariff negotiations with the US. The group will manage discussions across industry and the energy sector, a statement from the Industry Ministry for South Korea revealed on Monday.
Reuters reports:
Read more here.
Canada will host world leaders from across the globe at the G7 summit this week in Kananaskis. Among the many goals for Canadian Prime Minister Mark Carney: Demonstrate he can handle US President Donald Trump, the Financial Times reports, with one Canadian official characterizing the gathering as "preparing the red carpet for Godzilla."
Read more here (premium)
As leaders gather this week in Canada for the G7 summit, Israel's strike on Iran is sure to be a topic of discussion among the gathering. But as CNN reports, world trade and President Donald Trump's tariffs will also be top of mind:
Read more here
The Trump administration's 50% steel tariffs will soon apply to consumer appliances like refrigerators and dishwasher, CNN reports:
Read more here
A delegation of US lawmakers and other state officials will attend the Paris Airshow this week to shore up economic partnerships with the US's allies in aerospace and aviation, Reuters reports.
The group, which includes about a dozen governors — Virginia Governor Glenn Youngkin and Arkansas Governor Sarah Huckabee Sanders among them — is expected to make the case for greater investments in US aerospace companies amid concerns the Trump administration will raise tariffs on aircraft, jet engines, and parts.
Aerospace companies and airlines face 10% tariffs on imported planes and parts as part of President Trump's 'Liberation Day' tariffs, and the Commerce Department is looking into additional Section 232 imported goods, which could lead to higher tariffs for the industry.
Read more here.
In case you missed it, bank executives gathered at a Morgan Stanley conference this past week, where they shared their views on the path forward for tariffs.
And as Yahoo Finance's David Hollerith noted, JPMorgan Chase (JPM) CEO Jamie Dimon sounded a little more optimistic about the effect tariffs may have on the US economy over the next several months.
"Maybe in July, August, September, October, you'll start to see 'did it have an effect?'" Dimon said of tariffs. "My guess is it did, hopefully not dramatic. May just make the soft landing a little bit softer as opposed to the ship go down."
Dimon also guessed that tariffs will cause inflation to rise and employment to "come down a little bit."
Meanwhile, clients at Citigroup's (C) global investment bank are evaluating a baseline level of tariffs of between 10% and 20%, according to Viswas Raghavan, Citigroup's head of banking.
Read more here.
The summer travel season is underway, and many foreign visitors are steering clear of the US amid ongoing trade tensions.
Yahoo Finance's Ines Ferré reports:
Read more here.
Canada's trade-focused industries are starting to slow down as a result of US President Trump's tariffs.
Bloomberg News reports:
Read more here.
President Trump on Monday suggested he was optimistic about trade negotiations with Canada during the opening day of the G7 meeting.
"We have different concepts. I have a tariff concept. Mark has a different concept," Trump said, standing alongside Canadian Prime Minister Mark Carney. "We're going to see if we can get to the bottom of it today."
Trade is one of several items taking focus at the G7 gathering, with Trump's latest self-imposed tariff deadline is looming in July. Canada already faces a bevy of duties that affect its imports: 50% on steel and aluminum and 25% on foreign autos.
At Home filed for bankruptcy on Monday and said tariffs played a central role in its financial struggles.
The chain of 260 stores sells home goods and has been struggling to manage its debt load for several years as the housing market slowed down and inflation-wary customers pulled back on spending. This year, tariffs proved to be a final blow, the company's CFO wrote in court documents.
"The volatility of the current tariff environment came at a time when the management team was working to address the company's existing issues," CFO Jeremy Aguilar wrote. "These newly imposed tariffs and the uncertainty of ongoing U.S. trade negotiations intensified the financial pressure on the company, accelerating the need for a comprehensive solution."
At Home sources a large percentage of its goods from China, and the tariff uncertainty made it hard for it to plan its key Halloween and Christmas orders ahead of time. Earlier this year, it was in talks to raise money and amend an agreement with lenders to shore up its finances but realized it needed a more "comprehensive strategy" after the new tariffs were announced.
The chain is entering bankruptcy with a plan to continue operating, close some stores, and hand ownership to its lenders.
Trump's Tariffs are affecting consumers beyond retail — they are also impacting aspects of everyday life. Families who would typically avoid the big amusement parks like Disney World in favor of more regional parks, which allow them to travel locally and avoid expensive flights are now saying they may stay home due to the economic uncertainty brought on by tariffs.
AP reports:
Read more here.
CNN reports:
Read more here.
As President Trump's tariff deadline looms, what will happen when the countdown ends on Liberation Day 2.0? Yahoo Finance's Washington Correspondent Ben Werschkul looks into Trump's plan of action:
Read more here.
Despite a trade truce between the US and China last week in London, a key area remains unresolved. Export restrictions tied to national security are still being discussed, and Beijing has not committed to grant export clearance for some specialized rare earth magnets, according to two sources.
Reuters reports:
Read more here.
Reuters reports:
Read more here.
According to reports in the German newspaper Handlesblatt, senior Brussels negotiators are considering whether to accept US tariffs of 10% on all EU exports into the US, in hopes it will prevent higher duties on cars, drugs, and electronics.
Per Reuters, EU officials said the offer would come under certain conditions and would not be permanent.
Handelsblatt reported that the EU is ready to cut tariffs on US-made vehicles and may ease technical and legal hurdles to make it easier for US manufacturers to sell their cars in Europe.
Reuters reports:
Read more here.
China reported mixed economic performance for May on Monday, as retail sales jumped while factory output slowed due to higher US tariffs.
AP reports:
Read more here.
Thailand's commerce minister has expressed confidence that he will be able to negotiate tariffs as low as 10% with the US.
Reuters reports:
Read more here.
Reuters reports:
Read more here.
As part of tariff negotiations, the US has requested that Vietnam reduce the use of Chinese tech devices that are assembled in the country before exporting to America, according to several people familiar with the matter.
Reuters reports:
Read more here.
South Korea has launched a task force to help handle tariff and non-tariff negotiations with the US. The group will manage discussions across industry and the energy sector, a statement from the Industry Ministry for South Korea revealed on Monday.
Reuters reports:
Read more here.
Canada will host world leaders from across the globe at the G7 summit this week in Kananaskis. Among the many goals for Canadian Prime Minister Mark Carney: Demonstrate he can handle US President Donald Trump, the Financial Times reports, with one Canadian official characterizing the gathering as "preparing the red carpet for Godzilla."
Read more here (premium)
As leaders gather this week in Canada for the G7 summit, Israel's strike on Iran is sure to be a topic of discussion among the gathering. But as CNN reports, world trade and President Donald Trump's tariffs will also be top of mind:
Read more here
The Trump administration's 50% steel tariffs will soon apply to consumer appliances like refrigerators and dishwasher, CNN reports:
Read more here
A delegation of US lawmakers and other state officials will attend the Paris Airshow this week to shore up economic partnerships with the US's allies in aerospace and aviation, Reuters reports.
The group, which includes about a dozen governors — Virginia Governor Glenn Youngkin and Arkansas Governor Sarah Huckabee Sanders among them — is expected to make the case for greater investments in US aerospace companies amid concerns the Trump administration will raise tariffs on aircraft, jet engines, and parts.
Aerospace companies and airlines face 10% tariffs on imported planes and parts as part of President Trump's 'Liberation Day' tariffs, and the Commerce Department is looking into additional Section 232 imported goods, which could lead to higher tariffs for the industry.
Read more here.
In case you missed it, bank executives gathered at a Morgan Stanley conference this past week, where they shared their views on the path forward for tariffs.
And as Yahoo Finance's David Hollerith noted, JPMorgan Chase (JPM) CEO Jamie Dimon sounded a little more optimistic about the effect tariffs may have on the US economy over the next several months.
"Maybe in July, August, September, October, you'll start to see 'did it have an effect?'" Dimon said of tariffs. "My guess is it did, hopefully not dramatic. May just make the soft landing a little bit softer as opposed to the ship go down."
Dimon also guessed that tariffs will cause inflation to rise and employment to "come down a little bit."
Meanwhile, clients at Citigroup's (C) global investment bank are evaluating a baseline level of tariffs of between 10% and 20%, according to Viswas Raghavan, Citigroup's head of banking.
Read more here.
The summer travel season is underway, and many foreign visitors are steering clear of the US amid ongoing trade tensions.
Yahoo Finance's Ines Ferré reports:
Read more here.
Canada's trade-focused industries are starting to slow down as a result of US President Trump's tariffs.
Bloomberg News reports:
Read more here.