Overview

• The administration has dispatched letters to more than 20 trading partners detailing duties of 25–50% on various imports effective August 1 and a higher 35% levy on Canadian goods.
• European officials remain in talks to secure a 10% duty cap and carve-outs for key industries such as aerospace, cosmetics and alcohol.
• Uncertainty over the measures drove the yield on French 30-year government bonds to about 4.20%, its highest level since the 2011 euro-zone crisis.
• Paris’s CAC 40 index fell around 0.8%; New York’s Dow Jones and S&P 500 both dropped over 0.5% on July 11.
• President Trump said he will send similar tariff notifications to the European Union imminently, raising the stakes in transatlantic trade talks.