Overview

• Washington’s new 50% duties on steel and aluminum took effect June 4, doubling the previous 25% rates.
• The European Union has warned it will impose counter-tariffs if a tariff suspension deal is not reached by the July 9 deadline.
• US Trade Representative Jamieson Greer and EU Trade Commissioner Maros Šefcovic described their recent talks in Paris as constructive.
• The United Kingdom secured an exemption under its May 8 trade agreement and now faces a 10% levy instead of the full 50%.
• April data show the US trade deficit fell 55% as imports plunged 16% and EU exports to the United States dropped 35%.