Overview

• The European Commission dismissed reports of a binding flat 10% tariff concession as speculative, reiterated its objection to what it calls unjustified and illegal U.S. duties, and said no agreement has been reached.
• German newspaper Handelsblatt reported that EU negotiators might offer a temporary, conditional 10% tariff on all exports to avert steeper, sector-specific U.S. duties.
• Washington has imposed 50% tariffs on steel and aluminium, 25% on cars and parts, and 10% on other EU goods, with planned rate increases paused through July 9.
• The White House has sent mixed signals about whether to extend the tariff pause beyond the early-July deadline.
• European Trade Commissioner Maroš Šefčovič is slated to meet U.S. Trade Representative Jamieson Greer this week at the G7 summit in Canada to advance negotiations.