The White House Council of Economic Advisers chairman Stephen Miran told Yahoo Finance on Thursday that he expects the Trump administration to extend the tariff pause for countries negotiating “in good faith.”
“I mean, you don’t blow up a deal that’s that’s in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it,” Miran told Yahoo Finance’s Brian Sozzi.
In recent weeks, President Trump and administration officials have signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds for talks to turn into pacts. From Canada to Japan, key trade deals are struggling to get over the finish line with just two weeks to go.
Trump and officials have warned that he could soon simply tell countries their tariff rates, raising questions about the status of negotiations. Miran said that he doesn’t see the aggregate tariff rate falling materially below the 10% level in the long run, but some countries may negotiate more favorable duties while others will see a return of the steeper “Liberation Day” tariffs.
So far, Trump has firmed up a trade deal with the United Kingdom. In Canada, Prime Minister Mark Carney’s government threatened to hike tariffs by late July on US imports of steel and aluminum, after Trump ballooned US levies on those metals. The countries are aiming for a deal by mid-July.
The European Union has also vowed to retaliate if the US sticks with its baseline 10% tariffs, according to a report in Bloomberg. Trump has threatened tariffs of up to 50% on EU imports.
One sticking point in negotiations has come from Trump’s disorganized approach to his tariff policies. According to Bloomberg, some countries have resisted signing deals without knowing whether Trump’s other duties — including those on metals, chips, and other materials — would still apply to them.
Meanwhile, the US economy is still figuring out the effects of the tariffs while the White House is simultaneously making a push to get the “big, beautiful” tax bill passed in the Senate. Fed Chair Jerome Powell this week reiterated that the central bank is still waiting to see the effects of the tariffs on prices before cutting interest rates.
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.
LIVE 1266 updates
Thu, June 26, 2025 at 9:41 PM UTC
EU leaders consider Trump’s latest trade proposal
Bloomberg reports:
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Thu, June 26, 2025 at 7:37 PM UTC
Car price inflation may already be here amid tariffs: Cox Automotive
Yahoo Finance’s Pras Subramanian reports:
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Thu, June 26, 2025 at 7:09 PM UTC
Countries balk at trade deals without knowing whether Trump’s other tariffs will still apply
After pausing his steepest tariffs in April, President Trump and his administration said the goal was “90 deals in 90 days.” So far, the only agreement they have to show is with the United Kingdom.
Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply.
From the report:
In fact, the report said the UK deal provides a “cautionary tale”:
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Thu, June 26, 2025 at 6:57 PM UTC
Trump’s tariff revenue is on pace for another monthly record in June
Yahoo Finance’s Ben Werschkul reports:
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Thu, June 26, 2025 at 4:07 PM UTC
White House top economist says extending tariff pause ‘makes sense’ for some countries
White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance’s Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration’s self-imposed July 9 deadline.
That deadline marks the end of a tariff pause on the higher levels of “Liberation Day” tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next?
“My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense,” Miran said on Yahoo Finance’s Opening Bid. “I mean, you don’t blow up a deal that’s that’s in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it.”
Sozzi adds:
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Thu, June 26, 2025 at 1:26 PM UTC
AB Foods’ bioethanol plant set to be early victim of US-UK trade deal
Associated British Foods may become the first casualty of Britain’s tariff deal with the US and have said it may have to close the UK’s largest bioethanol plant by September if the government does not provide funding.
Reuters reports:
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Thu, June 26, 2025 at 12:00 PM UTC
Key issues in India, US trade talks ahead of July 9 deadline
Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That’s left an interim trade deal in jeopardy ahead of President Trump’s July 9 deadline.
Here are some key issues at stake, according to a Reuters analysis:
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Thu, June 26, 2025 at 11:20 AM UTC
Toys are getting pricier as tariffs kick in
Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It’s one of the first signs of how new trade rules are quickly making things more expensive for Americans.
The Washington Post reports:
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Thu, June 26, 2025 at 10:50 AM UTC
EU leaders meet to decide on whether to back quick US trade deal or seek better terms
The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome.
Bloomberg News reports:
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Thu, June 26, 2025 at 10:20 AM UTC
EU’s Ribera won’t trade Big Tech rules to placate Trump
The European Union competition chief, Teresa Ribera, told Bloomberg News on Thursday that the EU’s crackdown on Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) is not a bargaining chip in trade negotiations with President Trump.
Bloomberg News reports:
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Thu, June 26, 2025 at 9:30 AM UTC
Chinese toymaker takes drastic action to survive Trump’s tariffs
One Chinese toymaker has taken drastic action to try and avoid President Trump’s tariff blitz. When Trump hiked tariffs on China from 54% to 145% in early April, Ah Biao a toy factory in southern China that makes magnetic puzz and sensory toys for American children, rented a factory in Vietnam. They packed 90 sets of iron and steel molds into 60 boxes, which was then shipped to the Southeast Asian country to avoid high levies.
Bloomberg News reports:
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Thu, June 26, 2025 at 8:45 AM UTC
Japan reiterates it cannot accept 25% car tariffs from US
Japan’s chief trade negotiator Ryosei Akazawa has reinforced the message that it cannot accept US tariffs of 25% on cars, adding that the country’s automakers produce far more cars in the US than they export to America.
Bloomberg News reports:
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Wed, June 25, 2025 at 5:13 PM UTC
Trump threatens to double Spanish tariffs over NATO spending
President Donald Trump is publicly criticizing Spain after the country refused to accept new NATO spending targets and has threatened to double Spanish tariffs as a result.
Bloomberg reports:
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Wed, June 25, 2025 at 5:07 PM UTC
Trump administration urges appeals court to back tariff power
The Trump administration is arguing that the president should have the power to impose sweeping global tariffs. His attempts to do so thus far were found unconstitutional in lower courts, but that decision is now being appealed.
Bloomberg reports:
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Wed, June 25, 2025 at 2:26 PM UTC
JPMorgan sees tariff-induced US ‘stagflationary’ slowdown in 2025
JP Morgan (JPM) analysts have warned that US trade policies will likely cause a slow down in global economic growth and restart inflation in the United States, where there is a 40% chance of a recession in the second half of 2025.
Reuters reports:
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Wed, June 25, 2025 at 12:00 PM UTC
General Mills forecasts downbeat annual profit on macroeconomic uncertainty
General Mills (GIS) projected lower annual profits on Wednesday, causing the stock to fall over 1% before the bell. The consumer group was hurt by weak demand for its refrigerated baked goods and snacks in the US, amid a tough economic environment affected by tariffs and uncertainty.
Reuters reports:
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Wed, June 25, 2025 at 11:50 AM UTC
High tariffs give Trump less room for error in Iran
President Trump’s trade war leaves little room for error in the Middle East. Another global crisis that drives up inflation could delay rate cuts from the Fed, adding pressure to an already fragile economy.
CNN reports:
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Wed, June 25, 2025 at 11:45 AM UTC
Pakistan says trade talks with US to conclude next week
Trade talks between the US and Pakistan will conclude next week, the South Asian nation said on Wednesday after a meeting between its Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick.
Reuters reports:
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Wed, June 25, 2025 at 11:20 AM UTC
German export sentiment takes hit from tariff threat: Ifo
Reuters reports:
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Wed, June 25, 2025 at 10:33 AM UTC
FedEx shares sink after profit outlook highlights tariff challenges
FedEx (FDX) warned of challenges ahead and projected lower-than-expected profit for the current quarter due to volatile global demand, causing shares to fall over 5% before the bell on Wednesday.
Reuters reports:
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