Overview

• President Trump announced a U.S.–Japan agreement that sets tariffs on Japanese imports at 15% and secures $550 billion in Japanese investment, sending Tokyo’s Nikkei up over 3%.
• EU and U.S. negotiators are close to endorsing a reciprocal 15% tariff framework modeled on the Japan deal but still require President Trump’s final approval.
• The European Commission has compiled a €93 billion list of retaliatory tariffs and primed its anti-coercion instrument as leverage if negotiations collapse by August 1.
• Brussels is deepening trade partnerships with countries such as Indonesia, China and Japan to diversify its supply chains against potential U.S. duties.
• Confindustria warns that 30% U.S. tariffs could cut Italian exports by €38 billion and shrink GDP by 0.8% by 2027, highlighting the high economic stakes for EU members.