Squawk Box Europe Express

President Trump promotes CEA chair and tariff supporter Stephen Miran to the Fed's board of governors praising his expertise in global economics. The STOXX 600 achieves its biggest one-day rise in almost two weeks with European corporate earnings offsetting any potential tariff fallout. Futures are also set to finish the week strongly. The BoE narrowly votes to slash interest rates to a two-year low after an unprecedented deadlock among committee members. Governor Andrew Bailey tells CNBC the UK rate path remains opaque.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump's reciprocal tariffs kick in. India is still facing the prospect of levies being raised to 50 per cent while Swiss President Karin Keller-Sutter leaves Washington after failing to lower her country's 39 per cent tariff. Germany's Rheinmetall sees sales grow by more than a third in H1 on increased demand across Europe. Siemens confirms its FY guidance with quarterly orders surging by 28 per cent. However, its key profit indicator for its industrial unit falls by 7 per cent on the year. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump warns he could escalate pharmaceutical tariffs to as high as 250 per cent with extra levies on chips also on the table. Trump tells our colleagues Stateside, he wants to force producers to bring manufacturing home. In Europe, Novo Nordisk sees a Q2 surge driven by strong sales of its anti-obesity drug Wegovy just a week after a profit warning reduced the drug maker's market cap by $70bn. And in banking news, Commerzbank cites restructuring costs behind its fall in Q2 net profit but the German lender is still upping key targets for the rest of the year. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities rally, unfazed by tariffs and weak economic data as investors anticipate further rate cuts from the Federal Reserve. President Trump threatens to increase tariffs on India over its purchases of Russian oil. New Delhi hits back, saying it is protecting its own interests. German chip maker Infineon hikes its full-year margin forecast. CFO Sven Schneider tells CNBC that the impact of tariffs has not been as pronounced as first feared. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Swiss equity markets react for the first time since President Trump imposed a 39 per cent levy on the country last week. European markets look to bounce back following Friday's sell-off which was their steepest one-day decline since April with more quarterly earnings due later this week. And in the U.S., markets anticipate a Fed rate revision at every meeting left this year following last week's disappointing employment print. The White House has defended President Trump's decision to fire Labor Statistics Commissioner Erika McEntarfer. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump launches his latest round of tariffs, hitting Canada and Switzerland with higher levies due to start in a week's time. The dollar jumps on the move – its first monthly gain since Trump assumed office – while the euro and sterling slump to their respective worst months in 3 years. Daimler Trucks revises FY profits forecasts by what could be more than 20 per cent citing poor performance in the U.S. market. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Meta ups its guidance on the back of a Q2 profits beat while Microsoft outperforms, growing revenue at its fastest pace in three years. In aviation news, Airbus confirms its delivery targets for the year despite engine supply delays from Pratt & Whitney. CEO Guillaume Faury tells our U.S. colleagues he is pleased about the trading environment following the U.S.-EU/UK deals. Asia-focused bank Standard Chartered announces a $1.3bn buyback following a 26 per cent H1 profit surge. The lender's CFO, Diego De Giorgi, says non-rate affected units are ‘booming'.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Swiss lender UBS posts a Q2 net profit beat but CEO Sergio Ermotti tells CNBC that tariff ‘fatigue' is beginning to affect client sentiment. Chinese and U.S. negotiators have failed to confirm a trade truce following 2 days of discussions in Stockholm. U.S. Treasury Secretary Scott Bessent speaks to our colleagues Stateside and says that any extended pause will be ultimately decided up on by President Trump. Disappointing revenues of up to a quarter at Gucci drag parent company Kering down in Q2. The French luxury giant warns of a second price adjustment following the U.S- EU trade deal. And Japan, the Pacific coast of the U.S. as well as Guam and Hawaii brace for a tsunami following a massive 8.8 Richter Scale earthquake off the coast of Russia's far East.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European leaders vent their frustration at the trade deal secured by U.S. President Donald Trump with the EU as details of the agreement begin to sink in around the bloc. Trump has said he will set tariffs in the 15-20 per cent range ahead of the Friday, 1st August global deadline. Philips hikes its guidance after concluding that Trump's tariffs will affect profits less than previously expected.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Donald Trump and European Commission President Ursula von Der Leyen announce a deal to avert a full-blown trade war but the EU will still be hit with tariffs of 15 per cent. European futures move higher on the news as investor sentiment stabilises ahead of the tariff deadline this Friday. Heineken posts an H1 beat and backs its FY forecast.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump tours renovations at the Federal Reserve and says costs have spiralled to $3.2bn at the site but Chairman Jerome Powell pushes back against the claims. LVMH suffers a larger-than-expected fall in Q2 sales as CEO Bernard Arnault announces plans to open a new factory in Texas. VW Group cuts its FY guidance following an almost-30 per cent plunge in operating profit in the second quarter. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla shares slump after CEO Elon Musk warns of potential ‘rough quarters' ahead as EV subsidies expire and European sales nosedive by 40 per cent in June. Deutsche Bank sees profits double in H1 to €5.3bn on strong inflows to its private bank and asset banking arm. CFO James Von Moltke tells CNBC he believes the German economy is gaining in confidence. European futures are up as the EU and U.S. move closer to negotiating a 15 per cent tariff package, similar to that agreed between Washington and Japan earlier this week.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. and Japan agree to what President Trump calls ‘the largest trade deal in history'. Tariffs on most goods including autos have been reduced to 15 per cent, sending shares spiking among car manufacturers. Italian lender Unicredit hikes its guidance following an unexpected profit jump in Q2 just a day after it abandoned its bid for smaller domestic rival Banco BPM. CEO Andrea Orcel tells CNBC the takeover move had become ‘a drag'. SAP posts a 24 per cent cloud revenue beat but still misses expectations. CFO Dominik Asam says he remains confident thanks to a strong pipeline in H2.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The White House maintains pressure on Federal Reserve Chairman Jerome Powell to cut interest rates but markets appear sanguine. The S&P 500 closes at a fresh record high while Treasury Secretary Scott Bessent tells our colleagues Stateside that he intends to investigate the Fed's decision-making. Brussels is reportedly preparing a range of ‘nuclear options' should the EU fail to agree a trade deal with Washington ahead of President Trump's August 1st deadline. Anglo-Swedish drug firm AstraZeneca says it will invest around $50bn for manufacturing and R&D in the US over the next five years as it braces for potential pharma tariffs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japanese Prime Minister Shigeru Ishiba's ruling coalition loses its majority in the upper house with rival parties advocating tax cuts and increased spending. U.S. Commerce Secretary Howard Lutnick says he believes an EU trade deal is feasible. However, reports suggest some EU leaders are considering harsher retaliatory moves should President Trump raise the baseline tariff rate. And in aviation news, Ryanair's net profits almost double in the second quarter as Easter travel boosts Europe's largest budget carrier. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Netflix posts a Q2 beat on the back of strong subscriber growth and advertising sales and has hiked its revenue forecast. Shares move slightly down in after-hours trade, however, as investors brace for rising costs in H2. Federal Reserve governor Christopher Waller is urging a rate cut this month, citing growing weakness in the U.S. labor market. And in Japan, the ruling coalition could lose its upper house majority in this weekend's election as an upstart right-wing party threatens to add pressure to the country's finances. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump denies he plans to fire U.S. Federal Reserve Chairman Jerome Powell following reports he had written a draft dismissal letter and discussed the move with lawmakers. Trump did again, however, criticise Powell for his failure to lower interest rates. The world's largest contract chip maker, TSMC, posts a massive 60 per cent surge in profits in the second quarter. Drug giant Novartis hikes its full-year guidance on the back of a narrow Q2 core earnings beat and double-digit sales numbers. European Commission President Ursula Von Der Leyen outlines her next budget plans but faces stiff criticism from Brussels and member states for the content and handling of the €2.3tn package.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Chancellor Rachel Reeves gives her Mansion House speech and calls on regulators to strip back red tape in order to boost growth. In the U.S., the June inflation print comes in slightly higher as tariffs begin to affect the core CPI number with President Trump continuing to slam the Federal Reserve's measures. In France, Prime Minister Francois Bayrou infuriates Marine Le Pen's Rassemblement National party after proposing a €44bn tax rise package as well as slashing two public holidays from the calendar to encourage economic activity. In autos news, disappointing European demand and Chinese competition prompts Renault to cut its full-year guidance. The company has also installed finance chief Duncan Minto as interim CEO.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nvidia expects the green light from the U.S. government to resume selling a key AI chip in China with deliveries to begin soon. Domestic consumption drives Q2 growth in China but the threat of a trade war with the U.S. still looms. And U.S. President Trump u-turns on arms deliveries to Ukraine, including sending Patriot missiles and threatening Russia with secondary tariffs in the event of no ceasefire within 50 days.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump threatens the European Union with a 30 per cent tariff on exports into the U.S. starting on 1st August. However, Trump says a deal could be reached if the EU was willing to make concessions. The EU is holding off from any retaliatory measures for now but European Commission President Ursula Von Der Leyen says the bloc is preparing to target up to €90bn of U.S. products should negotiations fail. European futures dip but should avoid a severe sell-off as investors pin hopes on a settlement to be reached between Washington and Brussels.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

All eyes are on Washington as President Trump says he will send a tariff letter to the European Union by the weekend - after slapping Canada with a 35% levy. Meanwhile, JPMorgan boss Jamie Dimon has a simple message for Europe: you're losing the battle to rival the US and China. Across the Atlantic, European leaders are set to meet with Chinese President Xi Jinping this month, sources confirm to CNBC - averting potential embarrassment ahead of a likely contentious summit.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump hits Brazil with a 50% tariff - despite the U.S. having a trade surplus in goods with the country - citing the prosecution of former President Jair Bolsonaro. The world's biggest company gets even bigger: Nvidia becomes the first company in history to breach $4 trillion in market cap as investors pile back in on AI bets. Meanwhile, Kellogg shares spike in extended trade amid reports Nutella-maker Ferrero is nearing an acquisition deal, in what would be a rare European takeover of a U.S. rival.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump threatens substantial levies on copper and the pharma sector, as the EU scrambles to agree on a tariff deal. U.S. Commerce Secretary Howard Lutnick says that both sides are making progress. Meta bets on EssilorLuxottica - reportedly taking a $3.5 billion minority stake in the Ray-Ban maker as the U.S. tech giant makes a push in the 'smart glasses' space. Elon Musk lashes out at one of the most bullish Tesla analysts on Wall Street, telling Wedbush Securities' Dan Ives to "Shut up," after he called for Musk to cut back on politics.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump hits trading partners with higher tariffs from August, including 25% on Japan and South Korea, while Treasury Secretary Scott Bessent says the U.S. is weighing several new deals. The European Union is reportedly set to dodge any tariff escalation, with Ireland's Trade Minister saying he expects an extension of the status quo, allowing time for further talks. Meanwhile, officials from Japan and South Korea hold calls with US Commerce Secretary Howard Lutnick, saying they'll hold further talks before the new tariffs come into effect next month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump says countries will receive tariff letters from 5pm London time, as Treasury Secretary Scott Bessent confirms the measures come into effect from August 1st. Eurogroup President Paschal Donohoe tells CNBC he's optimistic the EU can strike a trade deal with the U.S. - as the bloc eyes a skeleton agreement that keeps a 10% levy on most exports. And - Elon Musk announces plans to launch a new political party, drawing the ire of President Trump and raising questions about his business commitments.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. aims to finalise a flurry of deals ahead of its tariff deadline, while EU talks extend into the weekend. But European Commission President Ursula von der Leyen expects only a framework agreement in the short term. After several all-nighters, Republicans finally force through President Trump's sweeping budget bill, in time for the U.S. leader to sign it into law today, the 4th of July. And - one year of Keir Starmer. The British Prime Minister and the Labour Party mark 12 months in power to cap off a week marked by a tearful Chancellor Rachel Reeves on the frontbench, while the PM scrambles to reassure a jittery bond market.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Speculation swirls around U.K. Chancellor Rachel Reeves after an emotional appearance in parliament, sparking selling across U.K. assets, with long-dated gilt yields seeing their biggest spike since April. Meanwhile, the U.S. sets a 20% tariff on exports from Vietnam under a new trade deal, just days before President Trump's deadline to ramp up his so-called 'reciprocal tariffs' once again. And - President Trump's Budget Bill stalls in the House, as Speaker Johnson struggles to win over opponents in his own party.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Senate narrowly passes Trump's sweeping tax and spending bill, with attention now turning back to the House as it races to pass the package. Fed Chair Jerome Powell appears to push back at pressure from President Trump, telling the Sintra forum the Fed would have cut rates further by this stage if it had not been for tariffs. Shares in AstraZeneca pop in Tuesday's session after the Times reports CEO Pascal Soriot is looking at moving the pharma giant's listing from London to the U.S. And - Santander swoops in for Sabadell's U.K. unit TSB in a deal worth £2.65 billion.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

ECB President Christine Lagarde kicks off this year's ECB Forum with a warning against complacency, but Governing Council member Pierre Wunsch tells CNBC the central bank will only stick or cut at this point. Senate voting on the Trump-backed budget bill continues into a second day, as Republican leaders look to secure the support needed to send the package back to the House. Meanwhile, the dollar sees its worst start to a year since 1973, as President Trump's trade policies and attacks on the Fed raise questions around the greenback's safe-haven status.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. senators end their debate on President Trump's budget bill, with a vote on the package due later today. Meanwhile, European Council President Antonio Costa tells CNBC the U.S. defence spending dispute is resolved, with Europe boosting arms purchases under the new NATO deal. Canada scraps its digital services tax targeting U.S. big tech just days after President Trump calls off trade talks.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The White House announces a potential extension to the reciprocal tariffs deadline. This could include the 50 per cent levy on the European Union. The EC president, Ursula Von Der Leyen confirms she has received Washington's proposal of new trade discussions but struck a cautious tone ahead of any resumption in dialogue. The U.S. dollar sinks to a three-and-a-half-year low against the euro and sterling with markets now mulling the potential appointment of a more doveish Federal Reserve chairman by the U.S. president.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

NATO leaders agree to ramp up defence spending to 5% of GDP, with Europe breathing a sigh of relief as U.S. President Donald Trump renews his commitment to the military alliance. Over in Brussels, attention now turns to the European Council summit - with the bloc's leaders set to discuss how to align defence efforts around ongoing support for Ukraine and a volatile situation in the Middle East. Meanwhile, Shell denies renewed reports it is in early stage talks to buy rival BP - a deal that could create an energy giant worth some £200 billion. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Donald Trump heads to the NATO summit in the Hague, with Secretary-General Mark Rutte hailing the U.S. President's 'big success' as leaders back deeper defence spending. Meanwhile, President Trump insists Iran's nuclear sites were 'completely destroyed' by US strikes, despite NBC sources suggesting the operation only set the country's nuclear programme back by as little as three months. Wall Street rallies on signs the ceasefire is holding, while crude prices look to claw back some of this week's losses. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump announced on Truth Social that an Iran-Israel ceasefire is in effect, calling on both nations to stand down weapons and stick to the agreement. Meanwhile, the leaders of France and Germany say NATO's new spending target will strengthen its European pillar ahead of a crucial summit in the Hague, with Secretary General Mark Rutte pledging action. In Germany, industry leaders weighed in on the impact of conflict in the Middle East, with Deutsche Bank CEO Chirstian Sewing telling CNBC the corporate world is now better prepared to weather the storm.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S strikes three Iranian nuclear facilities over the weekend and President Trump has hinted at potential regime change in the country. Iranian foreign minister Abbas Araghchi has warned of a hard-hitting response while European leaders have urged a return to the negotiating table. Oil moves higher but markets are sanguine despite the Iranian parliament's vote to close off the Strait of HormuzSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The White House has announced that a decision whether to strike Iran will be made with two weeks as talks continue. Iran's foreign minister, Abbas Araghchi, is due to meet European counterparts in Geneva later today in a bid to make a last-minute deal to avert further conflict. Spain has pushed back against NATO demands to increase its defence bill to 5 per cent of GDP. Prime Minister Pedro Sanchez has called the aim ‘counter-productive'. And in M&A news, Unicredit CEO Andrea Orcel has said his bank is likely to withdraw its offer for rival lender Banco BPM despite receiving the EU's approval of the move. Orcel said he believed Unicredit would flourish with or without the takeover. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Israel has confirmed it has struck nuclear sites in Iran overnight but U.S. President Trump says he has not yet made a final decision on whether to join the campaign and will announce his move at short notice. The U.S. Federal Reserve keeps rates steady but policy makers suggest two cuts by the end of the year. Chairman Jerome Powell has warned that tariffs will lead to price increases. The BoE, the SNB and the Norges Bank are due to make rate decisions later today. And we are live at the London Stock Exchange where the AIM exchange celebrates its 30th anniversary with almost £136bn raised so far. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump has called for Iran's ‘unconditional surrender' in its conflict with Israel. NBC News reports that Trump is mulling a direct military strike on the country. We are live at the Paris Air Show where the CEOs of Saab and Leonardo tell CNBC that Europe's defence depends on broader budgets and less fragmentation between nations. UK May inflation figures come in at 3.4 per cent year-on-year ahead of tomorrow's BoE rate decision.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump leaves the G7 summit in Alberta, Canada early, reportedly flying back to Washington to attend the Situation Room. He issued a warning to Tehran's residents to evacuate from the city and suggested his return pertained to something ‘much bigger' than a ceasefire in the Middle East. The U.S. and UK have formally agreed on a trade deal with British auto makers and the aerospace sector spared President Trump's levies. Steel and aluminium tariffs, however, remain in place for the time being. We hear from Shell CEO Wael Sawan who says his company will continue to guarantee energy production and delivery despite the escalating conflict in the Middle East.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The conflict between Israel and Iran enters its fourth day. NBC News confirms that U.S. President Trump rejected Israel's proposal to assassinate Iran's Supreme Leader Ayatollah Ali Khamenei. G7 leaders arrive in Calgary, Canada with the wars in Ukraine and the Middle East at the forefront of the agenda but tariff talks will weigh on discussions between President Trump and other heads of state. Renault CEO Luca De Meo is to step down as CEO of the French autos giant and pursue a role outside the sector. Reports in French media suggest he may next take the helm at Gucci owner Kering.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Israel has launched unilateral overnight airstrikes in Iran, targeting key nuclear infrastructure and military sites as well as killing the head of the army and the leader of the IRGC. Iran's supreme leader, Ayatollah Ali Khamenei has vowed ‘extreme punishment' against Israel. Tehran has launched up to 100 drones towards Israel in retaliation. Oil spikes to its highest level in almost 5 months as investors rush to safe-haven stocks amid the volatility. World leaders have reacted with UK Prime Minister Keir Starmer urging calm while Riyadh slams the move as a violation of sovereignty and international law.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump says the U.S.-China trade agreement is complete following this week's framework deal in London. Commerce Secretary Howard Lutnick says the two sides could begin to benefit from the tariff truce almost immediately. Market reaction, however, has been tepid with European equities set to open lower while oil is up on renewed fears of escalation between Israel and Iran. We hear from French President Emmanuel Macron at Vivatech in Paris who says the deal between France's Mistral AI and chip giant Nvidia marks a ‘game-changing' moment for European technology. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. and Chinese trade delegates complete a late-night framework agreement in London to continue the trade truce between the world's largest two economies. U.S. Commerce Secretary Howard Lutnick hailed the positive and constructive nature of the talks. UK Chancellor of the Exchequer, Rachel Reeves, is to set out $2tn in public spending as the government aims to stem haemorrhaging public opinion. The EU is reportedly ready to greenlight Italian lender Unicredit's bid to buy up rival BPM. The move could place Brussels at loggerheads with Rome which has invoked its ‘golden powers' rule that allows the government to impose conditions or exercise a veto over companies holding nationally strategic assets. French tech company Mistral AI unveils its first reasoning model which uses multiple languages.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

High-level U.S.-China trade talks enter a second day in London with reports stating that Washington may relax chip export controls if Beijing agrees to speed up rare earth exports. President Trump says ‘opening up' China would bring global benefits. U.S. Marines are deployed in Los Angeles where protests against ICE deportations of illegal immigrants continue. California Democrats say the move violates federal law. OpenAI posts annual recurring revenue of $10bn thanks to growth in its consumer and business ChatGPT products.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. and Chinese officials meet in London in an attempt to cool trade tensions and potentially re-negotiate tariffs. The EU and China agree on fast-tracking rare earth exports with Beijing expecting reciprocal measures to promote trade in high-tech products with the bloc. President Trump deploys the National Guard in Los Angeles following three days of violence over federal deportation and illegal immigration laws.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A spectacular falling-out between President Trump and Elon Musk causes Tesla shares to plummet but the pair are reportedly set to mend fences in a phone call later today. President Trump hails his relationship with Chinese counterpart Xi Jinping following a trade-focused call. Trump said he had accepted an offer to visit Xi “at a certain point”. Trump and German Chancellor Friedrich Merz showed a cordial relationship during talks at the Oval Office but the American leader remained cautious about the prospect of a near-term end to the conflict between Russia and Ukraine. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The CBO says that President Trump's BBB could add almost $2.5tn to the U.S. deficit. Tesla CEO Elon Musk, who oversaw Doge cuts to government waste, has urged lawmakers to ‘kill the bill'. We hear from London Mayor Sadiq Khan who says he welcomes Prime Minister Keir Starmer's efforts to strike a trade deal with President Trump but that trade ties with the EU should be deepened. And we are live at Berlin's private markets Super Return conference where increasing opportunities around Europe are the focus of discussions. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Elon Musk slams President Trump's budget bill describing it as ‘an abomination' that will balloon the deficit. Doubled U.S. levies come into effect today but the UK escapes 50 per cent tariffs on steel. And we are live in Berlin at the Super Return forum where top names in private markets with around $50tn in assets are gathering.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Washington is reportedly demanding countries put forward their best trade talk offers by tomorrow as the reciprocal tariffs deadline of 8 July draws nearer. The EU has responded saying it will push for tariff cuts with the U.S. in meetings scheduled this week. The bloc has repeated its threats of counter-measures should an agreement fail to be reached. We hear from German Steel Association head Gunnar Groebler who says American companies are also being affected by the levies. And in the UK, Prime Minister Keir Starmer has promised the largest sustained increase in defence spending since the end of the Cold War. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The EU says it is mulling counter-measures after President Trump's steel tariffs doubles tariffs on steel imports. The U.S and China accuse each other of not respecting the trade agreement made in Geneva last month. In Poland Karol Nawrocki wins the presidential election to dent Prime Minister Donald Tusk's centrist agenda. And in M&A news, French pharma giant Sanofi has moved to snap up U.S. firm Blueprint Medicines in an $9bbn all-cash deal.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A U.S, federal appeals court has temporarily reinstated President Trump's tariffs just a day after the U.S. Court of International Trade ruled he had overstepped his authority in imposing the levies. President Trump summons Federal Reserve Chairman Jerome Powell to the White House over his interest rate policy stance. Powell has insisted his rate decisions will remain data-based. And we are live in Dubrovnik where global economic policymakers are gathering for the Croatian National Bank/IMF meeting. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.