The prospect of an interim trade deal between the US and India before the August 1 deadline have dimmed, according to sources. Talks remain deadlocked due to tariff cuts on key agricultural and dairy products.
“An interim deal before August 1 looks difficult, though virtual discussions are ongoing,” one of the Indian government sources said, adding a US delegation was expected to visit New Delhi soon to continue negotiations.
Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as President Trump plays hardball and makes a no-deal outcome more likely.
EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals, per Bloomberg.
“If they want war, they will get war,” a German official told the WSJ, while noting there was still time to hammer out a deal.
Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect.
The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal. Trump has threatened the bloc with 30% duties beginning Aug. 1. That is the date he is also set to impose tariffs on an array of other trading partners, as well as potential sectoral levies on copper, pharmaceuticals, and semiconductors.
Trump said last week he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group.
Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. The letters set new baseline tariff levels at 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country’s domestic politics.
On July 10, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as “the deals” themselves.
Treasury Secretary Scott Bessent on Monday said the administration is “more concerned with high quality deals than getting these deals done by Aug. 1.”
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 1467 updates
India-US interim trade deal prospects dim ahead of tariff deadline: Sources
Hopes for a US-India trade deal before the August 1 deadline are fading, with talks stuck over cuts to farm and dairy tariffs, according to sources.
Reuters reports:
Read more here.
Mon, July 21, 2025 at 6:04 PM UTC
Orange juice importer says Trump’s Brazil tariffs will raise US prices
Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration.
Bloomberg reports:
A US orange juice distributor is suing over President Donald Trump’s move to impose a 50% tariff on Brazil starting next month.
Johanna Foods Inc. is arguing that Trump’s reasons for the levy increase — including support for Brazil’s former right-wing President Jair Bolsonaro — don’t present “unusual and extraordinary” threats that give him emergency authority to circumvent Congress’ taxing power.
The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US.
Read more here.
Mon, July 21, 2025 at 3:06 PM UTC
Brazil acknowledges possibility of no US trade deal by August 1
President Trump’s August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won’t be reached in time.
Reuters reported:
Read more here.
Mon, July 21, 2025 at 2:52 PM UTC
US steelmaker Cleveland-Cliffs touts ‘positive impact’ of tariffs
Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump’s protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a “positive impact” on the US steel and automotive industries.
The Section 232 steel tariffs “have played a significant role in supporting the domestic steel industry,” Goncalves said during the company’s earnings call.
“So far, there’s no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries,” Goncalves added. “We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs.”
Goncalves said the only place where it’s having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were “insufficient.”
Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30.
Read more about how Cleveland-Cliffs’ stock is trading.
Mon, July 21, 2025 at 12:38 PM UTC
Bessent: Trump more concerned about quality of deals than making deals by Aug. 1
Treasury Secretary Scott Bessent on Monday said the US wouldn’t rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump’s sweeping tariffs to kick in.
“We’re not going to rush for the sake of doing deals,” Bessent told CNBC in an interview.
More from Reuters:
Read more here.
Mon, July 21, 2025 at 11:34 AM UTC
More signs that Europe is hardening its stance
We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more.
The report said the EU got a “surprise” when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline.
That apparently prompted Germany, Europe’s largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations.
“All options are on the table,” a German official said. The official said there was still time to negotiate a deal but added, “If they want war, they will get war.”
More from the report:
Read more here.
Mon, July 21, 2025 at 9:38 AM UTC
Stellantis warns of $2.7B loss as tariffs bite
Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs.
The Chrysler maker’s US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan.
Reuters reports:
Read more here.
Mon, July 21, 2025 at 9:36 AM UTC
EU to prepare its retaliation plan as US hardens its stance on trade talks
EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal.
Bloomberg reports:
Read more here.
Sun, July 20, 2025 at 7:15 PM UTC
Lutnick ‘confident’ US will get tariffs deal done with EU before Aug. 1 deadline
WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in.
Lutnick said he had just gotten off the phone with European trade negotiators and there was “plenty of room” for agreement.
“These are the two biggest trading partners in the world, talking to each other. We’ll get a deal done. I am confident we’ll get a deal done,” Lutnick said in an interview with CBS’ “Face the Nation.”
President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
Lutnick said that was a hard deadline.
“Nothing stops countries from talking to us after August 1, but they’re going to start paying the tariffs on August 1,” he said on CBS.
Read more here
Sun, July 20, 2025 at 12:10 PM UTC
Trump’s tariffs are already shaping the holiday shopping season
NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It’s less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices.
But President Donald Trump’s vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises.
“The uncertainty has led us to spend all our time trying to rejigger what we’re ordering, where we’re bringing it in, when it’s going to get here,” Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. “We don’t know which items we’re going to have to put in the catalog or not.”
Months of confusion over which foreign countries’ goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations.
Read more here
Sat, July 19, 2025 at 7:46 PM UTC
Hawaii coffee growers say Trump tariffs may curb demand
(Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too.
Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state’s products comparatively more affordable.
But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans.
While the discourse around trade and Trump’s “Buy American” mantra could draw attention to Hawaiian goods, the upshot for the state’s farmers is that “tariffs will probably will hurt us as much as it would hurt the mainland roasters,” said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms.
Read more here
Fri, July 18, 2025 at 5:06 PM UTC
Trump pushes for 15%-20% minimum tariff on all EU goods
President Trump appears to have settled on a tariff rate on all EU member countries, according to reports.
Financial Times reports:
Read more (subscription required).
Fri, July 18, 2025 at 10:13 AM UTC
Battery materials stocks jump after US lays out 93.5% graphite duty
Bloomberg reports:
Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China.
Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea’s Posco Future M Co. (003670.KS) climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG)
The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry.
Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year.
Read more here.
Fri, July 18, 2025 at 10:11 AM UTC
China: Trade talks show there’s no need for tariff war
Reuters reports:
Read more here.
Thu, July 17, 2025 at 6:14 PM UTC
US set to impose 93.5% tariff on key battery material from China
Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized.
From Bloomberg:
Read more here.
Thu, July 17, 2025 at 5:24 PM UTC
Trump Tariff added $115M in aluminum costs for largest US producer
The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2.
Bloomberg reports:
Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump’s trade agenda has affected the industry.
The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates.
Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26.
Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production.
Alcoa’s latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs.
Read more here.
Thu, July 17, 2025 at 5:21 PM UTC
Nordic finance heads urge EU to stand firm in US trade talks
Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US.
Bloomberg reports:
Read more here.
Thu, July 17, 2025 at 3:24 PM UTC
EU lines up tariffs on US digital services as retaliation: Sources
The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump’s 30% levies due to kick in on Aug. 1, sources told the Financial Times.
The FT reports:
Read more here.
Thu, July 17, 2025 at 2:41 PM UTC
EU stalls probe into Musk’s X amid US trade talks
The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as “prohibitive” to transatlantic trade.
The Financial Times reports:
Read more here.
Thu, July 17, 2025 at 11:01 AM UTC
Volvo CEO wants EU to cut ‘unnecessary’ auto tariffs
Reuters reports:
Read more here.
