Key Takeaways
- President Trump has set an August 1 deadline for most new trade deals, excluding steel and aluminum, with the EU trade agreement facing a "50% chance" of success amidst looming 30% tariffs on EU goods.
- The UK Defence Secretary has stated that Britain and Australia are prepared to fight together if a conflict erupts over Taiwan, highlighting a deteriorating global security environment and increased cooperation between the two nations.
- Trump has pledged more aid to Gaza, noting the U.S. provided $60 million last week, even as he expressed frustration over a lack of gratitude and uncertainty about the situation's future.
- The Consumer Financial Protection Bureau (CFPB) faces significant regulatory cuts under Trump's directive, with the agency reportedly pushing for even more aggressive reductions, despite a prior injunction against dismantling it.
President Donald Trump is pushing forward with an August 1 deadline for new trade agreements, with exceptions for steel and aluminum deals. Negotiations with the European Union (EU) are particularly precarious, with Trump stating there's only a "50% chance" of reaching an agreement. Should a deal not materialize, the U.S. plans to impose sweeping 30% tariffs on EU goods, in addition to existing levies of 25% on cars and car parts, and 50% on steel and aluminum. This comes as investors hope for a resolution to ease market uncertainty, which has seen U.S. stocks reach record highs amidst optimism over easing trade tensions.
Meanwhile, global geopolitical tensions are escalating, with the UK Defence Secretary asserting that Britain and Australia are prepared for joint military action if a conflict arises over Taiwan. This commitment underscores a recognition of a "more dangerous and unpredictable" global security landscape. Both nations are significantly increasing their defense cooperation and emphasizing the importance of upholding international rules and norms in the Indo-Pacific region.
In the Middle East, Trump has announced that the U.S. will provide more aid to Gaza, revealing that $60 million was supplied last week. Despite this, he expressed a lack of appreciation for the aid and uncertainty about future developments in the region. The humanitarian situation in Gaza remains critical, with international organizations and countries like the UAE resuming aid airdrops and urging increased access.
Domestically, the Consumer Financial Protection Bureau (CFPB), a watchdog agency created after the 2008 financial crisis, is facing significant pressure for regulatory cuts under the Trump administration. While a federal judge previously issued an injunction to halt attempts to dismantle the CFPB, the agency is reportedly pushing for even more aggressive reductions in regulations. Representative Thomas Massie has also suggested that Trump consider pardoning Ghislaine Maxwell in exchange for information on Epstein co-conspirators.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.