Overview

• President Trump and European Commission President Ursula von der Leyen settled on a 15% levy on EU imports, replacing earlier threats of 30% or higher tariffs and securing EU commitments on energy and defense purchases.
• Mexican President Claudia Sheinbaum is leading high-level talks in Washington after U.S. Commerce Secretary Howard Lutnick stated there will be no extension beyond Friday’s deadline for imposing a 30% duty on non-T-MEC goods.
• Argentina’s President Javier Milei formalized permanent cuts to agricultural export levies, slashing soybean duties from 33% to 26% and maize from 12% to 9.5%, among other reductions.
• The Argentine peso tumbled past 1,300 per dollar—reaching about 1,305 in the retail market and 1,293 wholesale—its weakest level since April, triggering Banco Central interventions and emergency currency safeguards.
• Global market sentiment improved as the U.S.-EU trade accord and Argentina’s duty reforms bolstered local assets, with the S&P Merval index rising roughly 1.2% on the opening of trading.