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The EU and the U.S. believe they can clinch a trade agreement before a July 9 deadline, when Washington is set to impose a 50% tariff on nearly all EU products and the bloc plans countermeasures.

Treasury Secretary Scott Bessent said the administration’s agenda for trade agreements could get wrapped up by Labor Day, indicating some talks could extend past the July  9 deadline.

Washington and Beijing have signed a trade agreement that will make it easier for U.S. firms to obtain magnets and rare earth minerals from China, Treasury Secretary Scott Bessent said June 27.

A group of Canadian steel producers said the government’s plan to restrict foreign steel imports isn’t strong enough and warned that the industry is set to shed thousands more jobs.

Tariff negotiations are running into roadblocks, as partners including Japan, India and the EU balk at signing deals without knowing how badly they’ll be hit by separate levies on exports.

EU leaders are set to debate their strategy in response to President Donald Trump’s trade war, with the choices coming down to accepting an unbalanced deal or risking escalation by striking back.

The U.S. merchandise-trade deficit unexpectedly widened in May on the biggest drop in exports since the onset of the pandemic, while imports were little changed.

One of only two major ethanol plants in Britain has begun shutdown procedures as a flood of U.S. duty-free products looks set to wipe out production in the U.K.

The U.S. economy shrank at a 0.5% annual pace from January through March as President Donald Trump’s trade wars disrupted business, the Commerce Department reported June 26.

Federal Reserve Chair Jerome Powell on June 25 said the U.S. central bank is still struggling to determine the impact of tariffs on consumer prices.