• The US trade deficit substantially narrowed in June to its lowest point since September 2023, a reversal largely because of a sharp drop in imports of consumer products. This slowdown in imports is considered a direct reaction to President Donald Trump’s blanket tariff policies, which have transformed global commerce.

• Concurrently, the European Union is engaging actively in discussions as to how to secure waivers for its wine and spirit exports from the upcoming 15% base tariff on EU goods, a critical component of their ongoing trade agreement talks with the US.

• In legal news, Tesla and CEO Elon Musk are being sued by a shareholder for purported securities fraud. The suit claims that they concealed the dangers of the automaker’s autonomous technology, highlighting a recent public test of robotaxis that behaved erratically and inappropriately and declined the value of Tesla stock.