The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while its trade chief will hold talks with U.S. Commerce Secretary Howard Lutnick.

BERLIN (Reuters) -German Chancellor Friedrich Merz will host French President Emmanuel Macron for talks over dinner in Berlin on Wednesday, with Europe's battle to soften incoming U.S. tariffs and support for Ukraine expected to top a packed agenda.

General Motors said tariffs slashed its second-quarter income by more than $1 billion, and other companies pointed to import duties to explain smaller profits.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

People overseas have so far paid very little for tariffs, with Americans bearing the brunt of the cost, per Deutsche Bank.

The impacts will be felt more broadly in many industries, and the question is when the choice becomes to preserve profits by raising prices.

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

The Canadian prime minister said he was still negotiating in advance of a 1 August trade deadline set by Donald Trump.