Trump tariffs live updates: Trump gets UK trade deal as EU talks stall, Japan gets 'tough'
President Trump left the G7 after firming up a trade deal with the United Kingdom. But he hinted at roadblocks on other fronts, saying Tuesday that Japan was being "tough" in trade talks and the European Union has failed to offer a fair deal.
"We're talking, but I don't feel that they're offering a fair deal yet," Trump said of the EU, after leaving the summit early to return to Washington, in a move he said was to focus on the Israel-Iran conflict. "They're either going to make a good deal or they'll just pay whatever we say they have to pay."
Trump also said Japan would soon receive a letter he has threatened to send to US trading partners who do not reach a deal, saying, "They're tough, the Japanese are tough."
Trump did get one agreement at the G7: He and British Prime Minister Keir Starmer signed the framework they agreed to last month.
The furious push follows Trump's warning last week that he would soon send letters setting unilateral tariff rates, raising questions about the status of negotiations and a return to his "Liberation Day" tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9.
Federal Reserve Chair Jerome Powell said as the central bank held interest rates steady this week that the Fed is still waiting to see the effects of the tariffs on prices.
"We’re beginning to see some effects, and we do expect to see more of them over the coming months," he said.
He said the Fed needs more data, saying "the pass-through of tariffs to consumer price inflation is a whole process that's very uncertain."
Meanwhile, Bloomberg reported on Tuesday that two family-owned businesses have filed a challenge to Trump's most sweeping tariffs with the Supreme Court, expediting the process for a potential definitive ruling should the court take the case.
