— The Trump administration announced and then postponed to July 9 additional 50% tariff on European imports, allowing more time for negotiations.
— U.S. consumer confidence rebounded strongly in May after five consecutive months of declines, on optimism about trade deals and the stock market rebound.
— The U.S. government will allow the $14.9 billion purchase of U.S. Steel by Japan’s Nippon Steel, calling it a partnership that will create an estimated 7,000 new U.S. jobs.
— 95% of 4,500 Chinese exporters surveyed said they are seeking to increase sales to non-U.S. markets, as trade-weighted tariff rate on China has tripped to 33% vs. 13% at the start of 2025.
— EU lawmakers agreed to exempt 90% non-EU companies from the region’s new carbon tax on imports, but this will not apply to imports of steel, aluminum, cement and iron.
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