Key Takeaways
- US Treasury Secretary Scott Bessent anticipates an extension of the 90-day tariff pause with China, with a decision expected from President Trump, as discussions continue to address technical details and rebalance China's economy.
- U.S. Trade Representative Jamieson Greer confirmed ongoing verification of the London Framework and noted improvements for US companies regarding "magnets," while also indicating that a 90-day extension is an option for Trump to approve regarding China tariffs.
- US tariff revenues hit an all-time monthly record of $28 billion in July 2025, contributing to a total of $150 billion collected so far this year, as the Trump administration's tariff policies continue to generate significant revenue.
- L'Oréal (OR.PA) reported Q2 sales of €10.74 billion, a 2.4% like-for-like increase, slightly below expectations, with the CEO expressing concerns about the new EU-US trade deal's impact on European cosmetics due to a 15% US tariff on EU imports.
- Palo Alto Networks (PANW) is reportedly nearing a deal to acquire cybersecurity firm CyberArk (CYBR) for over $20 billion, according to the Wall Street Journal.
US Treasury Secretary Scott Bessent expects the current 90-day tariff truce with China to be extended beyond its August 12 deadline, with President Trump making the final decision. Bessent stated that "some technical details remain" on the China tariff pause and that the US now "understand[s] China's agenda much better." Discussions with Chinese counterparts are ongoing, with Bessent expressing optimism for a "big, beautiful rebalancing" of economic ties, aiming for China to shift towards a more consumer-driven economy and reduce its reliance on manufacturing and exports.
U.S. Trade Representative Jamieson Greer confirmed that the verification of the London Framework is underway to ensure the flow of "magnets" for US companies. Greer also noted that a 90-day extension is one option President Trump may consider for the China tariffs, and that sectoral tariffs with China have been discussed. Despite cautious optimism from Greer regarding the trade talks, he emphasized the US goal of moving in a positive direction.
Meanwhile, US tariff revenues reached an unprecedented monthly high of $28 billion in July 2025, contributing to a year-to-date total of $150 billion. This surge in revenue comes as the Trump administration continues to implement new tariff rates on various countries, with a significant number of these tariffs, ranging from 15% to 50%, set to take effect on August 1.
In corporate news, L'Oréal (OR.PA) reported its second-quarter sales at €10.74 billion, a 2.4% increase on a like-for-like basis, which fell slightly short of analyst expectations. The company's CEO, Nicolas Hieronimus, criticized the recently agreed-upon EU-US trade deal, which imposes a 15% tariff on most EU exports to the US, stating it is "not a good deal" for European cosmetics and vowing to lobby for an exemption.
In the cybersecurity sector, Palo Alto Networks (PANW) is reportedly in advanced discussions to acquire CyberArk (CYBR) in a deal valued at over $20 billion. This potential acquisition highlights continued consolidation and strategic moves within the rapidly evolving cybersecurity market.
In other developments, the EU-US transatlantic partnership remains the world's most significant bilateral trade and investment relationship, with trade in goods and services surpassing €1.6 trillion in 2024. However, the new trade deal has been met with mixed reactions, with some European leaders viewing it as a "capitulation" due to the 15% US tariff on most EU goods, while the EU has agreed to significant investments in US products, including energy and military equipment.
On the geopolitical front, Israeli Prime Minister Benjamin Netanyahu stated that ceasefire talks with Hamas are proceeding despite Hamas's "refusal" to accept certain proposals. The UK Foreign Secretary criticized Netanyahu's government's rejection of a two-state solution as "morally and strategically incorrect."
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.