European leaders presented a united front in the US trade war on Friday, with German Chancellor Friedrich Merz saying individual member states won’t strike side deals and European Commission President Ursula von der Leyen indicating that a concrete proposal is needed for any serious talks with Washington, Bloomberg News reported. The comments underscore the EU’s strategy to stay together and speak with one voice as US President Donald Trump uses the threat of steep tariff hikes to persuade countries to sign bilateral trade deals that would be advantageous to the US.

A group representing General Motors, Ford and Stellantis blasted President Donald Trump's trade deal announced with the United Kingdom, saying it would harm the U.S. auto sector, Reuters reported. British carmakers will be given a quota of 100,000 cars a year that can be sent to the United States at a 10% tariff rate, almost the total Britain exported last year, compared to 25% for Mexico and Canada and nearly all other countries. "Under this deal, it will now be cheaper to import a UK vehicle with very little U.S.

Asbestos Corporation Limited (ACL) announced on Wednesday that an order from the Superior Court of Québec granting ACL protection under the Companies' Creditors Arrangement Act (the "CCAA") has been granted, according to a company press release. Raymond Chabot Inc. has been appointed pursuant to the Initial Order as monitor of ACL in order to assist the company with its restructuring efforts and to report to the Court. The application was filed by third parties and the Company became a co-applicant. ACL also filed a petition under Chapter 15 of the U.S.

Pelican International Inc, one of the world’s largest kayak manufacturers, is in the process of being bought out by former executives in partnership with real estate developer Groupe Mach, according to reporting by Quebec-based La Presse. The deal follows a two-step insolvency process: first Pelican sought insolvency protection under the Bankruptcy and Insolvency Act (BIA) in Canada in February 2025, before transitioning to court-supervised restructuring under the Companies’ Creditors Arrangement Act (CCAA) in March.

President Trump announced an agreement on trade with the U.K. on Thursday, the first in what the White House hopes is a series of such developments since it imposed tariffs against allies and adversaries, the Wall Street Journal reported. Trump teased the announcement on Truth Social earlier, calling the agreement “full and comprehensive,” and added: “Many other deals, which are in serious stages of negotiation, to follow!” U.K. officials said the pact isn’t a comprehensive trade agreement and will instead focus on reducing tariffs in specific sectors.

The Federal Reserve warned that the economy faced growing risks of higher unemployment and higher inflation due to tariff increases when officials agreed to hold interest rates steady on Wednesday, the Wall Street Journal reported. “If the large increases in tariffs that have been announced are sustained, they’re likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment,” Fed Chair Jerome Powell said at a news conference. Tariffs represent a shock that can decrease an economy’s ability to supply goods or services while sending up prices.

The European Commission will announce on Thursday details of its next countermeasures against U.S. tariffs should negotiations with Washington fail, European Trade Commissioner Maros Sefcovic said on Wednesday, Reuters reported. "Tomorrow we will announce next preparatory steps, both in the area of possible rebalancing measures, and also in the areas important for the further discussions," Sefcovic told a news conference in Singapore after the signing of a digital trade agreement with the Southeast Asian country.

Vietnam's imports from China and exports to the United States both reached a post-pandemic record in April, amid talks with Washington to reduce Hanoi's trade surplus and a crackdown on Chinese goods being shipped to the U.S. via its territory, Reuters reported. The Southeast Asian nation faces the risk of 46% duties on its exports to the U.S. if the White House confirms this rate at the end of a global tariff pause in July. This could undermine Vietnam's growth model and hit multinationals exporting from the country, including Samsung and Nike.

An Ontario judge has decided which law firm will represent employees in the Hudson's Bay creditor protection case, the Canadian Press reported. An endorsement filed by judge Peter Osborne on Monday named Ursel Phillips Fellows Hopkinson LLP as representative counsel to the faltering department store's more than 9,000 employees and 3,000 retirees.

India has proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis up to a certain quantity of imports in its trade negotiations with the U.S., Bloomberg News reported. Beyond this threshold, imported industrial goods would attract the regular level of duties. The offer was made by Indian trade officials visiting Washington late last month to expedite negotiations on a bilateral trade deal expected by fall this year. Read more.