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The Latest Breaking News from Howard Lutnick

Tariffs on Chinese Goods Drop to 55%, but That's Cold Comfort for Consumers

Triple-digit bilateral tariffs have been brought down to double digits. Negotiations on semiconductors and rare earth elements will continue.

Reason

US poised to lower tariffs on British cars within days, UK minister indicates

Trade secretary Jonathan Reynolds says US is expected to slash tariffs ‘very soon’ after talks with US counterpart

The Guardian - UK

Jonathan Reynolds mocks Nigel Farage’s coal mines plan as an ‘absolute parody’

Nigel Farage fails to understand ‘the pride in where we’re from and what we represent’, the business secretary said

The Independent UK

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Stocks Slip Before the Open on Trump Tariff Threat, U.S. PPI Data on Deck

June S&P 500 E-Mini futures (ESM25) are down -0.35%, and June Nasdaq 100 E-Mini futures (NQM25) are down -0.30% this morning as concerns around U.S. trade policy and escalating geopolitical tensions weighed on sentiment, while investors awaited the release of crucial producer inflation data.

Barchart

President Trump says he’ll set unilateral tariff rates within weeks

The president said that he would set country-specific rates in less than two weeks — after reaching a tariff deal with China.

Euronews

What do we know about the US-China trade deal?

At 55 percent, the tariffs are still high, but some experts expect they will drop further.

Al Jazeera

S&P Futures Tick Lower With Key U.S. Inflation Data in Focus, U.S.-China Trade Talk Details Awaited

June S&P 500 E-Mini futures (ESM25) are trending down -0.14% this morning after the U.S. and China agreed on a framework to ease trade tensions, but investors were left disappointed by the lack of details, with the focus now shifting to the release of key U.S. inflation data.

Barchart

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US and China reach deal to ease rare earth mineral export curbs after talks in London

US commerce secretary says framework puts ‘meat on the bones’ of deal reached last month in Geneva to ease retaliatory tariffs

The Independent UK

US and China agree framework deal to extend trade war truce

US commerce secretary expresses optimism that deal will resolve concerns about rare earths and magnets

The Guardian - UK

Trump says China will face 55% tariffs under trade deal; US inflation rises to 2.4% – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

US, China agree on ‘framework’ on trade after talks in London

Negotiators say agreement will be presented to US President Donald Trump and Chinese President Xi Jinping for approval.

Al Jazeera

US and China strike a deal on trade framework after talks in London

The London talks are the latest in the two countries’ joint efforts to find a middle ground to resolve a trade dispute which threatens to plunge the world into recession and economic instability.

Euronews

Starmer and Reynolds meet US commerce secretary in push to implement trade deal

The Business Secretary took the opportunity to meet Howard Lutnick to push for progress on the US-UK trade deal announced last month.

Evening Standard

British officials hopeful that US will start lifting car tariffs this week

Exclusive: Trade secretary to meet US counterpart with aim of implementing first parts of deal in coming days

The Guardian - UK

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The Guardian - UK

FTSE 100 falls short of record closing high; US-China trade talks ‘going well’ as meeting resumes – as it happened

Rolling coverage of the latest economic and financial news, including latest UK labour market report

The Independent UK

Trump sends Bessent and Lutnick to haggle with Chinese on tariff war after Xi chat

News of the talks comes a day after Trump spoke with Chinese leader Xi Jinping

The Independent UK

A banana a day to keep the tariffs away? Howard Lutnick mocked during congressional hearing over plan to make more products in America

‘We cannot build bananas in America,’ commerce secretary reminded in surreal exchange at House hearing on Donald Trump’s tariff policy

Fortune

Elon Musk says Trump tariffs will trigger recession this year, Tesla shares tumble

The recession comment came amid an ugly social media spat between the one-time friends.

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Reason

Milton Friedman Disproved Trump's Argument for Tariffs Decades Ago

In a 1978 appearance at Utah State University, the Nobel Prize–winning economist provided the perfect retort to those who blindly argue we should "build in America."

Fortune

From Silicon Valley to the Pentagon: Big AI is going full Beltway

In Washington’s new AI universe, national security and corporate AI ambitions are fusing—reshaping policy, procurement, and the global balance of power.

Tom’s Hardware

Trump admin renegotiating Chips Act contracts, needles China over lowly advanced chip output

U.S. Commerce Secretary Howard Lutnick tells the U.S. Senate that the White House is renegotiating with CHIPS Act recipients, hoping to get more investments from recipients.

Latin Times

Trump Official Insisting 'You Can't Fight a War Without' American-Made Steel Sparks Fears of Potential War: 'What War Are They Planning?'

Social media users shared dread online after a Trump official insisted that steel needs to be produced locally in order for the U.S. to be able to fight a war.

Latin Times

Trump Official Vows 'Tariffs Are Not Going Away' Despite Federal Court Blocking Trump's Trade Threats

Despite federal court rulings blocking key trade measures, the Trump administration says tariffs will remain a core tool of its economic policy.

The Guardian - US

Kathy Hochul deputy announces decision to challenge her in New York governor’s race – as it happened

Antonio Delgado announces run for governor and sets up Democratic primary battle for 2026 election

Euronews

Volkswagen in direct talks with US government regarding tariff deal

German carmakers such as Mercedes-Benz and BMW are also reportedly trying to negotiate tariffs directly with the US Secretary of Commerce, Howard Lutnick.

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