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.

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.

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.

President Donald Trump signed an executive order Wednesday to impose his threatened 50% tariffs on Brazil, setting a legal rationale that Brazil’s policies and criminal prosecution of former President Jair Bolsonaro constitute an economic emergency under a 1977 law, the Associated Press reported. Trump had threatened the tariffs July 9 in a letter to President Luiz Inacio Lula da Silva. But the legal basis of that threat was an earlier executive order premised on trade imbalances being a threat to the U.S. economy.

Brazil estimates that 35.9% of its exports to the U.S. by value will be hit by a steep 50% tariff under a new executive order by Donald Trump's administration, Vice President Geraldo Alckmin said on Thursday, emphasizing efforts to reverse the levies on key goods such as coffee, Reuters reported. The estimate confirms earlier reporting by Reuters, with sources saying 44.6% of local products will be subject to the preexisting 10% tariff, while the remaining 19.5% will fall under tariffs the U.S. applies globally, ranging from 25% to 50%.

President Donald Trump on Tuesday threatened to raise tariffs on Indian imports as high as 25% if the allied nations cannot complete a long-sought trade agreement, CNN reported. “They are going to pay 25%,” Trump said. When asked by a reporter if India would pay tariffs of 20% to 25%, Trump said, “Yeah, I think so. India has been – they’re my friends.” US Trade Representative Jamieson Greer told CNBC Monday that an elusive India trade agreement would require more discussion between the two countries.