Trump tariffs live updates: US-EU agreement announced. China truce extension expected.
President Trump and European Commission President Ursula von der Leyen, speaking after negotiations in Scotland on Sunday, announced that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.
Trump called the deal “the biggest of them all,” while von der Leyen said that "15% is not to be underestimated, but it is the best we could get." Other details of the framework are still being confirmed.
Earlier on Sunday the South China Morning Post, a Hong Kong-based English-language newspaper, reported that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday."
On Friday, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners, including the EU, India, and Canada. Trump said the US hasn't had a "lot of luck" with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.
Last week, President Trump touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. On Saturday, Japanese trade negotiator Ryosei Akazawa suggested the money could be used to help finance an unnamed Taiwanese chipmaker building plants in the US.
"For example, if a Taiwanese chipmaker builds a plant in the U.S. and uses Japanese components or tailors its products to meet Japanese needs, that's fine too," he said.
In March, Taiwan's TSMC announced a $100 billion investment in the US, on top of plans to build three plants in Arizona, one of which is already operating.
In any case, the Japan trade deal may have set a precedent for Trump's new baseline tariff rate. On Thursday, Trump said tariffs would range from 15% to 50%, with tougher partners facing higher rates.
Trump's April "Liberation Day" tariffs had set a baseline rate of 10% on all US trading partners.
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 1518 updates- Sun, July 27, 2025 at 9:49 PM UTC
Italy's Meloni awaiting details but says trade deal 'positive'
As many of the specifics of the trade deal between the EU and US remained unclear Sunday, at least one European Union leader said she was awaiting more information before passing judgment on it. Italy's Prime Minister Giorgia Meloni called it "positive' that he agreement had been reached, but wanted to see the details, Reuters reports:
Read more here.
Sun, July 27, 2025 at 9:27 PM UTC Michael B. Kelley European Commission President Ursula von der Leyen noted that there isn't yet a specific US-EU agreement on tariffs regarding wine and spirits between the two trading partners, among other unsettled details, and the Distilled Spirits Council of the United States is lobbying for an amicable resolution.
"We are optimistic that in the days ahead this positive meeting and agreement will lead to a return to zero-for-zero tariffs for U.S. and EU spirits products, which will benefit not only our nation’s distillers, but also the American workers and farmers who support them from grain to glass," the trade association's president and CEO Chris Swonger said in a statement provided to Yahoo Finance. "For more than 20 years, large and small distilleries across the U.S. have flourished under a tariff-free relationship with the EU, our largest export market. It’s time to get back to toasts not tariffs.”
- Sun, July 27, 2025 at 9:26 PM UTC Bloomberg
Pharma tariffs still a point of disagreement in EU-US trade deal
The trade deal ironed out between the EU and the US on Sunday has more than few wrinkles remaining, chief among them: What the levy on pharmaceuticals will be. Bloomberg reports:
Read more here.
- Sun, July 27, 2025 at 8:17 PM UTC Michael B. Kelley
Trump deal with Europe underlines new standard of (at least) 15% tariffs
From YF's Ben Werschkul:
Read more here.
- Sun, July 27, 2025 at 7:17 PM UTC Michael B. Kelley
EU's von der Leyen provides some detail on new deal
PRESTWICK, Scotland (Reuters) — European Commission President Ursula von der Leyen on Sunday said a U.S. baseline tariff rate of 15% on imported EU goods would apply to cars, semiconductors and pharmaceutical goods.
She also said that a zero-for-zero tariff rate had been agreed for certain strategic products, including aircraft and aircraft parts, certain chemicals, and certain generic drugs. No decision had been taken on a rate for wine and spirits, she added.
"Today's deal creates certainty in uncertain times, delivers stability and predictability," von der Leyen told reporters before leaving Scotland
- Sun, July 27, 2025 at 6:53 PM UTC Michael B. Kelley
EU-US trade agreement reactions
Reuters gathered some market commentary after the US and EU announced the framework of a trade deal:
Read more here.
- Sun, July 27, 2025 at 5:37 PM UTC Michael B. Kelley
EU-US trade agreement preliminary details
Here are some Bloomberg terminal headlines with various details on the agreement reached between President Trump and European Commission President Ursula von der Leyen:
*TRUMP: WE HAVE REACHED A DEAL WITH EU
*TRUMP: EU WILL AGREE TO BUY US $750B WORTH OF ENERGY
*TRUMP: EU WILL AGREE TO INVEST $600B MORE THAN PREVIOUSLY IN US
*EU'S VON DER LEYEN: TREADE DEAL WITH US WILL BRING STABILITY
*VON DER LEYEN: AGREED TO 15% ACROSS THE BOARD TARIFFS
The asserted details of the framework are not yet fully confirmed.
- Sun, July 27, 2025 at 3:59 PM UTC Michael B. Kelley
SCMP reports China-US another 90-day tariff extension
The South China Morning Post (SCMP) reported that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday."
More from the Hong-Kong-based SCMP:
Read more here.
Sun, July 27, 2025 at 2:01 PM UTC Yahoo Finance Lutnick: EU has to offer Trump 'a good enough deal' to avoid 30% tariffs
As President Trump prepares for a planned meeting about tariffs with European Commission President Ursula von der Leyen, Commerce Secretary Howard Lutnick said Sunday that the European Union has to open its markets for US exports if it wants to convince Trump to reduce the 30% tariff he's threatened to put in place August 1.
Reuters reports Lutnick said the EU appeared to want to make a deal:
On Friday, Trump said the odds of a trade deal with the EU were about "50-50," even as negotiators from both sides expressed optimism.
Read more here.
- Sat, July 26, 2025 at 8:07 PM UTC Grace O'Donnell
LG says consumers rushed to buy appliances ahead of tariffs
Tariffs remain a key concern for South Korean appliance maker LG Electronics (066570.KS).
The company said that if President Trump's blanket tariffs take effect on Aug. 1, it will adjust prices and move some production to its plants in Mexico and the US. LG produces its products worldwide, particularly in South Korea, China, and Vietnam.
On Aug. 1, imports from South Korea face a 25% tariff, while those from Vietnam face a 20% tariff. Imports from China are estimated to face tariffs of roughly 50%, though that could change after US and Chinese officials meet in Sweden for the next round of trade talks.
According to LG, consumers rushed to purchase items in the first half of the year to avoid tariffs. Still, the company's net profit fell 3.1% in Q2 as operating costs increased.
"Some consumers have been rushing to make purchases before the tariffs take effect," an executive said on the earnings call. "In the first half of 2025, we achieved approximately 3% growth year over year, higher than the market demand with new product launches and efficient sales operations, continuing to strengthen our market presence."
But that pull-forward in demand could signal weakness ahead in the months to come if trade tensions escalate again.
"A rise in product costs driven by the 50% tariff on steel and reciprocal tariffs that are set to be applied in the latter half of the year could translate into greater uncertainties for the market price," the executive said. "Additionally, shifts in the US government's trade policies and weakening consumer sentiment cast doubt on the demand outlook for home appliances."
This isn't the first time LG has grappled with US protectionist policies. In 2018, during Trump's first term, washing machine prices rose when Trump targeted the industry with tariffs.
- Sat, July 26, 2025 at 3:53 PM UTC Reuters
Japan says $550 billion investment could finance Taiwanese chipmaker in US
The $550 billion President Trump said Japan gave to the US "to lower their tariffs a little bit," could be used to help finance a Taiwanese chipmaker building plants in the US, the Associated Press reported Saturday.
Trump on Thursday called the $550 billion "seed money" and that 90% of profits from the money invested would go to the US. "It’s not a loan or anything, it’s a signing bonus," Trump said.
Read more here.
Fri, July 25, 2025 at 6:30 PM UTC Brett LoGiurato More cracks form in the US-Japan trade agreement
We detailed earlier (keep scrolling) some initial, if gentle, pushback from the Japanese side on the US portrayal of the countries' trade deal.
The Financial Times has a good, detailed look at some of the "cracks" forming:
Read more here (subscription required).
- Fri, July 25, 2025 at 5:17 PM UTC Brett LoGiurato
EU head to meet with Trump this weekend in bid to clinch deal
Bloomberg reports that European Commission President Ursula von der Leyen will meet with President Trump this weekend as he travels to his golf club in Scotland in a bid to secure a trade deal.
The meeting will come as the two sides race to secure a deal ahead of next Friday — Trump's self-imposed deadline for 30% tariffs on EU goods to kick in. On Friday, Trump put the odds of a deal at "50-50."
From the report:
- Fri, July 25, 2025 at 3:27 PM UTC Brett LoGiurato
Trump: 'We haven't really had a lot of luck with Canada'
President Trump on Friday expressed pessimism on US trade negotiations with Canada, suggesting he may simply impose threatened 35% tariffs on Canadian goods not covered by the existing US-Canada-Mexico trade agreement.
"We haven't really had a lot of luck with Canada. I think Canada could be one where there's just a tariff, not really a negotiation," he said.
More from Reuters:
- Fri, July 25, 2025 at 3:17 PM UTC Grace O'Donnell
Boston Beer Company says strong profits helped brewer absorb tariff costs
The Boston Beer Company (SAM) continues to feel the effects of President Trump's tariffs, but a strong quarter of sales and profit is helping the Samuel Adams brewer absorb some of those cost increases.
Boston Beer expects tariffs to add about $15 million to $20 million in costs for the full year. Previously, it modeled tariff costs of $20 million to $30 million.
Expect the company to raise prices by 1% to 2% to offset some of the costs as well, executives said.
Boston Beer did see tariffs negatively affect its gross margin toward the end of the second quarter, but it benefited from improved brewery efficiencies. For the second quarter, the company reported profits of $5.45 per share on revenue of $625 million, versus estimates for earnings of $4.00 per share on $588 million, according to S&P Global Market Intelligence.
"Right now, I think we're very happy with the performance," Boston Beer CEO Michael Spillane said on the earnings call. "Not only that, but that's allowed us to offset some of the tariffs that we've seen so far."
- Fri, July 25, 2025 at 2:11 PM UTC Brett LoGiurato
Some headlines from Trump on tariffs this morning
Via Bloomberg:
Fri, July 25, 2025 at 12:00 PM UTC Jenny McCall Trump: US will sell 'so much' beef to Australia
President Trump said on Thursday that the US will sell "so much" beef to Australia, following Canberra relaxing import restrictions.
Trump added that other countries who had refused US beef products were on notice.
Reuters reports:
Read more here.
- Fri, July 25, 2025 at 11:15 AM UTC Jenny McCall
World's No. 3 automaker Kia takes $570M tariff hit in Q2
Reuters reports:
Read more here.
- Fri, July 25, 2025 at 11:00 AM UTC Jenny McCall
Puma shares dive after warning of full-year loss, US tariff impact
Puma (PUM.DE) shares fell 17% on Friday after the sportswear brand said that it now expects an annual loss due to a decline in sales and US tariffs denting profit.
Reuters reports:
Read more here.
- Fri, July 25, 2025 at 10:44 AM UTC Jenny McCall
LG Energy Solution warns of slowing EV battery demand due to U.S. tariffs, policy headwinds
Reuters reports:
South Korean battery firm LG Energy (373220.KS) Solution warned on Friday of a further slowdown in demand by early next year due to U.S. tariffs and policy uncertainties after it posted a quarterly profit jump.
Its major customers Tesla (TSLA) and General Motors (GM) warned of fallout from U.S. tariffs and legislation that will end federal subsidies for EV purchases on September 30.
"US tariffs and an early end to EV subsidies will put a burden on automakers, potentially leading to vehicle price increases and a slowdown in EV growth in North America," CFO Lee Chang-sil said during a conference call.
Read more here.
