A duty on imports used to raise revenue or shield domestic industry.
President Trump has completed a two‑day state visit to Beijing with US business chiefs, holding talks with Xi Jinping on trade, Taiwan, Iran and AI. Leaders have agreed to set up trade and investment councils; Trump has touted unspecified "fantastic" deals including a reported 200‑plane Boeing order while Chinese statements remain cautious.
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.
President Trump is touring Wisconsin to shore up support for Republican Derrick Van Orden ahead of the November elections. He has framed farm prices, tariffs, and the Iran conflict as central campaign issues, while opponents warn of political overreach amid a tight race.
At Evian-les-Bains, G7 leaders press Trump to help break deadlock over Ukraine while eyeing renewed sanctions on Russia and pursuing a broader Iran endgame. Zelenskyy attends sessions on Ukraine; Macron seeks consensus and European autonomy amid tensions over U.S. engagement and Iran diplomacy.
The US Supreme Court has rejected President Trump’s executive order that would have denied automatic citizenship to nearly all children born on US soil. In a 6-3 ruling written by Chief Justice John Roberts, the court has affirmed that the 14th Amendment grants citizenship to those born in the United States, while three justices dissented.
Central banks are maintaining cautious stances as inflation pressures persist. Officials have signalled that rate paths will be data-driven, with ongoing monitoring of energy prices and geopolitical risks. Market expectations hinge on inflation trends and the pace of growth.
The United States has declined to renew the US-Mexico-Canada Agreement in its current form and has begun annual reviews instead. Washington has said it will continue talks with Mexico and Canada to address trade deficits and "shortcomings." The pact remains in force and will expire in 2036 unless countries agree changes.
The United States has begun refunding tariffs after the Supreme Court ruled the broad global tariffs illegal. The refunds, totaling up to $81 billion this fiscal year, come as the administration plans a fresh set of duties. Deficits have widened again despite early gains, and the White House signals further measures are pending.
Legislation updating Russia sanctions has gained White House backing and is advancing in the Senate, with debate centring on tariffs for the five largest buyers of Russian oil and gas and potential waivers. The measure has broad support and could reshape U.S. pressure on Moscow, as Graham’s legacy guides the approach.
Canada braces for a renewed fight as Washington imposes 50% tariffs on a wide range of imports. Prime Minister Carney leads a united Team Canada in negotiations with Trump’s administration, while provinces warn of disrupted industries and rising uncertainty. Talks aim to avert full escalation before the August 19 deadline.
A coalition of 25 US states has filed suit in the US Court of International Trade to stop 10–12.5% tariffs that took effect in July on goods from about 60 trading partners. Plaintiffs say the administration has used forced‑labour claims to recreate broad levies courts have already struck down; the White House says the duties are lawful under Section 301.
Brazilian President Lula Da Silva is defending sovereignty as talks with the US fray over election interference fears. Milei’s rhetoric and Bolsonaros’ campaign moves intensify regional tensions ahead of Brazil’s October vote. Diplomatic spats include visa revocations and downgrades, amid a broader regional shift toward conservative leadership.
The Federal Reserve has kept its target range at 3.5%-3.75%, with three regional presidents dissenting in favor of a quarter-point rate increase. Chair Warsh has emphasised inflation as a priority while signalling uncertainty about future moves. Markets have priced in possible action later this year as data rolls in.
The Trump administration has refunded about $100 billion of pre-cut tariff revenue after a Supreme Court ruling invalidated much of the IEEPA-based tariff regime. Refunds are continuing as trade authorities review remaining claims and importers provide banking details, while lawsuits challenge new duties.
Canada and the United States are negotiating amid looming tariffs that could disrupt auto, goods and jobs. Ottawa is seeking a broad, comprehensive deal, while Washington warns of steep duties on Canadian products. Talks have resumed as both sides weigh the future of North American trade.