Overview

• The EU has warned of imposing €100 billion in tariffs on US goods if ongoing negotiations fail, with a one-month consultation period before finalizing the list.
• US President Trump is expected to announce a bilateral trade agreement with the UK, marking the first such deal since the imposition of widespread US tariffs.
• US-China trade talks are scheduled to begin on May 10 in Geneva, with Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng leading discussions.
• The US trade deficit hit a record $140.5 billion in March, driven by a surge in imports ahead of tariff implementation, while GDP contracted by 0.3% in Q1 2025.
• The EU continues to diversify trade relations, accelerating negotiations with partners like India, ASEAN countries, and Gulf nations to reduce reliance on US markets.