President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country’s goods within the next week.

Trump said the move was in response to Canada’s move to implement a digital services tax on technology companies, calling it a “direct and blatant attack on our country.”

“We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump wrote on Truth Social.

The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.

US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%.

The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.

Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.

“I think we could have trade wrapped up by Labor Day,” Bessent said in a Fox Business interview.

The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating “in good faith.”

So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1275 updates

‘We can do whatever we want’: Trump sows confusion on his summer tariff timeline The market’s task of planning for how tariff developments will play out this summer got more complicated Friday as President Trump and his team offered a host of options for what to expect in the months ahead. First, Treasury Secretary Scott Bessent raised eyebrows when he suggested that his focus could be on an end-of-summer deadline, saying, “I think we could have trade wrapped up by Labor Day.” But any hopes for a summer lull between now and then were short-lived when, just a few hours later, Trump offered multiple other scenarios during a wide-ranging press conference. At one point, the president reiterated his plan to send letters to dictate tariff rates for at least some countries, perhaps as soon as next week, saying, “It’s going to go very quickly.” Minutes later, he said that a July 9 deadline to raise “reciprocal” tariffs is not set and perhaps could move, but in an unpredictable direction. “We can do whatever we want,” he told reporters of that deadline. “We could extend it, we could make it shorter,” adding that his preference was to make it shorter. Read more here

Trump says he’s cutting off trade talks with Canada President Trump on Friday said he is cutting off all trade talks with Canada, threatening to set a new tariff rate on goods imported from the country within the next week. The reason, according to Trump: Canada’s plan to implement a digital services tax, which could affect US tech companies. Trump’s about-face throws a potential wrench in weeks of trade progress. Just hours earlier, the US and China cemented the trade truce first agreed to last month in Geneva. Here’s Trump’s Truth Social post on Canada, in full:

President Trump leaves question over July 9 tariff deadline open On Friday afternoon, President Trump touted tariff revenue and an influx of domestic manufacturing but offered few details on the state of tariff negotiations ahead of the July 9 deadline, when the tariff pause expires. The president acknowledged that the administration won’t be able to reach deals with 200-plus countries over the next week and a half. But he did not definitively say whether tariff rates would jump back up to “Liberation Day” levels. “We can do whatever we want,” Trump told reporters in a press briefing, referring to the tariff pause. “We could extend it. We could make it shorter — I’d like to make it shorter. I’d like to just send letters out to everybody: ‘Congratulations, you’re paying 25%'” So far, the Trump administration has confirmed preliminary trade agreements with China (as of today) and the UK. Trump noted that officials are in the process of negotiating other deals, which he said are “going to go very quickly.” In particular, Trump again teased a potential deal with India, which has faced roadblocks in recent weeks over some of the country’s protectionist policies for certain sectors. “Some of the bigger countries, India, I think we’re going to reach a deal where we have the right to go in and trade,” Trump said. “Right now, it’s restricted. … We’re looking to get a full trade barrier dropping, which is unthinkable, and I’m not sure that that’s going to happen, but as of this moment, we’ve agreed to go into Indian trade.”

US, EU confident of reaching a deal by July 9 deadline US and EU officials are confident of clinching a trade deal before a July 9 deadline, Bloomberg reported Friday. Amid continued progress on China, the US-EU talks have come in high focus ahead of that deadline, with US tariffs of up to 50% looming on EU imports. From the report: Read more here.

Bessent: ‘We could have trade wrapped up by Labor Day’ Treasury Secretary Scott Bessent said on Friday that the US could wrap up its most important trade deals by Labor Day. “Secretary Lutnick said yesterday that he expects 10 more deals,” Bessent told Fox Business Network in an interview. “So if we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day.” Bessent’s comments come after the US and China signed an interim trade agreement on Friday that would reduce tariffs while the two sides work toward a formal deal. Trump administration officials have softened their stance toward the July 9 deadline they set for themselves to hammer out trade pacts. On Thursday, White House press secretary Karoline Leavitt said the early July deadline “is not critical” while Trump’s top economic adviser said he expected the US to extend the pause for countries negotiating “in good faith.”

China confirms details of trade framework laid out by US The other shoe has dropped: Beijing has backed up the plans for trade easing laid out by the US, signaling warmer relations between the recently feuding sides. Bloomberg reports: Read more here.

Don’t think tariffs sting? Ask Nike! Nike (NKE) slipped this one into its earnings call last night: It could see a $1 billion tariff hit to profits this year! How does it plan to overcome that, you ask? By jacking up prices even more soon. How the consumer responds to the higher prices will determine if the tariff hit is a greater-than-expected weight on the business. Keep that risk in mind as the big premarket move excites you. We’ll dive more into Nike’s quarter on Opening Bid live at 9:30 a.m ET.

Trump teases ‘big’ India trade deal despite talks deadlock President Trump has said the US could sign a “very big” trade deal soon that would open up the Indian market to American businesses, even as both sides meet in D.C. to break a recent deadlock over key issues. Bloomberg reports: Read more here.

Trump confirms US-China trade truce, claims global tariff deals incoming President Trump said Thursday that the US and China have “signed” a trade deal, cementing months-long negotiations. The deal builds on meetings in Geneva between representatives of both nations and implements measures previously agreed upon. “We just signed with China yesterday,” Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May. In that truce, the US and China agreed to a 90-day reduction in tariffs while working toward a formal deal. Talks had stalled over issues such as US export controls and China’s rare earth exports. Earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement “They’re going to deliver rare earths to us,” Lutnick said in an interview with Bloomberg. “We’ll take down our countermeasures”, he added. The announcement comes a deadline looms for the US to reimpose tariffs of up to 50% on several trading partners by July 9 unless the countries reach permanent agreements. Lutnick has hinted that deals are incoming with the largest trade partners. “We’re going to do top 10 deals, put them in the right category, and then these other countries will fit behind,” he said.

EU leaders consider Trump’s latest trade proposal Bloomberg reports: Read more here.

Car price inflation may already be here amid tariffs: Cox Automotive Yahoo Finance’s Pras Subramanian reports: Read more here.

Countries balk at trade deals without knowing whether Trump’s other tariffs will still apply After pausing his steepest tariffs in April, President Trump and his administration said the goal was “90 deals in 90 days.” So far, the only agreement they have to show is with the United Kingdom. Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply. From the report: In fact, the report said the UK deal provides a “cautionary tale”: Read more here.

Trump’s tariff revenue is on pace for another monthly record in June Yahoo Finance’s Ben Werschkul reports: Read more here.

White House top economist says extending tariff pause ‘makes sense’ for some countries White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance’s Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration’s self-imposed July 9 deadline. That deadline marks the end of a tariff pause on the higher levels of “Liberation Day” tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next? “My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense,” Miran said on Yahoo Finance’s Opening Bid. “I mean, you don’t blow up a deal that’s that’s in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it.” Sozzi adds: Read more here.

AB Foods’ bioethanol plant set to be early victim of US-UK trade deal Associated British Foods may become the first casualty of Britain’s tariff deal with the US and have said it may have to close the UK’s largest bioethanol plant by September if the government does not provide funding. Reuters reports: Read more here.

Key issues in India, US trade talks ahead of July 9 deadline Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That’s left an interim trade deal in jeopardy ahead of President Trump’s July 9 deadline. Here are some key issues at stake, according to a Reuters analysis: Read more here.

Toys are getting pricier as tariffs kick in Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It’s one of the first signs of how new trade rules are quickly making things more expensive for Americans. The Washington Post reports: Read more here.

EU leaders meet to decide on whether to back quick US trade deal or seek better terms The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome. Bloomberg News reports: Read more here.

EU’s Ribera won’t trade Big Tech rules to placate Trump The European Union competition chief, Teresa Ribera, told Bloomberg News on Thursday that the EU’s crackdown on Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) is not a bargaining chip in trade negotiations with President Trump. Bloomberg News reports: Read more here.

Chinese toymaker takes drastic action to survive Trump’s tariffs One Chinese toymaker has taken drastic action to try and avoid President Trump’s tariff blitz. When Trump hiked tariffs on China from 54% to 145% in early April, Ah Biao a toy factory in southern China that makes magnetic puzz and sensory toys for American children, rented a factory in Vietnam. They packed 90 sets of iron and steel molds into 60 boxes, which was then shipped to the Southeast Asian country to avoid high levies. Bloomberg News reports: Read more here.

President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country’s goods within the next week.

Trump said the move was in response to Canada’s move to implement a digital services tax on technology companies, calling it a “direct and blatant attack on our country.”

“We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump wrote on Truth Social.

The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.

US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%.

The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.

Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.

“I think we could have trade wrapped up by Labor Day,” Bessent said in a Fox Business interview.

The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating “in good faith.”

So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1275 updates

‘We can do whatever we want’: Trump sows confusion on his summer tariff timeline The market’s task of planning for how tariff developments will play out this summer got more complicated Friday as President Trump and his team offered a host of options for what to expect in the months ahead. First, Treasury Secretary Scott Bessent raised eyebrows when he suggested that his focus could be on an end-of-summer deadline, saying, “I think we could have trade wrapped up by Labor Day.” But any hopes for a summer lull between now and then were short-lived when, just a few hours later, Trump offered multiple other scenarios during a wide-ranging press conference. At one point, the president reiterated his plan to send letters to dictate tariff rates for at least some countries, perhaps as soon as next week, saying, “It’s going to go very quickly.” Minutes later, he said that a July 9 deadline to raise “reciprocal” tariffs is not set and perhaps could move, but in an unpredictable direction. “We can do whatever we want,” he told reporters of that deadline. “We could extend it, we could make it shorter,” adding that his preference was to make it shorter. Read more here

Trump says he’s cutting off trade talks with Canada President Trump on Friday said he is cutting off all trade talks with Canada, threatening to set a new tariff rate on goods imported from the country within the next week. The reason, according to Trump: Canada’s plan to implement a digital services tax, which could affect US tech companies. Trump’s about-face throws a potential wrench in weeks of trade progress. Just hours earlier, the US and China cemented the trade truce first agreed to last month in Geneva. Here’s Trump’s Truth Social post on Canada, in full:

President Trump leaves question over July 9 tariff deadline open On Friday afternoon, President Trump touted tariff revenue and an influx of domestic manufacturing but offered few details on the state of tariff negotiations ahead of the July 9 deadline, when the tariff pause expires. The president acknowledged that the administration won’t be able to reach deals with 200-plus countries over the next week and a half. But he did not definitively say whether tariff rates would jump back up to “Liberation Day” levels. “We can do whatever we want,” Trump told reporters in a press briefing, referring to the tariff pause. “We could extend it. We could make it shorter — I’d like to make it shorter. I’d like to just send letters out to everybody: ‘Congratulations, you’re paying 25%'” So far, the Trump administration has confirmed preliminary trade agreements with China (as of today) and the UK. Trump noted that officials are in the process of negotiating other deals, which he said are “going to go very quickly.” In particular, Trump again teased a potential deal with India, which has faced roadblocks in recent weeks over some of the country’s protectionist policies for certain sectors. “Some of the bigger countries, India, I think we’re going to reach a deal where we have the right to go in and trade,” Trump said. “Right now, it’s restricted. … We’re looking to get a full trade barrier dropping, which is unthinkable, and I’m not sure that that’s going to happen, but as of this moment, we’ve agreed to go into Indian trade.”

US, EU confident of reaching a deal by July 9 deadline US and EU officials are confident of clinching a trade deal before a July 9 deadline, Bloomberg reported Friday. Amid continued progress on China, the US-EU talks have come in high focus ahead of that deadline, with US tariffs of up to 50% looming on EU imports. From the report: Read more here.

Bessent: ‘We could have trade wrapped up by Labor Day’ Treasury Secretary Scott Bessent said on Friday that the US could wrap up its most important trade deals by Labor Day. “Secretary Lutnick said yesterday that he expects 10 more deals,” Bessent told Fox Business Network in an interview. “So if we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day.” Bessent’s comments come after the US and China signed an interim trade agreement on Friday that would reduce tariffs while the two sides work toward a formal deal. Trump administration officials have softened their stance toward the July 9 deadline they set for themselves to hammer out trade pacts. On Thursday, White House press secretary Karoline Leavitt said the early July deadline “is not critical” while Trump’s top economic adviser said he expected the US to extend the pause for countries negotiating “in good faith.”

China confirms details of trade framework laid out by US The other shoe has dropped: Beijing has backed up the plans for trade easing laid out by the US, signaling warmer relations between the recently feuding sides. Bloomberg reports: Read more here.

Don’t think tariffs sting? Ask Nike! Nike (NKE) slipped this one into its earnings call last night: It could see a $1 billion tariff hit to profits this year! How does it plan to overcome that, you ask? By jacking up prices even more soon. How the consumer responds to the higher prices will determine if the tariff hit is a greater-than-expected weight on the business. Keep that risk in mind as the big premarket move excites you. We’ll dive more into Nike’s quarter on Opening Bid live at 9:30 a.m ET.

Trump teases ‘big’ India trade deal despite talks deadlock President Trump has said the US could sign a “very big” trade deal soon that would open up the Indian market to American businesses, even as both sides meet in D.C. to break a recent deadlock over key issues. Bloomberg reports: Read more here.

Trump confirms US-China trade truce, claims global tariff deals incoming President Trump said Thursday that the US and China have “signed” a trade deal, cementing months-long negotiations. The deal builds on meetings in Geneva between representatives of both nations and implements measures previously agreed upon. “We just signed with China yesterday,” Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May. In that truce, the US and China agreed to a 90-day reduction in tariffs while working toward a formal deal. Talks had stalled over issues such as US export controls and China’s rare earth exports. Earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement “They’re going to deliver rare earths to us,” Lutnick said in an interview with Bloomberg. “We’ll take down our countermeasures”, he added. The announcement comes a deadline looms for the US to reimpose tariffs of up to 50% on several trading partners by July 9 unless the countries reach permanent agreements. Lutnick has hinted that deals are incoming with the largest trade partners. “We’re going to do top 10 deals, put them in the right category, and then these other countries will fit behind,” he said.

EU leaders consider Trump’s latest trade proposal Bloomberg reports: Read more here.

Car price inflation may already be here amid tariffs: Cox Automotive Yahoo Finance’s Pras Subramanian reports: Read more here.

Countries balk at trade deals without knowing whether Trump’s other tariffs will still apply After pausing his steepest tariffs in April, President Trump and his administration said the goal was “90 deals in 90 days.” So far, the only agreement they have to show is with the United Kingdom. Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply. From the report: In fact, the report said the UK deal provides a “cautionary tale”: Read more here.

Trump’s tariff revenue is on pace for another monthly record in June Yahoo Finance’s Ben Werschkul reports: Read more here.

White House top economist says extending tariff pause ‘makes sense’ for some countries White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance’s Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration’s self-imposed July 9 deadline. That deadline marks the end of a tariff pause on the higher levels of “Liberation Day” tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next? “My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense,” Miran said on Yahoo Finance’s Opening Bid. “I mean, you don’t blow up a deal that’s that’s in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it.” Sozzi adds: Read more here.

AB Foods’ bioethanol plant set to be early victim of US-UK trade deal Associated British Foods may become the first casualty of Britain’s tariff deal with the US and have said it may have to close the UK’s largest bioethanol plant by September if the government does not provide funding. Reuters reports: Read more here.

Key issues in India, US trade talks ahead of July 9 deadline Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That’s left an interim trade deal in jeopardy ahead of President Trump’s July 9 deadline. Here are some key issues at stake, according to a Reuters analysis: Read more here.

Toys are getting pricier as tariffs kick in Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It’s one of the first signs of how new trade rules are quickly making things more expensive for Americans. The Washington Post reports: Read more here.

EU leaders meet to decide on whether to back quick US trade deal or seek better terms The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome. Bloomberg News reports: Read more here.

EU’s Ribera won’t trade Big Tech rules to placate Trump The European Union competition chief, Teresa Ribera, told Bloomberg News on Thursday that the EU’s crackdown on Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) is not a bargaining chip in trade negotiations with President Trump. Bloomberg News reports: Read more here.

Chinese toymaker takes drastic action to survive Trump’s tariffs One Chinese toymaker has taken drastic action to try and avoid President Trump’s tariff blitz. When Trump hiked tariffs on China from 54% to 145% in early April, Ah Biao a toy factory in southern China that makes magnetic puzz and sensory toys for American children, rented a factory in Vietnam. They packed 90 sets of iron and steel molds into 60 boxes, which was then shipped to the Southeast Asian country to avoid high levies. Bloomberg News reports: Read more here.

President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country’s goods within the next week.

Trump said the move was in response to Canada’s move to implement a digital services tax on technology companies, calling it a “direct and blatant attack on our country.”

“We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump wrote on Truth Social.

The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.

US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%.

The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.

Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.

“I think we could have trade wrapped up by Labor Day,” Bessent said in a Fox Business interview.

The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating “in good faith.”

So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1275 updates

‘We can do whatever we want’: Trump sows confusion on his summer tariff timeline The market’s task of planning for how tariff developments will play out this summer got more complicated Friday as President Trump and his team offered a host of options for what to expect in the months ahead. First, Treasury Secretary Scott Bessent raised eyebrows when he suggested that his focus could be on an end-of-summer deadline, saying, “I think we could have trade wrapped up by Labor Day.” But any hopes for a summer lull between now and then were short-lived when, just a few hours later, Trump offered multiple other scenarios during a wide-ranging press conference. At one point, the president reiterated his plan to send letters to dictate tariff rates for at least some countries, perhaps as soon as next week, saying, “It’s going to go very quickly.” Minutes later, he said that a July 9 deadline to raise “reciprocal” tariffs is not set and perhaps could move, but in an unpredictable direction. “We can do whatever we want,” he told reporters of that deadline. “We could extend it, we could make it shorter,” adding that his preference was to make it shorter. Read more here

Trump says he’s cutting off trade talks with Canada President Trump on Friday said he is cutting off all trade talks with Canada, threatening to set a new tariff rate on goods imported from the country within the next week. The reason, according to Trump: Canada’s plan to implement a digital services tax, which could affect US tech companies. Trump’s about-face throws a potential wrench in weeks of trade progress. Just hours earlier, the US and China cemented the trade truce first agreed to last month in Geneva. Here’s Trump’s Truth Social post on Canada, in full:

President Trump leaves question over July 9 tariff deadline open On Friday afternoon, President Trump touted tariff revenue and an influx of domestic manufacturing but offered few details on the state of tariff negotiations ahead of the July 9 deadline, when the tariff pause expires. The president acknowledged that the administration won’t be able to reach deals with 200-plus countries over the next week and a half. But he did not definitively say whether tariff rates would jump back up to “Liberation Day” levels. “We can do whatever we want,” Trump told reporters in a press briefing, referring to the tariff pause. “We could extend it. We could make it shorter — I’d like to make it shorter. I’d like to just send letters out to everybody: ‘Congratulations, you’re paying 25%'” So far, the Trump administration has confirmed preliminary trade agreements with China (as of today) and the UK. Trump noted that officials are in the process of negotiating other deals, which he said are “going to go very quickly.” In particular, Trump again teased a potential deal with India, which has faced roadblocks in recent weeks over some of the country’s protectionist policies for certain sectors. “Some of the bigger countries, India, I think we’re going to reach a deal where we have the right to go in and trade,” Trump said. “Right now, it’s restricted. … We’re looking to get a full trade barrier dropping, which is unthinkable, and I’m not sure that that’s going to happen, but as of this moment, we’ve agreed to go into Indian trade.”

US, EU confident of reaching a deal by July 9 deadline US and EU officials are confident of clinching a trade deal before a July 9 deadline, Bloomberg reported Friday. Amid continued progress on China, the US-EU talks have come in high focus ahead of that deadline, with US tariffs of up to 50% looming on EU imports. From the report: Read more here.

Bessent: ‘We could have trade wrapped up by Labor Day’ Treasury Secretary Scott Bessent said on Friday that the US could wrap up its most important trade deals by Labor Day. “Secretary Lutnick said yesterday that he expects 10 more deals,” Bessent told Fox Business Network in an interview. “So if we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day.” Bessent’s comments come after the US and China signed an interim trade agreement on Friday that would reduce tariffs while the two sides work toward a formal deal. Trump administration officials have softened their stance toward the July 9 deadline they set for themselves to hammer out trade pacts. On Thursday, White House press secretary Karoline Leavitt said the early July deadline “is not critical” while Trump’s top economic adviser said he expected the US to extend the pause for countries negotiating “in good faith.”

China confirms details of trade framework laid out by US The other shoe has dropped: Beijing has backed up the plans for trade easing laid out by the US, signaling warmer relations between the recently feuding sides. Bloomberg reports: Read more here.

Don’t think tariffs sting? Ask Nike! Nike (NKE) slipped this one into its earnings call last night: It could see a $1 billion tariff hit to profits this year! How does it plan to overcome that, you ask? By jacking up prices even more soon. How the consumer responds to the higher prices will determine if the tariff hit is a greater-than-expected weight on the business. Keep that risk in mind as the big premarket move excites you. We’ll dive more into Nike’s quarter on Opening Bid live at 9:30 a.m ET.

Trump teases ‘big’ India trade deal despite talks deadlock President Trump has said the US could sign a “very big” trade deal soon that would open up the Indian market to American businesses, even as both sides meet in D.C. to break a recent deadlock over key issues. Bloomberg reports: Read more here.

Trump confirms US-China trade truce, claims global tariff deals incoming President Trump said Thursday that the US and China have “signed” a trade deal, cementing months-long negotiations. The deal builds on meetings in Geneva between representatives of both nations and implements measures previously agreed upon. “We just signed with China yesterday,” Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May. In that truce, the US and China agreed to a 90-day reduction in tariffs while working toward a formal deal. Talks had stalled over issues such as US export controls and China’s rare earth exports. Earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement “They’re going to deliver rare earths to us,” Lutnick said in an interview with Bloomberg. “We’ll take down our countermeasures”, he added. The announcement comes a deadline looms for the US to reimpose tariffs of up to 50% on several trading partners by July 9 unless the countries reach permanent agreements. Lutnick has hinted that deals are incoming with the largest trade partners. “We’re going to do top 10 deals, put them in the right category, and then these other countries will fit behind,” he said.

EU leaders consider Trump’s latest trade proposal Bloomberg reports: Read more here.

Car price inflation may already be here amid tariffs: Cox Automotive Yahoo Finance’s Pras Subramanian reports: Read more here.

Countries balk at trade deals without knowing whether Trump’s other tariffs will still apply After pausing his steepest tariffs in April, President Trump and his administration said the goal was “90 deals in 90 days.” So far, the only agreement they have to show is with the United Kingdom. Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply. From the report: In fact, the report said the UK deal provides a “cautionary tale”: Read more here.

Trump’s tariff revenue is on pace for another monthly record in June Yahoo Finance’s Ben Werschkul reports: Read more here.

White House top economist says extending tariff pause ‘makes sense’ for some countries White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance’s Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration’s self-imposed July 9 deadline. That deadline marks the end of a tariff pause on the higher levels of “Liberation Day” tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next? “My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense,” Miran said on Yahoo Finance’s Opening Bid. “I mean, you don’t blow up a deal that’s that’s in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it.” Sozzi adds: Read more here.

AB Foods’ bioethanol plant set to be early victim of US-UK trade deal Associated British Foods may become the first casualty of Britain’s tariff deal with the US and have said it may have to close the UK’s largest bioethanol plant by September if the government does not provide funding. Reuters reports: Read more here.

Key issues in India, US trade talks ahead of July 9 deadline Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That’s left an interim trade deal in jeopardy ahead of President Trump’s July 9 deadline. Here are some key issues at stake, according to a Reuters analysis: Read more here.

Toys are getting pricier as tariffs kick in Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It’s one of the first signs of how new trade rules are quickly making things more expensive for Americans. The Washington Post reports: Read more here.

EU leaders meet to decide on whether to back quick US trade deal or seek better terms The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome. Bloomberg News reports: Read more here.

EU’s Ribera won’t trade Big Tech rules to placate Trump The European Union competition chief, Teresa Ribera, told Bloomberg News on Thursday that the EU’s crackdown on Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) is not a bargaining chip in trade negotiations with President Trump. Bloomberg News reports: Read more here.

Chinese toymaker takes drastic action to survive Trump’s tariffs One Chinese toymaker has taken drastic action to try and avoid President Trump’s tariff blitz. When Trump hiked tariffs on China from 54% to 145% in early April, Ah Biao a toy factory in southern China that makes magnetic puzz and sensory toys for American children, rented a factory in Vietnam. They packed 90 sets of iron and steel molds into 60 boxes, which was then shipped to the Southeast Asian country to avoid high levies. Bloomberg News reports: Read more here.

New York CNN —

For some small businesses, the last week brought even more twists and turns to the past two months of President Donald Trump’s chaotic tariffs.

The situation was already confusing, with stops and starts of tariffs at different levels. Then on Wednesday, a US court said Trump overstepped his authority in imposing most of those import levies – only for an appeals court on Thursday to pause the previous court’s ruling.

The confusion has made it challenging for some small companies to plan, business owners told CNN. In certain cases, they have had to consider changing their product strategy, looking into shifting their supply chains, reducing staff hours or delaying products.

“My fear is, if this continues, there’s going to be like the mass extinction of small businesses,” Julie Robbins, CEO of Ohio-based guitar pedal maker EarthQuaker Devices, told CNN.

Trump announced blanket tariffs across the globe on April 2, and since then, his plans have changed on a regular basis.

In early April, he issued a 90-day pause on reciprocal tariffs almost everywhere except China. Then, after ratcheting up total tariffs on Chinese imports to 145%, he declared smartphones and certain other electronics would be exempt from the reciprocal tariffs. The US and China agreed in May to roll back reciprocal tariffs for 90 days. And in late May, he threatened smartphone makers like Apple with 25% tariffs if they don’t make their phones in the US. He also agreed to push back levies on imports from the European Union until July 9.

Those are only some of his changes, which can come at any time of day via the White House, social media posts or other avenues.

The whiplash has been hard for companies to keep up with. Even major brands like apparel giant Gap are feeling the impact of tariffs, but small companies with far fewer resources are in an even tougher spot. The National Federation of Independent Business Small Business Optimism Index fell by 1.6 points in April, dipping below the 51-year average for the second consecutive month. The organization’s chief economist, Bill Dunkelberg, cited uncertainty as a “major impediment” for small business owners in a press release.

“It’s the sort of more smaller, kind of more niche… brands that are going to really, really get hit by this,” Jack Leathem, an analyst at market research firm Canalys, told CNN in April.

Some small business owners have had to make difficult decisions as they’ve grappled with the impact of tariffs. EveAnna Manley, whose company Manley Labs makes high-end electronics for recording studios, has had to cut her employees’ hours by 25%.

The reciprocal tariffs that China imposed on the US have been particularly challenging, she says, since China has become a major market for her business. Manley says it took “decades” for her to “get the best Chinese importers.”

Overall, Manley Labs’ sales are down more than 19% compared to last year, she told CNN, which has frozen the company’s product development efforts.

“It’s just a freaking mess right now,” she said in late May, before this past week’s court rulings on Trump’s tariffs. “And I’m so angry that my own government has done this to me.”

EveAnna Manley at the Axpona Audio Expo in April. JB/Manley Labs

The best thing small businesses can do right now is to be flexible and diversify their sourcing and procurement strategies, says Tala Akhavan, chief operating officer of Pietra, a platform that helps brands with sourcing, production and logistics among other services.

That’s what Intuition Robotics, which makes a home robot designed to be a companion for older adults, is doing, according to chief strategy officer Assaf Gad.

The company also makes money off its digital subscription accounts, according to Gad, giving it the flexibility to look into a “plan B” outside of China for producing the company’s hardware. Sudden changes in tariff policies haven’t really impacted the company’s decisions because it’s planning for the next nine to 12 months rather than the short term, he said in mid-May.

Trump’s tariffs have encouraged Gad to think about expanding Intuition Robotics into international markets.

“Maybe this is also a good time to say, ‘Let’s not put all the eggs in one basket,’” he said, “and, you know, start looking on other kind of territories that will reduce the risk for us going forward.”

But for some companies, finding a plan B isn’t so easy. That’s the case for Sarah O’Leary, CEO of Willow, which makes wearable breast pumps and accessories. As a medical device company, Willow can’t simply just move its manufacturing, O’Leary told CNN. The company had to pause exporting one product it produces in China for postpartum recovery at one point because it became too expensive.

The ruling on Wednesday aiming to block many tariffs brought some relief, O’Leary said in an emailed statement on Thursday evening. But she acknowledged that there’s still “so much uncertainty,” adding that “the chaos will persist.”

Any tariffs, even low ones, would be difficult for a small company like hers to absorb, she said in mid-May.

“We don’t build our products with that much margin,” she said. “And so, unfortunately, we are in a position where we have to evaluate what we can do to survive in those contexts.”

President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country’s goods within the next week.

Trump said the move was in response to Canada’s move to implement a digital services tax on technology companies, calling it a “direct and blatant attack on our country.”

“We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump wrote on Truth Social.

The abrupt blow-up in US-Canada relations followed a flurry of optimism on the trade front that helped send stocks to new records on Friday. Most notably, the US and China stepped closer to a full tariff and trade deal, making a pact to formally cement the informal trade understanding reached in Geneva talks in May.

US tariffs on Chinese imports will start at 30%, Treasury Secretary Scott Bessent said Friday. China tariffs on US imports will be 10%.

The pact marks a significant step in stabilizing trade relations between the two countries, which lapsed into feuding soon after an initial truce in May. China has confirmed it will deliver rare earths to the US as part of the trade framework, and the US will respond by taking down its countermeasures, Commerce Secretary Howard Lutnick told Bloomberg.

Lutnick also claimed that trade agreements with 10 key US trading partners are imminent, as countries from Canada to Japan struggle to get over the finish line with just two weeks to go. Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.

“I think we could have trade wrapped up by Labor Day,” Bessent said in a Fox Business interview.

The Trump administration has signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds. Stephen Miran, chairman of the White House Council of Economic Advisers, told Yahoo Finance the tariff pause to be extended for countries negotiating “in good faith.”

So far, Trump has firmed up a trade deal with the United Kingdom. Trade talks with the European Union have also come into focus in recent days, with US tariffs of up to 50% on EU imports looming by that same deadline. A report said officials are optimistic about reaching a deal.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

LIVE

1275 updates

‘We can do whatever we want’: Trump sows confusion on his summer tariff timeline The market’s task of planning for how tariff developments will play out this summer got more complicated Friday as President Trump and his team offered a host of options for what to expect in the months ahead. First, Treasury Secretary Scott Bessent raised eyebrows when he suggested that his focus could be on an end-of-summer deadline, saying, “I think we could have trade wrapped up by Labor Day.” But any hopes for a summer lull between now and then were short-lived when, just a few hours later, Trump offered multiple other scenarios during a wide-ranging press conference. At one point, the president reiterated his plan to send letters to dictate tariff rates for at least some countries, perhaps as soon as next week, saying, “It’s going to go very quickly.” Minutes later, he said that a July 9 deadline to raise “reciprocal” tariffs is not set and perhaps could move, but in an unpredictable direction. “We can do whatever we want,” he told reporters of that deadline. “We could extend it, we could make it shorter,” adding that his preference was to make it shorter. Read more here

Trump says he’s cutting off trade talks with Canada President Trump on Friday said he is cutting off all trade talks with Canada, threatening to set a new tariff rate on goods imported from the country within the next week. The reason, according to Trump: Canada’s plan to implement a digital services tax, which could affect US tech companies. Trump’s about-face throws a potential wrench in weeks of trade progress. Just hours earlier, the US and China cemented the trade truce first agreed to last month in Geneva. Here’s Trump’s Truth Social post on Canada, in full:

President Trump leaves question over July 9 tariff deadline open On Friday afternoon, President Trump touted tariff revenue and an influx of domestic manufacturing but offered few details on the state of tariff negotiations ahead of the July 9 deadline, when the tariff pause expires. The president acknowledged that the administration won’t be able to reach deals with 200-plus countries over the next week and a half. But he did not definitively say whether tariff rates would jump back up to “Liberation Day” levels. “We can do whatever we want,” Trump told reporters in a press briefing, referring to the tariff pause. “We could extend it. We could make it shorter — I’d like to make it shorter. I’d like to just send letters out to everybody: ‘Congratulations, you’re paying 25%'” So far, the Trump administration has confirmed preliminary trade agreements with China (as of today) and the UK. Trump noted that officials are in the process of negotiating other deals, which he said are “going to go very quickly.” In particular, Trump again teased a potential deal with India, which has faced roadblocks in recent weeks over some of the country’s protectionist policies for certain sectors. “Some of the bigger countries, India, I think we’re going to reach a deal where we have the right to go in and trade,” Trump said. “Right now, it’s restricted. … We’re looking to get a full trade barrier dropping, which is unthinkable, and I’m not sure that that’s going to happen, but as of this moment, we’ve agreed to go into Indian trade.”

US, EU confident of reaching a deal by July 9 deadline US and EU officials are confident of clinching a trade deal before a July 9 deadline, Bloomberg reported Friday. Amid continued progress on China, the US-EU talks have come in high focus ahead of that deadline, with US tariffs of up to 50% looming on EU imports. From the report: Read more here.

Bessent: ‘We could have trade wrapped up by Labor Day’ Treasury Secretary Scott Bessent said on Friday that the US could wrap up its most important trade deals by Labor Day. “Secretary Lutnick said yesterday that he expects 10 more deals,” Bessent told Fox Business Network in an interview. “So if we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day.” Bessent’s comments come after the US and China signed an interim trade agreement on Friday that would reduce tariffs while the two sides work toward a formal deal. Trump administration officials have softened their stance toward the July 9 deadline they set for themselves to hammer out trade pacts. On Thursday, White House press secretary Karoline Leavitt said the early July deadline “is not critical” while Trump’s top economic adviser said he expected the US to extend the pause for countries negotiating “in good faith.”

China confirms details of trade framework laid out by US The other shoe has dropped: Beijing has backed up the plans for trade easing laid out by the US, signaling warmer relations between the recently feuding sides. Bloomberg reports: Read more here.

Don’t think tariffs sting? Ask Nike! Nike (NKE) slipped this one into its earnings call last night: It could see a $1 billion tariff hit to profits this year! How does it plan to overcome that, you ask? By jacking up prices even more soon. How the consumer responds to the higher prices will determine if the tariff hit is a greater-than-expected weight on the business. Keep that risk in mind as the big premarket move excites you. We’ll dive more into Nike’s quarter on Opening Bid live at 9:30 a.m ET.

Trump teases ‘big’ India trade deal despite talks deadlock President Trump has said the US could sign a “very big” trade deal soon that would open up the Indian market to American businesses, even as both sides meet in D.C. to break a recent deadlock over key issues. Bloomberg reports: Read more here.

Trump confirms US-China trade truce, claims global tariff deals incoming President Trump said Thursday that the US and China have “signed” a trade deal, cementing months-long negotiations. The deal builds on meetings in Geneva between representatives of both nations and implements measures previously agreed upon. “We just signed with China yesterday,” Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May. In that truce, the US and China agreed to a 90-day reduction in tariffs while working toward a formal deal. Talks had stalled over issues such as US export controls and China’s rare earth exports. Earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement “They’re going to deliver rare earths to us,” Lutnick said in an interview with Bloomberg. “We’ll take down our countermeasures”, he added. The announcement comes a deadline looms for the US to reimpose tariffs of up to 50% on several trading partners by July 9 unless the countries reach permanent agreements. Lutnick has hinted that deals are incoming with the largest trade partners. “We’re going to do top 10 deals, put them in the right category, and then these other countries will fit behind,” he said.

EU leaders consider Trump’s latest trade proposal Bloomberg reports: Read more here.

Car price inflation may already be here amid tariffs: Cox Automotive Yahoo Finance’s Pras Subramanian reports: Read more here.

Countries balk at trade deals without knowing whether Trump’s other tariffs will still apply After pausing his steepest tariffs in April, President Trump and his administration said the goal was “90 deals in 90 days.” So far, the only agreement they have to show is with the United Kingdom. Bloomberg reports that a key sticking point in negotiations with trade partners has come from uncertainty as to whether other Trump tariffs — on metals, chips, and more — would still apply. From the report: In fact, the report said the UK deal provides a “cautionary tale”: Read more here.

Trump’s tariff revenue is on pace for another monthly record in June Yahoo Finance’s Ben Werschkul reports: Read more here.

White House top economist says extending tariff pause ‘makes sense’ for some countries White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance’s Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration’s self-imposed July 9 deadline. That deadline marks the end of a tariff pause on the higher levels of “Liberation Day” tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next? “My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense,” Miran said on Yahoo Finance’s Opening Bid. “I mean, you don’t blow up a deal that’s that’s in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it.” Sozzi adds: Read more here.

AB Foods’ bioethanol plant set to be early victim of US-UK trade deal Associated British Foods may become the first casualty of Britain’s tariff deal with the US and have said it may have to close the UK’s largest bioethanol plant by September if the government does not provide funding. Reuters reports: Read more here.

Key issues in India, US trade talks ahead of July 9 deadline Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That’s left an interim trade deal in jeopardy ahead of President Trump’s July 9 deadline. Here are some key issues at stake, according to a Reuters analysis: Read more here.

Toys are getting pricier as tariffs kick in Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It’s one of the first signs of how new trade rules are quickly making things more expensive for Americans. The Washington Post reports: Read more here.

EU leaders meet to decide on whether to back quick US trade deal or seek better terms The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome. Bloomberg News reports: Read more here.

EU’s Ribera won’t trade Big Tech rules to placate Trump The European Union competition chief, Teresa Ribera, told Bloomberg News on Thursday that the EU’s crackdown on Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) is not a bargaining chip in trade negotiations with President Trump. Bloomberg News reports: Read more here.

Chinese toymaker takes drastic action to survive Trump’s tariffs One Chinese toymaker has taken drastic action to try and avoid President Trump’s tariff blitz. When Trump hiked tariffs on China from 54% to 145% in early April, Ah Biao a toy factory in southern China that makes magnetic puzz and sensory toys for American children, rented a factory in Vietnam. They packed 90 sets of iron and steel molds into 60 boxes, which was then shipped to the Southeast Asian country to avoid high levies. Bloomberg News reports: Read more here.