The pressure is now on. From Canada to Japan, key trade deals are struggling to get over the finish line with just two weeks to go before President Trump’s tariff deadline.
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.”
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 1245 updates
Pressure to seal Trump trade deals ramps up with 2 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:
Bloomberg News reports:
Read more here.
Tue, June 24, 2025 at 3:49 PM UTC
Consumer confidence pulls back in June amid tariff delays
Consumer confidence unexpectedly retreated in June as Americans grew more pessimistic about the economy and inflation despite delays to the Trump administration’s tariffs.
Yahoo Finance’s Josh Schafer reports:
Read more here.
Tue, June 24, 2025 at 2:57 PM UTC
Powell on the level of tariff inflation for consumers: ‘We just don’t know’
Federal Reserve Chair Jerome Powell stated that he anticipates greater inflation from tariffs in the third quarter during his semiannual testimony before House lawmakers Tuesday. However, he reiterated that the Fed remains in “wait-and-see mode” due to a high level of uncertainty around the extent of tariff-related inflation.
Powell noted that he met with an “unusually large” number of business leaders in the last FOMC cycle and frequently heard from them that they were selling inventory from February, meaning many of President Trump’s tariffs were not factored into the cost of those goods.
But he said he expects to see accelerated inflation in the June and July data.
“We do expect … tariff inflation to show up more,” Powell said, “but I want to be honest, we really don’t know how much of that’s going to be passed through to the consumers. We just don’t know. We won’t know until we see it.”
Watch Powell’s full testimony live:
Tue, June 24, 2025 at 11:00 AM UTC
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.
Reuters reports:
Read more here.
Tue, June 24, 2025 at 10:45 AM UTC
European banks face hit to profits in S&P trade war stress test
Bloomberg News reports:
Read more here.
Tue, June 24, 2025 at 9:45 AM UTC
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.
Reuters reports:
Read more here.
Tue, June 24, 2025 at 9:18 AM UTC
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.
Bloomberg News reports:
Read more here.
Mon, June 23, 2025 at 7:47 PM UTC
Ireland warns thousands of jobs at risk from pharma tariffs
Ireland plans to use its budget surplus to protect its corporate competitiveness as President Trump’s tariffs pose heightened risks to its economy.
Bloomberg reports:
Read more here.
Mon, June 23, 2025 at 11:30 AM UTC
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.
The FT reports:
Read more here.
Mon, June 23, 2025 at 11:10 AM UTC
Amazon’s premium beauty push may be a buffer against Trump’s tariffs
Amazon (AMZN) may have found a way to offset tariffs for Prime Day — by focusing on luxury goods.
Reuters reports:
Read more here.
Mon, June 23, 2025 at 10:50 AM UTC
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.
The FT reports:
Read more here.
Mon, June 23, 2025 at 10:30 AM UTC
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.
Bloomberg News reports:
Read more here.
Mon, June 23, 2025 at 10:08 AM UTC
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.
Bloomberg News reports:
Read more here.
Fri, June 20, 2025 at 5:49 PM UTC
Supreme Court declines to put legal challenge on fast track
The US Supreme Court on Friday denied an appeal by two family-owned companies to put a legal challenge to President Trump’s tariffs on a fast track.
Per Reuters:
Read more here.
Fri, June 20, 2025 at 12:47 PM UTC
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.
Reuters reports:
Read more here.
Fri, June 20, 2025 at 11:40 AM UTC
China’s rare earth magnet exports slump in May, especially to US
Bloomberg News reports:
Read more here.
Fri, June 20, 2025 at 11:30 AM UTC
German car manufacturers incurred costs of $535 million in April due to tariffs, says VDA
German car makers have been hit with around $535 million in costs due to President Trump’s tariffs, the VDA auto industry revealed on Friday.
Reuters reports:
Read more here.
Fri, June 20, 2025 at 11:13 AM UTC
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.
Bloomberg News reports:
Read more here.
Fri, June 20, 2025 at 10:30 AM UTC
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.
Reuters reports:
Read more here.
Fri, June 20, 2025 at 9:52 AM UTC
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.
Bloomberg News reports:
Read more here.
