US Trade Talks With EU, UK, Canada Near July 9 Tariff Deadline

As the July 9 deadline approaches for the end of President Donald Trump's 90-day pause on reciprocal tariffs, intense negotiations are underway with major U.S. trading partners to avoid a steep increase in import tariffs. The European Union is open to a U.S. deal involving a universal 10% tariff on many exports but seeks lower rates and exemptions on key sectors like pharmaceuticals, automobiles, steel, and aluminum, while preparing countermeasures if talks fail. Canada recently rescinded its digital services tax following U.S. pressure, leading President Trump to terminate trade talks with Canada and praise the move as a win for the U.S. Meanwhile, India faces a potential 26% tariff but a deal is reportedly close. Trump has expressed willingness to extend or shorten the tariff pause but also threatened to impose tariffs unilaterally if negotiations stall, raising concerns among businesses about the uncertainty and impact on supply chains. European leaders, including French President Emmanuel Macron, have criticized the tariffs as blackmail, highlighting the tensions as global trade relationships face significant challenges.