Overview

• The White House has offered a permanent 10% tariff on all EU imports, excluding sectors like aeronautics and alcohol, under a take-it-or-leave-it deal.
• President Trump confirmed on July 8 that the tariff truce will lapse August 1, rejecting further postponements after the July 9 deferral.
• EU Commissioners Maroš Šefčovič and Valdis Dombrovskis are racing to negotiate an accord to prevent market turmoil and possible EU countermeasures.
• Business associations, including Confindustria and Federvini, warn that the tariff combined with a 13.5% weaker dollar could slash €20 billion in exports and 118,000 jobs in Italy’s manufacturing and wine sectors.
• Earlier this month, the US imposed 25%–40% duties on seven noncooperative nations—among them Japan, South Korea and South Africa—to enforce its trade agenda.