Trump tariffs live updates: EU weighs 10% tariff deal as Trump's July deadline looms

Yahoo

6 hours ago

Brussels negotiators hope that by agreeing to a 10% US tariff on all European Union exports, they can avoid higher tariffs on cars, medicines, and electronics, according to a report in German newspaper Handelsblatt on Monday.
Citing senior EU officials, the paper said the offer to the US would come with conditions and would not be permanent.
President Trump and other heads of state are preparing to gather in Canada this week for the annual G-7 summit. Tensions in the Middle East, following Israel's strike on Iran, are expected to dominate discussions, along with another hot topic: trade.
Trump told reporters last week that he would send letters to trading partners setting unilateral tariff rates.
'At a certain point, we're just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,' the president said.
Soon after introducing steep new tariffs that roiled markets, Trump instituted a pause on his most punishing duties that expires July 9. His latest comment, however, only muddies the waters about what could happen next as the deadline approaches.
Earlier last week, Treasury Secretary Scott Bessent told Congress that it is "highly likely" that the tariff pause would be extended for countries that are negotiating with the administration "in good faith."
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.
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.
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.
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.
The EU's goods trade surplus with the US expanded in April, despite US tariffs, according to data released on Friday.
Reuters reports:
Read more here.
US chip curbs on China have forced Nvidia to exclude the Chinese market from its revenue and profit forecasts, Nvidia (NVDA) CEO Jenson Huang told CNN on Thursday.
CNN reports:
Read more here.
On a company earnings call Thursday, RH (RH) CEO Gary Friedman shared a frank account of how the furniture retailer navigated a "chaotic and unpredictable" quarter due to tariffs, market volatility, and a weak housing market.
"Everywhere got rocked from the reciprocal tariff announcements," Friedman said. "When the market went down, our business went down. You had to pull forward, give back. It's like a noisy, noisy time right now to run your business."
Friedman emphasized that President Trump's "Liberation Day" announcement, which took tariffs on China to 54% and then to over 100%, rattled the supply chain, as did the subsequent pause on most tariffs.
"What happened when the reciprocal tariffs hit, we stopped shipments," the CEO said. "People stopped producing. ... I mean, it created disruption for several weeks in the supply chain, and when you try to ramp back up quickly in a chaotic time like that, things are just — things are late. Things get backed up."
RH expects the tariff disruption will negatively impact Q2 revenues by 6 points but that revenue will recover in the second half of the year. The company continues to shift sourcing out of China and said it projects 52% of its upholstered furniture will be made in the US and 21% will be produced in Italy by the end of the year.
Despite the noisy environment, RH reported an unexpected profit in Q1, sending shares 19% higher in premarket trading on Friday.
Friedman added that RH's vendor partners absorbed a "meaningful portion" of the tariffs and that the trade wars may allow the company to take share from smaller competitors.
"I mean there's a lot of people going bankrupt," he said. "A lot of the ankle-biter businesses, the little online things, ... they can't raise capital. ... A lot of them are blowing up. They're going away."
"The businesses that I think don't make it through the rest of this year, they don't have the scale to deal with the tariffs," he continued. "They don't have the leverage. They don't have the strategic flexibility. So you want to position yourself for the other side. The other side's where all the upside is."
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.
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.
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.
The EU's goods trade surplus with the US expanded in April, despite US tariffs, according to data released on Friday.
Reuters reports:
Read more here.
US chip curbs on China have forced Nvidia to exclude the Chinese market from its revenue and profit forecasts, Nvidia (NVDA) CEO Jenson Huang told CNN on Thursday.
CNN reports:
Read more here.
On a company earnings call Thursday, RH (RH) CEO Gary Friedman shared a frank account of how the furniture retailer navigated a "chaotic and unpredictable" quarter due to tariffs, market volatility, and a weak housing market.
"Everywhere got rocked from the reciprocal tariff announcements," Friedman said. "When the market went down, our business went down. You had to pull forward, give back. It's like a noisy, noisy time right now to run your business."
Friedman emphasized that President Trump's "Liberation Day" announcement, which took tariffs on China to 54% and then to over 100%, rattled the supply chain, as did the subsequent pause on most tariffs.
"What happened when the reciprocal tariffs hit, we stopped shipments," the CEO said. "People stopped producing. ... I mean, it created disruption for several weeks in the supply chain, and when you try to ramp back up quickly in a chaotic time like that, things are just — things are late. Things get backed up."
RH expects the tariff disruption will negatively impact Q2 revenues by 6 points but that revenue will recover in the second half of the year. The company continues to shift sourcing out of China and said it projects 52% of its upholstered furniture will be made in the US and 21% will be produced in Italy by the end of the year.
Despite the noisy environment, RH reported an unexpected profit in Q1, sending shares 19% higher in premarket trading on Friday.
Friedman added that RH's vendor partners absorbed a "meaningful portion" of the tariffs and that the trade wars may allow the company to take share from smaller competitors.
"I mean there's a lot of people going bankrupt," he said. "A lot of the ankle-biter businesses, the little online things, ... they can't raise capital. ... A lot of them are blowing up. They're going away."
"The businesses that I think don't make it through the rest of this year, they don't have the scale to deal with the tariffs," he continued. "They don't have the leverage. They don't have the strategic flexibility. So you want to position yourself for the other side. The other side's where all the upside is."