Tariffs of 15% for the EU and 10% for the UK were confirmed. New tariffs for dozens of other countries, but financial markets are still undecided.

20:21 | 01 August

Duties, from Parmigiano to wine to pharmaceuticals: The impact of tariffs

The situation is still volatile, and the 15% tariffs are less severe than Trump's previous threats. Yet, among the main Italian manufacturing sectors that export to the United States, there is concern about what will happen on August 7, when the tariff agreement between the US and the EU comes into force. Agri-food products—especially symbols of Made in Italy such as Parmigiano-Reggiano, Parma ham, wine, and olive oil—will see their final prices for American consumers increase with 15% tariffs on exports, thus risking a loss of competitiveness. Not to mention that the combined effect of tariffs and fluctuations in the euro-dollar exchange rate risks worsening the impact of the customs measures. Uncertainties also weigh on automobiles and pharmaceuticals.

7:47 PM | August 1

Tariffs: 30% tariffs for South Africa start today

The 30% tariffs imposed by US President Donald Trump on South African exporters to the United States become effective today. South Africa had attempted to avoid the tariff increase by presenting a new proposal to Washington in May, which was later rejected. It attempted a second approach in June, committing to import US natural gas and fracking technology in exchange for duty-free quotas for steel and vehicles. This option was also rejected.

Donald Trump instead signed an executive order, reducing the tariff on goods from Lesotho from the threatened 50% to 15%. The decision came after months of uncertainty and economic hardship for Lesotho.

7:05 PM | August 1

Piazza Affari: Who's Rising and Who's Falling

The FTSE MIB in Milan ended the week down 2.55%. It was a particularly bad Friday for banking stocks. Intesa (-5.57%) and Fineco (-5.8%) led the declines. Bucking the trend, Campari shares sold off (+7.95%), boosted by positive first-half results. Nexi also rose, +1.4% after four consecutive sessions of decline. Conversely, the quarterly results and government concerns helped Pirelli (-2.64%).

6:23 PM | August 1

Tajani: ECB should reduce interest rates

The dollar is still too weak against the euro. This means it's more difficult to export. I believe the Central Bank should—and this is my opinion—reduce the cost of money further. We're at 2%, and it could even reach zero, as it was during Covid. These were the words of the Minister of Foreign Affairs and International Cooperation, Antonio Tajani, at a press briefing in Villa San Giovanni. The high cost of money is further penalizing Italian exports, already hit by tariffs. The minister's request is that the ECB be able to remedy this. The agreement between the EU and the US, he added, is the best Europe could have made with the United States. This doesn't mean it's positive, because a positive one would be zero tariffs. But it's a framework agreement; there's still a lot of work to do, a lot of fighting to do in Brussels and with Brussels to reach an agreement.

6:08 PM | August 1

Milan Stock Exchange closes down 2.55%, banks under pressure.

The effects of the 15% tariffs for the EU and the sluggish growth of employment in the United States are being felt on the Milan Stock Exchange, which closed in the red, down 2.55% to 39,942 points. It was a particularly bad day for banking stocks. Fineco (-5.8%), Intesa Sanpaolo (-5.57%), Bper (-3.94%) and Unicredit (-3.74%) all fell. Bucking the trend, Campari (+7.95%) rose, returning to its highest level since last October. Inwit (+1.16%) and Nexi (+1.4%) also performed well, while Pirelli was penalized (-2.64%). European stock markets also fell. Paris was the worst performer (CAC -2.92%), while London held firm (-0.7%). Frankfurt's Dax also fell (-2.47%).

Things aren't going any better in the United States. Wall Street also showed a sharp decline, with the Dow Jones at -1.25%, the S&P 500 dropping (-1.60%) and the Nasdaq at -2.13%.

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5:02 PM | August 1

Merz: Aim for reasonable agreements with the US on the steel industry

I want to emphatically contradict all those who believe they can explain in hindsight what could have been done better. We were not in a negotiating position to trigger a major trade conflict. There would only have been losers, and the biggest losers would likely have been the Europeans: Chancellor Friedrich Merz said this during his meeting with the Saarland government, the latest stop on a trip that is taking him to all of Germany's federal states, discussing the tariff agreement with the US. Merz added that it is necessary to continue negotiating the details, something that was not done over the weekend. The goal for the Federal Chancellor is to reach reasonable agreements that also provide the European and German steel industries with sufficient export opportunities.

4:49 PM | August 1

US job creation fell short of expectations in July by 73,000

Non-farm payrolls rose less than expected in July 2025, a widely watched indicator for understanding the health of the US labor market. According to data from the Bureau of Labor Statistics, the unemployment rate rose to 4.2%, up from 4.1% the previous month and the consensus forecast of 4.2%. Non-farm payrolls added 73,000 jobs, after 14,000 new payrolls were created in June (revised from 147,000). The employment figure, more closely watched than the unemployment rate, is worse than the market's expectations, which indicated a more significant increase of 106,000 jobs. The figure is also worse than expectations in the private sector: 83,000 jobs were created, against a revised 3,000 in June and the 100,000 expected by the market. Manufacturing employment fell by 11,000 units, against a consensus estimate of 3,000 units and compared to the revised -15,000 of the previous month. Average hourly earnings stood at $36.44, recording an increase of 0.3% on the month and 3.9% on the year (against expectations of +0.3 m/m and +3.8% y/y) after the +0.2% monthly and +3.3% year-on-year recorded in June. Average hourly earnings are closely monitored by the Fed as a good indicator of both the health of the labor market and inflationary pressures.

Wall Street opens sharply lower: DJs down 1.19%, Europe worsens

Wall Street opens sharply lower after Donald Trump's barrage of tariffs and the slowdown in the US labor market. The Dow Jones Industrial Average loses 1.19% to 43,607.62 points, the Nasdaq drops 1.34% to 208,38.57 points, and the S&P 500 falls 1.08% to 6,270.78 points.

​Selling continues on European stock markets, hitting session lows after Wall Street opened in the red and US jobs data fell short of expectations. Milan's FTSE MIB drops 2.53% and returns below the psychological threshold of 40,000 points. Frankfurt's DAX posted similar declines (-2.45%), while Paris's CAC fared worse (-2.83%), weighed down by declines in AXA (-7.38%) and Teleperformance (-19.48%). Madrid's IBEX also fell (-1.6%), Amsterdam's AEX (-1.75%), and London's FTSE 100, with a more modest decline (-0.9%).

3:00 PM | August 1

Switzerland shocked by US tariffs at 39%, franc falls

US President Donald Trump yesterday imposed a 39% tariff on imports from Switzerland. The Swiss government expressed deep regret for a decision it deemed significantly different from the agreement being negotiated with Washington."It's unclear what the US wants from us," a Swiss parliamentarian told the Financial Times, openly describing the government's shock. The Swiss franc fell 0.4% against the dollar, settling at 0.816 francs per dollar, becoming one of the worst-performing G10 currencies on the day. Despite this, the currency remains more than 8% stronger than its levels before the April announcement. The new tariff places Switzerland among the most penalized countries in the world, alongside Syria, Myanmar, Laos, and Brazil, even exceeding the 31% initially imposed last April. According to Simon J. Evenett, a professor at the IMD Business School in Lausanne, the main cause is the surge in Switzerland's trade surplus with the United States in 2024. The US deficit reached $38 billion last year, a figure that prompted Trump to react forcefully.

1:48 PM | August 1

15% tariffs not currently on cars, exemptions on standby

The US executive order on the 15% tariff, it is understood, does not yet implement the other elements of the EU-US agreement, particularly the commitment to reduce US tariffs under Section 232 on automobiles and automotive parts to a maximum rate of 15%, nor does it provide for the agreed-upon specific treatment for certain strategic products, such as aircraft. The new 15% tariff will take effect from August 8. For goods already in transit or stored for consumption before August 8, the previous tariff rate (10% + MFN rate) will apply until October 5, 2025.

12:42 PM | August 1

Upb cuts Italian growth estimates to just 0.5% in 2025 and 2026.

The Parliamentary Budget Office, in its August economic report, revised its estimates for Italian economic growth compared to April, now forecast at 0.5% both this year and in 2026. The slight downward revisions (0.1% for 2025 and 0.2% for next year) are due to the more negative than expected second-quarter GDP figure and the significant appreciation of the euro against the dollar. The forecast risks are overall tilted to the downside, due to protectionism and possible delays in the implementation of NRRP projects. The reference scenario does not take into account the possible effects of the EU-US agreement on 15% tariffs.

12:39 PM | August 1

Stock Market: Europe worsens on tariff day: Milan down 2%

European stock markets worsened on the fateful date of August 1st, when tariffs were introduced, especially affecting economies like Switzerland and Canada that have not reached an agreement with the US. While inflation in the eurozone remained stable, futures on Wall Street are sharply down (on the Nasdaq they are down 1.4% and those on the S&P 500 are down 1.2%) ahead of US labor market data. The dollar, however, strengthened again, trading at 1.139 against the euro and at 1.22 against the Swiss franc, which lost more than 0.5%. Some half-yearly results also weighed down. Piazza Affari reached new lows at mid-session with losses in the
FTSE MIB index almost touching 2%
, amid heavy selling across stock markets, with investors concerned about the impact of Trump's announced tariffs on the growth. Paris fell 2.2%, Frankfurt 1.8%, and London 0.6%. The sell-off hit nearly the entire Milan stock market, led by Fineco (-4.2%), Pirelli (-3.9%), Ferrari (-3.7%), and Intesa (-3.3%).

11:04 AM | August 1

Pakistan: Satisfied with 19% tariffs, lower than India's

Pakistan welcomed the new tariff agreement with the United States, which sets a 19% duty on its exports, calling it a positive step that could stimulate trade and economic growth. The new rate is lower than the 29% tariff initially announced by Trump and lower than the 25% currently imposed on neighboring India. Pakistan's Ministry of Finance said in a statement that the agreement reflects a balanced and forward-looking approach by the U.S. authorities and will help keep Pakistani products competitive in the American market compared to other countries in South and Southeast Asia.

10:48 AM | August 1

Piazza Affari plunges after the 15% tariffs imposed on the EU. Asian markets close in the red.

The Milan Stock Exchange continues to decline, with the FTSE MIB falling 1.24% to 40,480 points following the official announcement of US tariffs on the EU. Campari shares soar on the Milan Stock Exchange, jumping 7.46% to €6.512 per share following its half-year financial results. Campari Group closed the first half of 2025 with organic sales growth in the second quarter and a performance that reflects its strategic priorities, despite a volatile macroeconomic environment. Among the decliners were Pirelli (-2.77%) and Ferrari (-2.44%). Asian stock markets were negative on Friday after US President Donald Trump signed an executive order imposing higher tariffs on dozens of countries in Asia, effective August 7. On the Tokyo Stock Exchange, the Nikkei index closed down 0.65% at 40,799.60 points, and the broader Topix index fell 0.19% to 2,948.65 points. On the Seoul Stock Exchange, the Kospi index fell 3.88%. Sydney lost 0.92%, and Taipei lost 0.46%.

9:57 AM | August 1

Norway in talks with the US, the PM aims for zero tariffs.

Norwegian Prime Minister Jonas Gahr Store told VG newspaper that he believes the Scandinavian country should have zero tariffs. Gahr Store, following the White House announcement, said that Norwegian officials are still in talks with Washington in hopes of completely eliminating the tariffs. Norway has been hit with a planned 15% tariff.

9:32 AM | August 1

A complete guide to tariffs: the US-EU agreement, its impact on prices, and who will foot the bill.

by Francesco Bertolino and Mario Sensini)

In the aftermath of Donald Trump's victory in the November presidential elections, three searches dominated Google in the United States: What are tariffs? What are they for? Who will pay them? Four months later, after Liberation Day on April 2, it was the turn of inhabitants of the rest of the world to scour the internet in search of the same answers. Now, in the wake of Trump's signing of the executive order to modify reciprocal tariffs, imposing tariffs ranging from 10% to 41% on around seventy countries and confirming 15% for the European Union, we can answer those questions and begin to do the math.

The White House intends to rebalance the trade balance: in 2024, the United States imported goods worth $3.296 billion from abroad and sold $2.084 billion, with a deficit of $1.212 billion. By making foreign goods more expensive, the tariffs should incentivize American production. Trump thus wants to increase manufacturing jobs, which in 50 years has fallen from 24 to 8% of total US employment.

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9:19 AM | August 1

Swiss government regrets 39% tariffs

In Switzerland, the government learned with great regret of the additional tariffs imposed by the United States. A spokesperson for the Federal Department of Finance emphasized that Switzerland continues to focus on a negotiated solution with Washington. The 39% tariff imposed by President Donald Trump significantly deviates from the draft joint declaration of intent that the parties had agreed upon, a spokesperson for the Ministry of Finance noted: a document, it is emphasized, that is the result of intense discussions between Bern and Washington in recent months. The Swiss government regrets that the United States, despite the progress made in bilateral discussions and Switzerland's very constructive stance from the outset, wants to unilaterally impose significant additional tariffs. The Federal Council will now analyze the new situation and decide how to proceed. Bern will remain in contact with the US administration: it will try to find a solution with Washington that is compatible with both Swiss law and existing obligations. To protect the jobs of exporting companies and suppliers affected by the tariffs, the government will resort to compensation provided by the short-time work system, the press secretary explained.

9:12 AM | August 1

Tariffs weigh on European stock markets, opening down

European stock markets opened lower: investors' eyes are focused on developments in US tariffs, after President Donald Trump signed an executive order modifying customs tariff rates for dozens of countries. Furthermore, Trump postponed the implementation of the tariffs from today until August 7, except for Canada. For Europe, the tariffs remain unchanged at 15%. In Frankfurt, the DAX fell 1.22% to 23,791.16 points, in London the FTSE 100 fell 0.48% to 9,088.70 points, in Paris the CAC 40 fell 1.05% to 7,690.53 points, and in Madrid the IBEX 35 fell 0.61% to 14,315.50 points. In Milan, the FTSE MIB fell 0.96%.

8:47 AM | August 1

Market Update: Trump's New Tariffs Weigh In, Europe Heads to a Red Start

European stock markets (Euro Stoxx futures -0.8%) are preparing to open in negative territory, continuing the weakness of the day before, despite positive surprises from overseas with above-expected results from Amazon and Apple. Fuelling the nerves is the announcement by

US President Donald Trump of more severe tariffs, starting August 7, for dozens of countries and the entry into force of 35% tariffs on Canada, which failed to reach an agreement with the White House (while for the EU, 15% was confirmed).

In this context, contracts on the FTSE MIB in Milan are down 0.4%, while those on Paris (-0.5%), Frankfurt (-0.7%), Madrid (-0.4%), and Amsterdam (-0.4%) are also moving in negative territory. London futures, however, are hovering around parity. Meanwhile, Asian markets are also declining, with Chinese markets recording a surprise slowdown in the Caixin PMI for July. Tokyo's Nikkei is also weak at -0.6%.

On the macro front, today will be a busy day with macro data, with several Eurozone PMIs and EU inflation for July expected to remain at the previous month's levels.
In the afternoon, US inflation will be released, along with the labor market report,
which will provide crucial guidance for the Fed to determine its next moves.

8:32 AM | August 1

Exceptions are still being negotiated. Wine is also penalized.

by Giuseppe Sarcina)

Europeans and Americans are debating a document of just a few pages which, it should be remembered, will have no legal value, but will provide the basis for negotiations sector by sector. The problem is that positions are still distant on several crucial aspects, for example, on steel, aluminum, and copper. The Europeans are essentially asking for a return to the quota system introduced by Joe Biden. Essentially, a quantity of exports exempt from duties is established, and a 50% rate is applied only to the excess export amount.

But, apparently, this formula is not convincing the Trumpian side. Result: for now, the 50% tariffs, which were raised by the US last June, will remain in place. Another complicated chapter: the list of goods exempt from duties or, in any case, granted preferential treatment. This is also the case for wine and spirits. Italy, France, Spain, and Portugal are pushing for a discount. But so far, they don't seem to have succeeded, as Gill, Commissioner Šefcovic's spokesperson, had already made clear this morning:"We'll have to wait for the wine deal." From today, therefore, the entire alcohol sector will fall into the general category: a 15 percent tax. However, negotiations will continue, in a detailed manner, one might say label by label.

8:29 AM | August 1

Von der Leyen and the uphill summer: Europe's list of problems grows.

(by Giuseppe Sarcina)

Ursula von der Leyen's bad summer isn't over yet. Since last Sunday, she's been receiving criticism from practically all sides. It's a constant stream, even if it probably won't force her to leave the post of President of the European Commission, which she's held since 2019. We'll see. Meanwhile, her list of problems is getting longer. Ursula Gertrud Albrecht, married to von der Leyen, 66, a medical student, and a political career in the shadow of Angela Merkel, no longer convinces even her own countrymen.

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​Click here to read the full article

8:27 AM | August 1

Tariffs as a catch-all weapon: How Trump is using them to dictate foreign (and domestic) policy

by Federico Rampini)

Donald Trump doesn't know the word"end." He's capable of going back on his word, of retracting an announced agreement. Thus, the tariff saga remains open to surprises, second thoughts, and dramatic twists. Who knows when it will reach a stable conclusion, if it ever will. Moreover, this president wanted to tear up and renegotiate the trade agreements he himself had reached with Canada and Mexico in his first term. In addition to dozens of fluid aspects still being finalized with the European Union, Japan, and South Korea (three partners with whom he has announced an agreement in principle, subject to further clarification, of course), on other fronts, customs duties have begun to be used as a geopolitical weapon. Trump threatens to strike Canada if it persists in recognizing the Palestinian state ; Brazil if it continues to prosecute former President Bolsonaro, accused of attempted coup; India if it continues to buy oil from Russia.

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​The full article is here

8:25 AM | August 1

Trump confirms 15% tariffs on the European Union

by Viviana Mazza, Washington correspondent)

Trump signed an executive order last night to modify reciprocal tariffs, imposing tariffs ranging from 10% to 41% on around seventy countries and confirming 15% for the European Union. The new measures will take effect on August 7. One of the highest figures announced last night is the increase from 25% to 35% for Canada (and 40% for goods that try to evade it from the country): a response – says the White House – to the continued lack of action and retaliation. This morning, Trump had also written in Truth that after Canadian Prime Minister Carney's willingness to recognize Palestine, it will be very difficult for us to make a trade agreement with them. India is being hit with 25% tariffs: the country has refused to grant the US access to its agricultural sector, and Trump had threatened further measures on social media this morning to punish New Delhi for buying Russian oil."I don't care what India does with Russia. They can collapse their dead economies together, as far as I'm concerned," the president wrote on Truth.

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​Click here to read the full article

7:57 AM | August 1

Thailand and Cambodia awarded by the White House after the truce

Thailand and Cambodia welcomed US President Donald Trump's announcement yesterday that he set reciprocal tariffs on their exports to the United States at 19 percent, allowing the two countries to avoid the 36 percent rate initially threatened by Washington. The measure, part of a package of protectionist measures announced by Trump to rebalance the world's leading economic power's trade balance, will take effect within a week, along with other tariffs imposed on all US trading partners. Cambodian Prime Minister Hun Manet called the decision the best news for the Cambodian people and economy, noting that the government will eliminate all tariffs on more than 11,000 tariff lines related to US imports. Furthermore, Phnom Penh announced an order for up to 20 Boeing 737s for its national airline, along with plans to purchase other American goods, such as medical equipment and agricultural products.

7:56 AM | August 1

Switzerland: No agreement with the United States

Switzerland has not reached an agreement with the United States on the 39% tariffs, which will come into force today: the president of the Swiss Federation, Karin Keller-Sutter, announced this on her X profile. I had a final conversation with US President Trump today, before the deadline for the customs duties. For the president, the trade deficit is still a key issue. In this conversation, it was not possible to reach an agreement on the joint declaration negotiated between Switzerland and the United States, he concluded.

Last April, the Swiss government announced that it did not want to join any European retaliation for US tariffs but that it wanted to seek an agreement with Washington.

7:31 AM | August 1

Trump: New deals still possible

Despite signing the executive order imposing tariffs worldwide, Donald Trump said he was still open to negotiations. In an interview with NBC, the American president assured that his door would be open to convincing offers:"That doesn't mean someone can't come along in four weeks and say we can make some kind of deal," he said."Trump said he was also ready to negotiate with Canada." As for the possible impact on commodity prices, Trump didn't appear concerned."The only price that has increased is that hundreds of billions of dollars are coming in," he explained.

5:09 AM | August 1

The dollar strengthens, reaching its highest level in nearly three years

The dollar is on track to close out its best week in nearly three years against major world currencies, buoyed today by US President Donald Trump's new tariff package against dozens of trading partners. The yen hit a four-month low against the greenback, extending yesterday's decline after the Bank of Japan ruled out an imminent interest rate hike. Amid trade-related moves, the dollar also gained ground against the Swiss franc.

4:58 AM | August 1

Oil prices fall in Asian markets

Oil prices opened lower in Asian markets as markets weigh the economic fallout from U.S. tariffs and their potential impact on global energy demand. WTI lost 0.27% to $69.18 a barrel, while Brent crude lost 0.30% to $71.60.

3:25 AM | August 1

Futures fall on Wall Street

Futures are down on Wall Street, as investors weigh President Donald Trump's new tariffs and analyze the mixed quarterly results from Big Tech companies Amazon and Apple, released at the close of trading. Focus is also on new economic data, including a slight increase in PCE inflation and weekly jobless claims. Anticipation is high for today's nonfarm payrolls report. Dow Jones futures are down 0.10%, S&P 500 futures are down 0.14%, and Nasdaq futures are down 0.20%.

2:22 AM | August 1

The new rates will take effect in one week.

The new tariffs set forth in the executive order just signed by Trump will take effect in a week.

1:59 AM | August 1

US tariffs on Switzerland rise to 39%

Donald Trump has changed the percentages of some tariffs compared to the announcement of April 2. From today, Switzerland will be hit by a 39% tariff, higher than the one threatened months ago, while Taiwan will be hit by a 20% tariff, lower.

1:58 AM | August 1

Tariffs agreed with the EU, the United Kingdom, Japan and South Korea confirmed

The order formalizes a series of tariff announcements made over the past month via letters and social media, targeting countries such as India and Brazil, while confirming negotiated tariffs for others, including the EU (at 15%), the United Kingdom (10%), Japan, and South Korea. According to the White House, the new tariffs are part of a reciprocal trade strategy and are now legally enforceable upon signature. Specifically, tariffs on Canadian goods have been increased from 25% to 35%, and those on Brazilian imports to 50%. The administration had previously twice suspended the broader implementation of these measures to allow more time for negotiations. The executive action also comes at a time of legal scrutiny, as a federal appeals court is examining the scope of the president's authority to impose such sweeping trade sanctions.

1:47 AM | August 1

Trump raises tariffs on Canada from 25 to 35 percent

Donald Trump has signed an executive order increasing tariffs on Canadian goods from 25% to 35%, the White House said in a statement, adding that the new tariffs will take effect today. In response to Canada's continued inaction and retaliation, President Trump deemed it necessary to increase tariffs on Canada from 25% to 35% to effectively address the current emergency, the White House said.

0:46|August 1

Brazil vows to fight US tariffs

Brazil is vowing to fight Trump's export tariffs, saying it intends to appeal if negotiations fail. Finance Minister Fernando Haddad said the tariffs announced Wednesday were more favorable than expected, exempting several key export products. However, he told reporters there is significant injustice in the announced measures, and corrections are needed. Trump signed an executive order on Wednesday adding a 40% tariff on Brazilian products, bringing total trade tariffs to 50%. The taxes affect coffee and meat, two products of which Brazil is the world's leading exporter. The order, which will take effect on August 6, listed exemptions for nearly 700 other products, including key exports such as aircraft, orange juice and pulp, Brazil nuts, and some iron, steel, and aluminum products.

0:07|August 1

Apple: Tariffs will cost us $1.1 billion

The US tariffs are expected to cost Apple $1.1 billion in the third quarter, CEO Tim Cook said, assuming current global tariffs, policies, and enforcement remain unchanged for the remainder of the quarter and no new tariffs are added. He added that the impact will increase our costs by approximately $1.1 billion. This figure will add to the approximately $800 million that the tariffs cost the Silicon Valley giant in the just-ended quarter, Apple executives said in a conference call with analysts.

0:05|August 1

Mexico granted 90-day extension

US President Donald Trump announced that he had just concluded a successful phone call with his Mexican counterpart, Claudia Sheinbaum. In a message posted on his Truth Social platform, the US president announced that the two countries had agreed to a new 90-day extension of the current trade terms, to allow time to reach a definitive agreement on tariffs. Under current conditions, Trump explained, Mexico will continue to pay a 25 percent tariff on fentanyl, a 25 percent tariff on autos, and 50 percent tariffs on steel, aluminum, and copper. Additionally, he continued, Mexican authorities have agreed to immediately end their non-tariff trade barriers. The complexities of a deal with Mexico are different than with other countries, given the challenges and resources at the border: over the next 90 days we will continue discussions with Mexico with the goal of signing a trade agreement, Trump concluded.

0:01|July 31

The August 1st deadline: what happens if the document is delayed?

by Giuseppe Sarcina)

The positions of the United States and the European Commission are still too distant on many crucial issues. So today, Thursday, July 31, Olof Gill, spokesperson for the EU Commissioner for Trade, opened the briefing with journalists by announcing that the joint statement might not be ready by Friday, August 1, the day on which US tariffs on European goods could kick in, ranging from 10 to 30%. Gill, however, added that the European Union expects the United States to start the 15% tariffs starting tomorrow (August 1). The ball is in their court.

The indiscretion published by the Corriere is therefore confirmed, with all the implications that this entails. First: we don't know whether Donald Trump will actually sign an executive order to replace the 30% foreseen in the event of a no-deal with the 15% agreed between the US president himself and Ursula von der Leyen on Sunday, July 27 in Scotland. We'll see what Trump decides.

Second: the joint declaration, whether it comes at the last minute or in the next few days, will be very brief, because there is no agreement on some crucial aspects. For example, on steel and aluminum. This should mean that tariffs on these two sectors should remain at 40%. Even for wine, we'll have to wait, spokesperson Gill added. The same goes for the list of exemptions, zero or less than 15% duty, for a series of products: from aeronautics to some raw materials.

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​Finally, two more obstacles. The Americans have not yet guaranteed that the 15% tax will also be applied to pharmaceuticals. Trump reserves the right to impose a higher tariff once the investigation is concluded to determine whether there is a national security concern and therefore other measures are necessary to protect the American pharmaceutical industry. Furthermore, Washington is pushing to soften European regulations on digital giants (antitrust and content moderation), but Brussels is unwilling to give in.