Heritage Foundation is a conservative think tank advancing limited government and free-market policy in U.S. politics.
The US‑Israel war on Iran has pushed energy, fertilizer and transport costs higher and forced global agencies to cut growth forecasts. The OECD and other groups have reduced 2026 growth projections, UNICEF has reported soaring freight bills and delivery delays, and US consumer sentiment has ticked up slightly as gas prices ease (15 June 2026).
The EU has reached a compromise to enact the Turnberry trade accord with the United States, which has pledged to cap many U.S. duties on European goods at 15% while the EU will remove tariffs on U.S. industrial and some farm products. European institutions are racing to complete legislation before a July 4 deadline and recent U.S. tariff moves are hardening opposition in the Parliament.