Overview
- President Trump issued letters to 14 capitals announcing tariffs of 25% on Japan, South Korea, Kazakhstan and Malaysia, 30% on South Africa and 40% on Laos and Myanmar that will come into force on August 1.
- A European Commission spokesperson said Ursula von der Leyen had a “good exchange” with President Trump, and the EU has not been included in the initial tariff targets.
- Treasury Secretary Scott Bessent cautioned that surtaxes could reach up to 50% for countries that fail to secure agreements before the August 1 deadline.
- European and U.S. stock markets have traded near equilibrium as investors remain cautious over looming trade policy decisions.
- Despite trade tensions, major corporate deals continue, including Capgemini’s $3.3 billion takeover of WNS and Tikehau Capital’s €1 billion fundraise for infrastructure group Egis.