Overview
- President Trump announced that the U.S. and Japan will impose reciprocal 15 percent tariffs on each other’s goods starting August 1, down from the previously threatened 25 percent auto levies.
- Trump said Japan will channel $550 billion in investments into the United States under the agreement, with 90 percent of returns to remain in the U.S.
- The European Commission has suspended its initial €21 billion retaliation package until August 6 and will vote on a second €72 billion list of counter-tariffs this Thursday.
- EU Trade Commissioner Maroš Šefčovič is holding emergency discussions with U.S. Trade Minister Howard Lutnick to secure a zero-for-zero industrial tariff arrangement before the August 1 implementation date.
- Brussels is keeping its Anti-Coercion Instrument in reserve as a “nuclear option” and still faces threats from China over its inclusion of Chinese firms in the EU’s 18th sanctions package on Russia.