Overview

• The U.S. administration set a July 9 cutoff for new trade pacts and will send 12 “take it or leave it” letters tomorrow outlining proposed duty hikes.
• EU negotiators are in Washington this weekend pursuing a last-ditch deal after French Economy Minister Eric Lombard warned of tougher countermeasures if talks collapse.
• Brussels has compiled roughly €90 billion in counter-tariffs, including a 17% levy on agricultural imports, ready to be imposed without an agreement.
• Current 10% U.S. duties on European goods are slated to double after the deadline, with President Trump suggesting some rates could rise as high as 50%.
• Washington plans to sort trading partners into three tariff tiers—from maintained or reduced 10% rates to higher duties for those deemed negotiating in bad faith.