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U.S. automakers face a 50% tariff on steel and aluminum and a 25% tariff on parts and finished vehicles, with some exceptions for products covered under the USMCA that went into effect in 2020.

Member states could be ready to accept a 15% tariff and EU officials are pushing to have that cover sectors including cars.

The 30% tariffs will be imposed in the event of no deal and if President Donald Trump carries through with his threat to impose that rate on most of the bloc’s exports after Aug. 1.

The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.

“Canada will not accept a bad deal. Our objective is not to reach a deal whatever it costs,” Prime Minister Mark Carney told reporters after meeting with the country's provincial leaders.

“The top-down macro evidence seems clear: Americans are mostly paying for the tariffs,” George Saravelos, global head of FX research at Deutsche Bank.

At least four ships carrying copper are trying to reach U.S. ports before August to get ahead of planned import tariffs on the metal.

Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks.

The notoriously combative U.S. executive and vocal public supporter of President Donald Trump said July 21 that Carney and his cabinet should enact “significant” trade protections.

In the first quarterly reports since pausing rate cuts, the Bank of Canada said businesses and consumers appear to have adopted a cautious stance because of rapidly changing tariff policy.