The European Union will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald Trump, a Commission spokesperson said on Monday, Reuters reported. The EU-U.S. agreement leaves many questions open, including tariff rates on spirits, and Trump's executive order last week setting tariffs on most EU goods at 15% did not include carve-outs such as for cars and car parts. EU officials have said they expect more executive orders to follow soon. "The EU continues to work with the U.S.

Japanese Prime Minister Shigeru Ishiba said on Monday he will not hesitate to hold talks with President Donald Trump to ensure an agreed cut to U.S. automobile tariffs is implemented soon, Reuters reported. In a parliament session on Monday, Ishiba drew criticism from some opposition lawmakers for not having signed an official document with the U.S. in clinching a trade deal last month. "Creating a document could have delayed the timing of tariff cuts. That was our biggest fear," Ishiba said, defending Japan's decision to agree on a deal without creating an official document with the U.S.

Distressed Brazilian telecom operator Oi SA is preparing a chapter 11 bankruptcy filing in a US court, Bloomberg News reported. The company is working with law firm White & Case LLP, the people said, asking not to be named discussing private details. The company will probably file as soon as its ongoing chapter 15 process is canceled. (Subscription required.) Read more.

A subsidiary of a Hong Kong conglomerate entangled in U.S.-China tensions appealed on Friday for legal protection for businesses in Panama after the company's contract over its Panama Canal port assets has been faced with lawsuits in the Central American country, the Associated Press reported. Respect for the rule of law is essential to assure businesses that Panama is a safe place to invest in, Panama Ports Company, under Hong Kong-based CK Hutchison Holdings, said in a statement.

Ever since President Trump began raising tariffs on goods from China during his first term, Chinese companies have raced to set up warehouses and factories in Southeast Asia, Mexico and elsewhere to bypass U.S. tariffs with indirect shipments to the American market via other countries, the New York Times reported. But on Thursday, Mr. Trump took aim at all indirect American imports, which he blames for part of the $1.2 trillion U.S. trade deficit. The president imposed 40 percent tariffs on so-called transshipments, which will take effect in a week.

U.S. President Donald Trump signed an executive order on Thursday increasing tariffs on Canadian goods to 35% from 25%, the White House said, Reuters reported. "In response to Canada's continued inaction and retaliation, President Trump has found it necessary to increase the tariff on Canada from 25% to 35% to effectively address the existing emergency," the White House said. Read more.

Swiss manufacturers warned on Friday that tens of thousands of jobs were at risk after U.S. President Donald Trump hit them with one of the highest tariff rates in his global trade reset, even if there was some relief for the key drugs sector, Reuters reported. The government said it would decide how to proceed after Trump set a 39% tariff on the export-reliant country - more than double the 15% rate for most European Union imports into the United States.

New court filings say Hudson's Bay has threatened to end a lease deal it has with a B.C. billionaire who wrote directly to a judge twice — against the retailer's advice — to try to persuade him to view her favourably, CBC.ca reported. In a 50-page package of materials Ruby Liu sent to Ontario Superior Court judge Peter Osborne, she positions her multimillion-dollar agreement to buy 25 leases held by the defunct retailer and its Saks Canada banners as being in jeopardy.

U.S. President Donald Trump gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal but was expected to issue higher final duty rates for most other countries as the clock wound down on his Friday deal deadline, Reuters reported. The extension, which avoids a 30% tariff on most Mexican non-automotive and non-metal goods compliant with the U.S.-Mexico-Canada Agreement on trade, came after a Thursday morning call between Trump and Mexican President Claudia Sheinbaum.

The risk of a severe and escalating global trade conflict has diminished since April and there is some clarity about what U.S. tariffs will look like, the Bank of Canada said on Wednesday, Reuters reported. But for the second quarter in a row, the bank did not issue regular economic forecasts, citing the uncertainty over the direction of U.S. trade policy. Instead it issued three scenarios as to what might happen. In the current tariff scenario, based on conditions on July 27, GDP grows by about 1% in the second half of 2025 and then picks up, hitting 1.8% in 2027.