The US and EU are racing to lock in the final details of their major new trade deal before Friday’s deadline.

But critics say its a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying, while France’s Bayrou dubbed the EU’s ‘submission’ a ‘dark day’.

President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.

Trump, called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” EU reaction to the agreement was decidedly mixed, with Germany and France offering perhaps the strongest criticism.

Trump also confirmed on Monday that 15% represents the new standard for tariff negotiations.

“For the world, I would say it’ll be somewhere in the 15% to 20% range,” Trump said in Scotland as he met with UK Prime Minister Keir Starmer.

Meanwhile, another round of US-China talks kicked off this week, with markets hoping for another extension of the countries’ trade truce. The South China Morning Post, a Hong Kong-based English-language newspaper, reported that is seen as the likely outcome. This was confirmed by Commerce Secretary Howard Lutnick who said a 90-day China trade truce extension is likely.

Last week, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Trump also touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. Japan said Tuesday its trade deal with the US eased policy uncertainty but warned US trade actions could still weigh on its economy.

Meanwhile, US Trade Representative Jamison Greer said “more negotiations” would be needed with India, just days before the Aug. 1 deadline.

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.

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1534 updates

The US and EU are racing to lock in the final details of their major new trade deal before Friday’s deadline.

But critics say its a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying, while France’s Bayrou dubbed the EU’s ‘submission’ a ‘dark day’.

President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.

Trump, called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” EU reaction to the agreement was decidedly mixed, with Germany and France offering perhaps the strongest criticism.

Trump also confirmed on Monday that 15% represents the new standard for tariff negotiations.

“For the world, I would say it’ll be somewhere in the 15% to 20% range,” Trump said in Scotland as he met with UK Prime Minister Keir Starmer.

Meanwhile, another round of US-China talks kicked off this week, with markets hoping for another extension of the countries’ trade truce. The South China Morning Post, a Hong Kong-based English-language newspaper, reported that is seen as the likely outcome. This was confirmed by Commerce Secretary Howard Lutnick who said a 90-day China trade truce extension is likely.

Last week, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Trump also touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. Japan said Tuesday its trade deal with the US eased policy uncertainty but warned US trade actions could still weigh on its economy.

Meanwhile, US Trade Representative Jamison Greer said “more negotiations” would be needed with India, just days before the Aug. 1 deadline.

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

1534 updates

The US and EU are racing to lock in the final details of their major new trade deal before Friday’s deadline.

But critics say its a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying, while France’s Bayrou dubbed the EU’s ‘submission’ a ‘dark day’.

President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.

Trump, called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” EU reaction to the agreement was decidedly mixed, with Germany and France offering perhaps the strongest criticism.

Trump also confirmed on Monday that 15% represents the new standard for tariff negotiations.

“For the world, I would say it’ll be somewhere in the 15% to 20% range,” Trump said in Scotland as he met with UK Prime Minister Keir Starmer.

Meanwhile, another round of US-China talks kicked off this week, with markets hoping for another extension of the countries’ trade truce. The South China Morning Post, a Hong Kong-based English-language newspaper, reported that is seen as the likely outcome. This was confirmed by Commerce Secretary Howard Lutnick who said a 90-day China trade truce extension is likely.

Last week, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Trump also touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. Japan said Tuesday its trade deal with the US eased policy uncertainty but warned US trade actions could still weigh on its economy.

Meanwhile, US Trade Representative Jamison Greer said “more negotiations” would be needed with India, just days before the Aug. 1 deadline.

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

1534 updates

The US and EU are racing to lock in the final details of their major new trade deal before Friday’s deadline.

But critics say its a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying, while France’s Bayrou dubbed the EU’s ‘submission’ a ‘dark day’.

President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.

Trump, called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” EU reaction to the agreement was decidedly mixed, with Germany and France offering perhaps the strongest criticism.

Trump also confirmed on Monday that 15% represents the new standard for tariff negotiations.

“For the world, I would say it’ll be somewhere in the 15% to 20% range,” Trump said in Scotland as he met with UK Prime Minister Keir Starmer.

Meanwhile, another round of US-China talks kicked off this week, with markets hoping for another extension of the countries’ trade truce. The South China Morning Post, a Hong Kong-based English-language newspaper, reported that is seen as the likely outcome. This was confirmed by Commerce Secretary Howard Lutnick who said a 90-day China trade truce extension is likely.

Last week, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Trump also touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. Japan said Tuesday its trade deal with the US eased policy uncertainty but warned US trade actions could still weigh on its economy.

Meanwhile, US Trade Representative Jamison Greer said “more negotiations” would be needed with India, just days before the Aug. 1 deadline.

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

1534 updates

The US and EU are racing to lock in the final details of their major new trade deal before Friday’s deadline.

But critics say its a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying, while France’s Bayrou dubbed the EU’s ‘submission’ a ‘dark day’.

President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.

Trump, called the deal “the biggest of them all,” while von der Leyen said that “15% is not to be underestimated, but it is the best we could get.” EU reaction to the agreement was decidedly mixed, with Germany and France offering perhaps the strongest criticism.

Trump also confirmed on Monday that 15% represents the new standard for tariff negotiations.

“For the world, I would say it’ll be somewhere in the 15% to 20% range,” Trump said in Scotland as he met with UK Prime Minister Keir Starmer.

Meanwhile, another round of US-China talks kicked off this week, with markets hoping for another extension of the countries’ trade truce. The South China Morning Post, a Hong Kong-based English-language newspaper, reported that is seen as the likely outcome. This was confirmed by Commerce Secretary Howard Lutnick who said a 90-day China trade truce extension is likely.

Last week, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners. Trump said the US hasn’t had a “lot of luck” with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement.

Trump also touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. Japan said Tuesday its trade deal with the US eased policy uncertainty but warned US trade actions could still weigh on its economy.

Meanwhile, US Trade Representative Jamison Greer said “more negotiations” would be needed with India, just days before the Aug. 1 deadline.

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

1534 updates