President Trump left the G7 after firming up a trade deal with the United Kingdom. But he hinted at roadblocks on other fronts, saying Tuesday that Japan was being “tough” in trade talks and the European Union has failed to offer a fair deal.

“We’re talking, but I don’t feel that they’re offering a fair deal yet,” Trump said of the EU, after leaving the summit early to return to Washington, in a move he said was to focus on the Israel-Iran conflict. “They’re either going to make a good deal or they’ll just pay whatever we say they have to pay.”

Trump also said Japan would soon receive a letter he has threatened to send to US trading partners who do not reach a deal, saying, “They’re tough, the Japanese are tough.”

He also noted that pharmaceutical tariffs will be “coming very soon.”

Meanwhile, Bloomberg reported on Tuesday that two family-owned businesses have filed a challenge to Trump’s most sweeping tariffs with the Supreme Court, expediting the process for a potential definitive ruling should the court take the case.

In other trade agreement news, Trump and British Prime Minister Keir Starmer signed the trade deal they agreed to last month. “We signed it and it’s done,” Trump said as he stood next to Starmer.

US trade talks with Canada are also in focus this week. Trump said on the first day of the G7 gathering that a trade deal with Canada was possible but that he and Canadian Prime Minister Mark Carney have “different concepts” they’ll need to resolve.

The furious push follows Trump’s warning last week that he would soon send letters setting unilateral tariff rates, raising questions about the status of negotiations and a return to his “Liberation Day” tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.

Last week, the US made key progress with China, as the nations agreed to a framework and implementation plan to ease tariff and trade tensions.

Trump and other US officials indicated the deal should resolve issues between the two countries on rare earth mineral exports. Trump said the US would impose a total of 55% tariffs on various Chinese goods.

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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New York — A new report released today by the United Nations Development Programme (UNDP) reveals that for every US$1 received in funding between 2022 and 2024, UNDP promoted nearly US$60 in public and private investments aligned with the Sustainable Development Goals (SDGs)—a catalytic effect that has mobilised a total of US$870 billion for sustainable development in emerging economies.

The publication also highlights UNDP’s ambition to mobilise US$1 trillion in SDG-aligned investments by the end of 2025. It details how UNDP collaborates with governments, financial institutions, and private-sector partners to reduce investment risks, strengthen public financial systems, and unlock capital for inclusive and green growth in over 170 countries and territories.

“Strategic development assistance can unlock transformative investments—shifting the system from short-term crisis response to long-term resilience and prosperity”, UNDP Administrator Achim Steiner said. “This report shows that development assistance, when deployed strategically, can be a powerful catalyst for long-term investments that deliver financial returns as well as meaningful social and environmental impact.”

The report arrives amid growing global discussions on development finance ahead of the Hamburg Sustainability Conference (HSC) and the Fourth International Conference on Financing for Development (FFD4) in Seville. It addresses a stark reality: the world faces an annual US$4.2 trillion SDG financing gap, despite the existence of more than US$450 trillion in global wealth. This persisting gap leaves poverty, inequality, and climate vulnerability largely unaddressed.

The UNDP is also scaling up the use of Integrated National Financing Frameworks (INFFs) to help countries align their financial strategies with the Sustainable Development Goals. With 86 countries now using INFFs, and over 50 actively reforming financing policies based on their frameworks, this approach is becoming a cornerstone of development finance. In countries like Cabo Verde, Colombia, Ethiopia, and Gabon, INFFs are guiding tax reforms, budget alignment, and investment prioritisation, while helping governments mobilise domestic and international resources to fund national sustainability plans.

Through initiatives like the SDG Investor Maps, SDG Impact Standards, and blended finance mechanisms, UNDP has helped align US$380 billion in private sector investment and US$430 billion in public budgets with the SDGs.

Regional initiatives featured in the report highlight how UNDP’s approach is tailored to country contexts—from clean energy and agriculture in Africa, to climate bonds in Asia-Pacific, and gender-inclusive finance in Europe and Central Asia. Country case studies from Cabo Verde, Colombia, Ethiopia, and Gabon illustrate how public-private collaboration, data transparency, and policy reform can unlock financing for sustainability even in fragile contexts.

“With the 2030 deadline fast approaching, what’s needed now is not just policy ambition, but financial action,” said Marcos Neto, Assistant Secretary-General and Director of UNDP’s Bureau of Policy and Programme Support. “UNDP will continue to partner across sectors and borders to help developing countries build the financial foundations for a resilient, equitable, and sustainable future.”

Note to editors:

Methodology:

UNDP Country offices calculated their progress towards UNDP’s US$1 trillion USD moonshot target of leveraging and aligning financing for the SDGs and Nationally Determined Contributions. In calculating ‘alignment’ of public finance, the changes in annual budget expenditures for specific SDGs were calculated. For ‘alignment’ of private finance, the amount of private investment UNDP is working with partners to align with the SDGs was calculated. In the case of ‘leveraging’, the amount of investment that partners mobilised through specific transactions (e.g. tax audit, SDG bonds, blended finance, private investments in the SDGs) was calculated.

The resulting value proposition, “nearly US$60 promoted for every US$1 of funding received by UNDP,” was calculated by dividing the total of all amounts aligned and leveraged from UNDP Country Offices and global teams by the total core and non-core resources provided to UNDP.

Summary

Companies Geneva talks hailed as ‘substantial progress’

China says important consensus reached

USTR Greer describes result as ‘a deal we struck’

Bessent, Greer to announce details on China talks on Monday

No mention of tariff reductions from US officials, White House

GENEVA, May 11 (Reuters) – The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a “deal” to reduce the U.S. trade deficit, while Chinese officials said the sides had reached “important consensus” and agreed to launch another new economic dialogue forum.

Neither side released details after they wrapped up two days of talks in Switzerland. Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday. Vice Commerce Minister Li Chenggang said it would contain “good news for the world.”

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U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described “substantial progress” and also said details would be announced on Monday.

In separate briefings with reporters, neither side mentioned any agreement to cut U.S. tariffs of 145% on Chinese goods and China’s 125% tariffs on U.S. goods.

Greer and Bessent took no questions from reporters. The U.S. Treasury chief has said previously that these duties amount to a trade embargo between the world’s two largest economies and need to be “de-escalated.”

Financial markets have been on edge for signs of a thaw in a bitter U.S.-China trade war that has already begun to disrupt supply chains, prompt layoffs and raise wholesale prices.

Greer described the Geneva meetings’ conclusion as “a deal we struck with our Chinese partners” that will help reduce the $1.2 trillion U.S. global goods trade deficit.

“And this was, as the secretary pointed out, a very constructive two days,” Greer said. “It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,” Greer said.

The U.S. trade chief called He, Li and Vice Finance Minister Liao Min “tough negotiators.”

Vice Premier He, speaking to reporters at China’s mission to World Trade Organization, described the talks as “candid, in-depth and constructive” on issues of concern to both countries.

“The meeting achieved substantial progress, and reached important consensus,” He said, drawing applause from a large audience of Chinese officials present at the WTO office.

He also met with WTO Director General Ngozi Okonjo-Iweala, who said she was “pleased with the positive outcome” of the talks and urged the two countries to build on momentum to mitigate trade tensions.

The WTO has ruled against Trump’s past tariffs on Chinese goods, but the cases have been stalled in the WTO’s paralysed appellate body due to the U.S. blocking judge appointments.

NEW CONSULTATION PLATFORM

The U.S. and China agreed to establish a new consultation mechanism for trade and economic issues, with relevant details to be finalized as soon as possible, He added.

China and the U.S. have convened numerous consultation bodies to try to resolve trade and economic differences in recent decades, including the Economic Working Group that former president Joe Biden’s Treasury secretary, Janet Yellen, established with Vice Premier He in 2023.

These dialogues have provided forums for airing bilateral grievances, but have done little to advance Washington’s longstanding goal to shift China’s state dominated, export-driven economic model toward one driven by consumer spending.

Item 1 of 4 U.S. Secretary of the Treasury Scott Bessent and U.S. Trade Representative Jamieson Greer address the media after trade talks with China in Geneva, Switzerland, May 11, 2025. Keystone/EDA/Martial Trezzini/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. [1/4] U.S. Secretary of the Treasury Scott Bessent and U.S. Trade Representative Jamieson Greer address the media after trade talks with China in Geneva, Switzerland, May 11, 2025. Keystone/EDA/Martial Trezzini/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. Purchase Licensing Rights , opens new tab

FIRST MEETING

The meeting was the first face-to-face interaction between senior U.S. and Chinese economic officials since Trump took office and launched a global tariff blitz, declaring a national emergency over the U.S. fentanyl crisis and imposing a 20% tariff on Chinese goods in February.

Trump followed with a 34% “reciprocal” duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $600 billion in two-way trade to a standstill.

China had insisted that tariffs be lowered in any talks. Trump said on Friday that an 80% tariff on Chinese goods “seems right,” suggesting for the first time a specific reduction target.

Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and that the result would address the national emergency that Trump declared over growing U.S. trade deficits.

“We’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,” Greer said.

A White House press release that simply repeated Bessent’s and Greer’s brief comments with no details ran the headline: “U.S. announces China trade deal in Geneva.”

MORE TARIFF DEALS

Earlier on Sunday, White House economic adviser Kevin Hassett said the Chinese were “very, very eager” to engage in discussions and rebalance trade relations with the U.S.

Hassett also told Fox News’ Sunday Morning Futures program that more foreign trade deals could be coming with other countries as soon as this week. Last week’s limited trade deal with Britain left 10% U.S. duties in place on many UK products.

Hassett said he had been briefed by U.S. Commerce Secretary Howard Lutnick on two dozen pending deals in development with USTR Greer.

“They all look a little bit like the UK deal but each one is bespoke,” Hassett said.

Overnight, Trump gave a positive reading of the talks, saying on his Truth Social media platform that the two sides had negotiated “a total reset… in a friendly, but constructive, manner.”

GATED VILLA

The teams met at the gated villa of Switzerland’s U.N. ambassador, overlooking Lake Geneva in the leafy suburb of Cologny. Black Mercedes vans with sirens shuttled to and from the venue, bathed in bright sunshine.

Neutral Switzerland was chosen as the venue following approaches by Swiss politicians on recent visits to China and the U.S.

Washington is seeking to reduce its $295 billion goods trade deficit with Beijing and persuade China to renounce what Washington calls a mercantilist economic model, a shift that would require politically sensitive domestic reforms.

Reporting by Emma Farge and John Revill in Geneva; Additional reporting by Ryan Woo in Beijing and Ryan Patrick Jones in Toronto; Writing by David Lawder; Editing by Kevin Liffey, Elaine Hardcastle, David Holmes, Bill Berkrot and David Gregorio

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