The pause on the administration's import levies will expire July 9. European Union negotiators have given up on reaching a trade new agreement by then.

The "One Big Beautiful Bill" (OBBB) expands funding for Immigration and Customs Enforcement ( ICE) while slashing key social safety net programs, including Medicaid and food assistance. The legislation is widely seen by the GOP as President Donald Trump 's flagship domestic policy achievement, cementing his policy agenda.

European Union negotiators have failed so far to achieve a breakthrough in trade negotiations with the Trump administration and may now seek to extend the status quo to avoid tariff hikes, six EU diplomats briefed on the talks said on Friday.

Global shares mostly fell even as U.S. stocks climbed further into record heights as the clock ticks on President Donald Trump’s July 9 tariff deadline

Most Asian equity markets struggled on Friday and European stocks looked set to open weaker, despite record highs for Wall Street overnight, as U.S. President Donald Trump's deadline for trade deals loomed next week.

American tariffs on dozens of countries will come into effect next Wednesday as scheduled, although several deals could still be worked out before then, President Donald Trump confirmed Friday.