Overview

• The US will impose 15% tariffs on the EU, Japan and South Korea, 10% on the UK, 19% on Indonesia and 20% on Vietnam and Taiwan starting August 7.
• Last-minute talks seek exemptions for autos, industrial goods and spirits, with Brussels expecting executive orders to exclude cars and aerospace parts.
• President Trump has threatened to raise India’s duties above 25% within 24 hours and target pharmaceuticals with up to 250% tariffs.
• Paris’s CAC 40 traded near flat while the Dow Jones, Nasdaq and S&P 500 saw minimal movement as investors balanced trade risks and robust corporate earnings.
• July’s ISM services reading fell to 50.1% and weak jobs data have prompted traders to ramp up bets on a September Fed rate cut.