Overview

• The Commerce Department’s Howard Lutnick confirmed that a 30 percent duty on European imports will kick in August 1 unless an agreement is reached, even though talks can continue afterward.
• The European Commission has pre-approved €21 billion in retaliatory tariffs due August 6 and holds a further €72 billion package in reserve.
• Brussels is considering deploying its anti-coercion ‘bazooka’ to impose duties and service restrictions on U.S. tech giants if negotiations collapse.
• Ursula von der Leyen will travel to Tokyo on July 23 and Beijing on July 24 to secure alternative trade and security ties ahead of the deadline.
• Confindustria warns that 30 percent U.S. duties could cut Italian exports by €38 billion and shave 0.8 percent off Italy’s GDP by 2027.