Overview

• President Trump postponed the effective date of new import tariffs from July 9 to August 1 via presidential decree.
• He issued letters to 14 trading partners detailing 25% duties on imports from Japan, South Korea, Kazakhstan and Malaysia, 30% for South Africa and 40% for Laos and Myanmar.
• Markets responded cautiously as Paris’s CAC 40 ticked up and Wall Street’s major indices closed lower following the announcements.
• Brussels won a temporary exemption after a phone call between Trump and European Commission President Ursula von der Leyen.
• French firms pressed ahead with major deals as Capgemini agreed to acquire WNS for $3.3 billion and Tikehau Capital raised over €1 billion for Egis.