Overview

• President Donald Trump announced on July 11 that a 30% tariff on most EU products will take effect August 1.
• German Finance Minister Lars Klingbeil called for serious negotiations without threats, saying Europe’s hand remains extended but will not accept all U.S. demands.
• Klingbeil warned that higher duties threaten the American economy as much as European companies and said Europe is preparing counter-tariffs to defend jobs.
• He departs Wednesday for the G20 finance ministers meeting in South Africa, where U.S. tariff policy will feature on the sidelines.
• U.S. Treasury Secretary Scott Bessent will skip the G20 meeting in person and join only remote G7 talks.