Trump tariffs live updates: US talks with Canada, EU take focus as deadlines loom
President Trump this week firmed up a trade deal with the United Kingdom, and its European Union neighbors are apparently pushing for a similarly styled deal despite talks seeing starts and stops over the past several weeks.
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 on Thursday that the EU is pushing for a deal modeled on the US-UK agreement, which did leave the baseline levy in place. Trump has threatened tariffs of up to 50% on EU imports after various tariff "pauses" lapse July 9.
Elsewhere this week, Trump said Japan would soon receive a letter he has threatened to send to US trading partners who do not reach a deal, calling the country's negotiators "tough."
Meanwhile, 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 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.
Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady this 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."
Meanwhile, Bloomberg reported on Tuesday that two family-owned businesses have filed a challenge to Trump's most sweeping tariffs with the Supreme Court, expediting the process for a potential definitive ruling should the court take the case.
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.
Bloomberg reports:
Read more here.
Tariffs and conflict have clouded the outlook for central banks. President Trump's sweeping tariff threats and the escalating Israel-Iran conflict have left central banks steering policy amid rare global economic uncertainty.
Reuters reports:
Read more here.
A study from Bain & Co. on Thursday, has shown that global sales of personal luxury goods will slow, but not collapse.
AP reports:
Read more here.
Reuters reports:
Read more here.
According to the FT, the EU is pushing for a UK-style trade deal with the US. This would allow for some tariffs to remain in place after President Trump's July 9 deadline and would prevent any further retaliation against Washington.
The FT reports:
Read more here.
European officials now expect a 10% "reciprocal" tariff to be the starting point in any US-EU trade deal, according to five sources close to the talks.
According to Reuters, EU negotiators are still pushing for the rate to be lower than 10%. However, ine of the sources, an EU official, said negotiating this had become harder since the US started drawing reve from its global tariffs.
Reuters reports:
Read more here.
President Trump's first five months in office have been dominated by his trade war. Despite having some recent wins, Trump is running out of time to "seal the deal."
CNN reports:
Read more here.
Over 70% of Japanese firms say the business impact of US tariffs is as expected and have not adjusted their investment plans, a Reuters survey shows.
Reuters reports:
Read more here.
Fed Chair Jerome Powell signaled he's watching the near-term developments on tariffs very closely, as the Fed expects to see more tariff effects filter through to consumer prices throughout the summer.
The next major tariff policy deadline is July 9, when the steeper "Liberation Day" tariffs are expected to resume if deals are not reached or if the Trump administration decides not to extend the pause. The next report on core Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred inflation measure, is scheduled to be released on June 27.
It remains to be seen when and how tariff costs are distributed.
"The pass-through of tariffs to consumer price inflation is a whole process that's very uncertain," Powell explained. "There are many parties in that chain — there's the manufacturer, the exporter, the importer, the retailer, and the consumer, and each one of those is going to be trying not to be the one to pay for the tariff. But together they will all pay for the tariff, or maybe one party will pay it all."
"But that process is very hard to predict, and we haven't been through a situation like this," he added. "We'd like to get some more data."
Federal Reserve Chair Jerome Powell commented on "elevated" tariff levels Wednesday after the central bank held interest rates steady for the fourth meeting in a row.
"We're beginning to see some effects, and we do expect to see more of them over the coming months," Powell said at a press conference.
"What we've learned is that ... tariffs are going to be substantially larger than forecasters generally thought," he added later on. "What we learned, particularly in April, was that substantially larger tariffs were coming and that that would mean higher inflation. That's what happened."
Powell stated that the US economy is a "solid" but that the Fed needs to see more evidence that inflation is moving down before it cuts rates.
However, he said tariffs are hindering that progress on inflation. Powell noted that Fed officials' estimates of core Personal Consumption Expenditures (PCE) for 2025 have moved higher.
"Without tariffs, that confidence would be building because if you see what's happening with non-housing services and housing services ... those are coming down really nicely now," Powell said. "I think we have to learn a little more about tariffs. ... I think it's hard to know with any confidence how we should react until we see really the size of the effects, then we can start to make a better judgment, and that's what we're doing."
Watch the full press conference here.
US consumers are becoming more worried about rising prices fueled by tariffs, a report from the credit reporting agency, TransUnion has shown.
Reuters reports:
Read more here.
President Trump claimed this week that his trade posturing helped clinch a ceasefire between India and Pakistan after tensions bubbled up last month.
Indian Prime Minister Narendra Modi says that's not the case, adding to tensions between the US and India as the countries are indeed working to clinch a trade deal before Trump's pause on "Liberation Day" duties expires.
Via Bloomberg, Modi attempted to set the record straight during a call with Trump, according to India's foreign secretary:
Read more here.
Taiwan has joined the US campaign and blacklisted China's Huawei Technologies Co.
Bloomberg News reports:
Read more here.
Trump is also pushing ahead with another tariff bombardment, which some believe may be more legally sound than his country-by-country duties. The US Commerce Department has been investigating certain sectors, which are considered to be of national interest, such as semiconductors, pharma products and critical minerals. The investigation is set to conclude soon and it could mean that some foreign-made products coming into the US will face high duties.
Bloomberg News reports:
Read more here.
Japanese Prime Minister Shigeru Ishiba's aim to get US President Trump to relax tariffs is not just impacting his country's economy. It is also affecting his political future.
Bloomberg News reports:
Read more here.
Hasbro (HAS), the maker of popular game Monopoly, announced on Tuesday that it would be cutting 3% of its total workforce due to high US tariffs on toys coming from China.
Reuters reports:
Read more here.
Shares of Nintendo (NTDOY, 7974.T) continued to climb, with President Trump's trade policy shift providing an added tailwind to the success of its Switch 2 games console update.
The stock jumped in Tokyo, while the US-listed stock popped before the bell on Wednesday. According to analysts, due to the US and Japan failing to reach a tariff agreement at the G-7 meeting this week, funds are flowing into the gaming sector, which is less affected by President Trump's tariffs.
Bloomberg reports:
Read more here.
Bloomberg reports that two family-owned companies are asking the Supreme Court to consider striking down President Trump's most sweeping tariffs. Legal experts previously told Yahoo Finance that they expect the case to eventually be taken up by the Supreme Court as part of the president's high-stakes legal battles over the policy.
From Bloomberg:
Transportation Secretary Sean Duffy said at the Paris Airshow that he wants to return to a 1979 zero-tariff trade agreement for the aviation industry but acknowledged it's part of larger tariff negotiations.
"You look at what free trade has done for aviation," Duffy said, per Reuters. "It's been remarkable for them. It's a great space of net exporters. And so the White House understands that, but if you go over there and you see the moving parts of what they're dealing with, it is pretty intense, and it's a lot."
The US is a net exporter in aerospace, with a trade surplus of nearly $75 billion for the sector. Since the 1979 Agreement on Trade in Civil Aircraft went into effect, US commercial aerospace exports increased by more than 2,100%, according to a white paper.
Duffy highlighted some of those benefits, stating: "I think we should take aviation off the negotiating table by going back to '79, and that only helps us. And to take some tools away from our trading partners would be beneficial to us."
A delegation of lawmakers is in attendance at the Paris Airshow to shore up economic partnerships. Industry lobbyists have been seeking to return to the 1979 agreement since the Trump administration imposed 10% tariffs on imported planes, jet engines, and parts.
Meanwhile, macroeconomic uncertainty stemming from tariffs and other factors has begun to weigh on travel demand. On Monday, JetBlue (JBLU) revealed it was cutting flights, citing consumers pulling back on spending.
Read more here.
US consumers will bear the tariff cost, according to Japan's Mitsubishi Motors (MMTOY, 7211.T) which announced on Tuesday that it will raise US vehicle prices by an average 2.1%. Mitsubishi is the latest company to pass along cost increases to its customers as their expenses rise due to President Trump's tariffs.
Reuters reports:
Read more here.
Bloomberg reports:
Read more here.
Tariffs and conflict have clouded the outlook for central banks. President Trump's sweeping tariff threats and the escalating Israel-Iran conflict have left central banks steering policy amid rare global economic uncertainty.
Reuters reports:
Read more here.
A study from Bain & Co. on Thursday, has shown that global sales of personal luxury goods will slow, but not collapse.
AP reports:
Read more here.
Reuters reports:
Read more here.
According to the FT, the EU is pushing for a UK-style trade deal with the US. This would allow for some tariffs to remain in place after President Trump's July 9 deadline and would prevent any further retaliation against Washington.
The FT reports:
Read more here.
European officials now expect a 10% "reciprocal" tariff to be the starting point in any US-EU trade deal, according to five sources close to the talks.
According to Reuters, EU negotiators are still pushing for the rate to be lower than 10%. However, ine of the sources, an EU official, said negotiating this had become harder since the US started drawing reve from its global tariffs.
Reuters reports:
Read more here.
President Trump's first five months in office have been dominated by his trade war. Despite having some recent wins, Trump is running out of time to "seal the deal."
CNN reports:
Read more here.
Over 70% of Japanese firms say the business impact of US tariffs is as expected and have not adjusted their investment plans, a Reuters survey shows.
Reuters reports:
Read more here.
Fed Chair Jerome Powell signaled he's watching the near-term developments on tariffs very closely, as the Fed expects to see more tariff effects filter through to consumer prices throughout the summer.
The next major tariff policy deadline is July 9, when the steeper "Liberation Day" tariffs are expected to resume if deals are not reached or if the Trump administration decides not to extend the pause. The next report on core Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred inflation measure, is scheduled to be released on June 27.
It remains to be seen when and how tariff costs are distributed.
"The pass-through of tariffs to consumer price inflation is a whole process that's very uncertain," Powell explained. "There are many parties in that chain — there's the manufacturer, the exporter, the importer, the retailer, and the consumer, and each one of those is going to be trying not to be the one to pay for the tariff. But together they will all pay for the tariff, or maybe one party will pay it all."
"But that process is very hard to predict, and we haven't been through a situation like this," he added. "We'd like to get some more data."
Federal Reserve Chair Jerome Powell commented on "elevated" tariff levels Wednesday after the central bank held interest rates steady for the fourth meeting in a row.
"We're beginning to see some effects, and we do expect to see more of them over the coming months," Powell said at a press conference.
"What we've learned is that ... tariffs are going to be substantially larger than forecasters generally thought," he added later on. "What we learned, particularly in April, was that substantially larger tariffs were coming and that that would mean higher inflation. That's what happened."
Powell stated that the US economy is a "solid" but that the Fed needs to see more evidence that inflation is moving down before it cuts rates.
However, he said tariffs are hindering that progress on inflation. Powell noted that Fed officials' estimates of core Personal Consumption Expenditures (PCE) for 2025 have moved higher.
"Without tariffs, that confidence would be building because if you see what's happening with non-housing services and housing services ... those are coming down really nicely now," Powell said. "I think we have to learn a little more about tariffs. ... I think it's hard to know with any confidence how we should react until we see really the size of the effects, then we can start to make a better judgment, and that's what we're doing."
Watch the full press conference here.
US consumers are becoming more worried about rising prices fueled by tariffs, a report from the credit reporting agency, TransUnion has shown.
Reuters reports:
Read more here.
President Trump claimed this week that his trade posturing helped clinch a ceasefire between India and Pakistan after tensions bubbled up last month.
Indian Prime Minister Narendra Modi says that's not the case, adding to tensions between the US and India as the countries are indeed working to clinch a trade deal before Trump's pause on "Liberation Day" duties expires.
Via Bloomberg, Modi attempted to set the record straight during a call with Trump, according to India's foreign secretary:
Read more here.
Taiwan has joined the US campaign and blacklisted China's Huawei Technologies Co.
Bloomberg News reports:
Read more here.
Trump is also pushing ahead with another tariff bombardment, which some believe may be more legally sound than his country-by-country duties. The US Commerce Department has been investigating certain sectors, which are considered to be of national interest, such as semiconductors, pharma products and critical minerals. The investigation is set to conclude soon and it could mean that some foreign-made products coming into the US will face high duties.
Bloomberg News reports:
Read more here.
Japanese Prime Minister Shigeru Ishiba's aim to get US President Trump to relax tariffs is not just impacting his country's economy. It is also affecting his political future.
Bloomberg News reports:
Read more here.
Hasbro (HAS), the maker of popular game Monopoly, announced on Tuesday that it would be cutting 3% of its total workforce due to high US tariffs on toys coming from China.
Reuters reports:
Read more here.
Shares of Nintendo (NTDOY, 7974.T) continued to climb, with President Trump's trade policy shift providing an added tailwind to the success of its Switch 2 games console update.
The stock jumped in Tokyo, while the US-listed stock popped before the bell on Wednesday. According to analysts, due to the US and Japan failing to reach a tariff agreement at the G-7 meeting this week, funds are flowing into the gaming sector, which is less affected by President Trump's tariffs.
Bloomberg reports:
Read more here.
Bloomberg reports that two family-owned companies are asking the Supreme Court to consider striking down President Trump's most sweeping tariffs. Legal experts previously told Yahoo Finance that they expect the case to eventually be taken up by the Supreme Court as part of the president's high-stakes legal battles over the policy.
From Bloomberg:
Transportation Secretary Sean Duffy said at the Paris Airshow that he wants to return to a 1979 zero-tariff trade agreement for the aviation industry but acknowledged it's part of larger tariff negotiations.
"You look at what free trade has done for aviation," Duffy said, per Reuters. "It's been remarkable for them. It's a great space of net exporters. And so the White House understands that, but if you go over there and you see the moving parts of what they're dealing with, it is pretty intense, and it's a lot."
The US is a net exporter in aerospace, with a trade surplus of nearly $75 billion for the sector. Since the 1979 Agreement on Trade in Civil Aircraft went into effect, US commercial aerospace exports increased by more than 2,100%, according to a white paper.
Duffy highlighted some of those benefits, stating: "I think we should take aviation off the negotiating table by going back to '79, and that only helps us. And to take some tools away from our trading partners would be beneficial to us."
A delegation of lawmakers is in attendance at the Paris Airshow to shore up economic partnerships. Industry lobbyists have been seeking to return to the 1979 agreement since the Trump administration imposed 10% tariffs on imported planes, jet engines, and parts.
Meanwhile, macroeconomic uncertainty stemming from tariffs and other factors has begun to weigh on travel demand. On Monday, JetBlue (JBLU) revealed it was cutting flights, citing consumers pulling back on spending.
Read more here.
US consumers will bear the tariff cost, according to Japan's Mitsubishi Motors (MMTOY, 7211.T) which announced on Tuesday that it will raise US vehicle prices by an average 2.1%. Mitsubishi is the latest company to pass along cost increases to its customers as their expenses rise due to President Trump's tariffs.
Reuters reports:
Read more here.
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Democrats in Virginia have a hefty fundraising advantage heading into November general election
RICHMOND, Va. -- Democrats in Virginia have built up a hefty fundraising advantage for their effort to reclaim the governor's mansion in a November election that is seen as a bellwether for the party in power in Washington ahead of the 2026 midterms. Democrat Abigail Spanberger, a former CIA spy turned congresswoman, has a more than 2-to-1 fundraising advantage over her GOP opponent for governor, Lt. Gov. Winsome Earle-Sears, who has struggled to draw support from her fellow Republicans. Both were unopposed for their party's nominations and were able to focus on the fall general election without having to overcome a challenge in this week's primaries. The match-up means Virginia is all but certain to elect the state's first female governor. Spanberger has amassed $6.5 million toward her campaign for governor over the last two months after raising $6.7 million between January and March, according to the nonpartisan Virginia Public Access Project. 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With energy demand likely to be a key issue in November, their influence could be significant. According to the nonpartisan public-access group, Spanberger has taken in $465,000 from the environmental organization. On Tuesday, Clean Virginia endorsed Hashmi's candidacy for lieutenant governor, following its previous donations to her state Senate campaign committee. During his campaign, Jones also received $1.5 million from Clean Virginia, while his primary opponent, Democrat Shannon Taylor, accepted $800,000 from Dominion Energy between 2024 and 2025. Clean Virginia released attack ads targeting Taylor for accepting Dominion money. The energy utility has become entangled in other statewide battles. On the Republican ticket, Earle-Sears accepted $50,000 from Dominion in March. Miyares also gained $450,000 from the utility so far this year. Clean Virginia has donated to both Democrats and Republicans, including to candidates running for the House of Delegates, where all 100 members are up for reelection in November. Democrats who control the legislature are hoping to keep or expand their thin majority and amend the state's Constitution to protect rights to voting, marriage equality and abortion. Democratic candidates have raised about $16.9 million in those races, with $3.2 million stemming from House Speaker Don Scott. Meanwhile, Republicans have raised $8.8 million, with former Minority Leader Todd Gilbert earning over $643,000, and newly tapped Minority Leader Terry Kilgore raising nearly $470,000. ———
San Francisco Chronicle
24 minutes ago
- San Francisco Chronicle
Democrats in Virginia have a hefty fundraising advantage heading into November general election
RICHMOND, Va. (AP) — Democrats in Virginia have built up a hefty fundraising advantage for their effort to reclaim the governor's mansion in a November election that is seen as a bellwether for the party in power in Washington ahead of the 2026 midterms. Democrat Abigail Spanberger, a former CIA spy turned congresswoman, has a more than 2-to-1 fundraising advantage over her GOP opponent for governor, Lt. Gov. Winsome Earle-Sears, who has struggled to draw support from her fellow Republicans. Both were unopposed for their party's nominations and were able to focus on the fall general election without having to overcome a challenge in this week's primaries. The match-up means Virginia is all but certain to elect the state's first female governor. Spanberger has amassed $6.5 million toward her campaign for governor over the last two months after raising $6.7 million between January and March, according to the nonpartisan Virginia Public Access Project. Combined with the money Spanberger raised in 2024, she has gathered $22.8 million and still has $14.3 million in her coffers. Earle-Sears, meanwhile, spent more than she earned between April and June, bringing in $3.5 million and spending $4.6 million. Between January and March, she also raised a little over $3.1 million. In total, she has raked in nearly $9.2 million since launching her campaign last September. Now, she has a little under $3 million in the bank, according to Virginia Public Access Project data. In a statement, Earle-Sears' campaign said the candidate is putting forward a message for Virginians that money can't buy. 'Clearly the Spanberger campaign needs a lot of help attempting to erase Abigail's bad voting record on issues that actually matter to Virginians," press secretary Peyton Vogel said in an email. 'This race isn't being bought — it's being built on a message that matters.' Virginia is one of two states, along with New Jersey, that host statewide elections this year. The contests will be closely watched as a measure of whether voters in the shadow of Washington will embrace President Donald Trump's aggressive effort to overhaul the federal government, or be repelled by it. Democrats' outsized fundraising lead ahead of the primaries may reflect local Democratic enthusiasm and the party's ability to push people to the polls in light of Trump being in office. Mark J. Rozell, dean of George Mason University's Schar School of Policy and Government, also referenced the noticeable frostiness among leading state Republicans. The party's statewide nominees have yet to campaign together, despite securing their nominations at the end of April. 'Enthusiasm drives fundraising and in Virginia right now the Democrats' voting base has much greater enthusiasm' than Republicans, Rozell said. 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With energy demand likely to be a key issue in November, their influence could be significant. According to the nonpartisan public-access group, Spanberger has taken in $465,000 from the environmental organization. On Tuesday, Clean Virginia endorsed Hashmi's candidacy for lieutenant governor, following its previous donations to her state Senate campaign committee. During his campaign, Jones also received $1.5 million from Clean Virginia, while his primary opponent, Democrat Shannon Taylor, accepted $800,000 from Dominion Energy between 2024 and 2025. Clean Virginia released attack ads targeting Taylor for accepting Dominion money. The energy utility has become entangled in other statewide battles. On the Republican ticket, Earle-Sears accepted $50,000 from Dominion in March. Miyares also gained $450,000 from the utility so far this year. 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