| EU businesses are working behind the scenes to prevent harsh retaliation against US President Donald Trump's tariffs. |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. As the US and EU hold trade negotiations, the bloc's businesses are working behind the scenes to prevent harsh retaliation against US President Donald Trump's tariffs, fearing such measures could lead to escalation and harm European industry. Major European firms like Mercedes-Benz and LVMH are urging against a tough stance on US tariffs and pushing the EU for a a quick deal, we're told. Executives are lobbying to remove iconic American products like bourbon from a list of goods to be targeted in retaliation. While the commission signals "all options" are on the table if negotiations go awry, its tone has softened as the July 9 deadline looms. Trump said his administration will start sending out letters to trading partners today setting unilateral tariff rates, with payments due Aug. 1. Commission President Ursula von der Leyen earlier reinforced her position that the EU aims for an agreement in principle with the US by the deadline. — Michal Kubala | |
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| China Tension | The Chinese government intends to cancel part of a summit with EU leaders planned for later this month, in the latest sign of the tensions between Brussels and Beijing. The second day of the two-day summit in China is set to be canceled at Beijing's request, we're told. AI Backlash | Representatives from more than 45 European organizations are calling on the EU to delay the implementation of rules on AI. Companies including ASML, Airbus and Mistral AI warned that the landmark regulation would threaten the continent's AI ambitions and called for a more "innovation-friendly" approach. Export Strain | ECB officials warned that the euro's appreciation and uncertainty over trade could hurt exports and cloud the euro zone's economic outlook, according to a summary of their meeting in June. While this year's rally in the euro has helped curb inflation, further gains risk damaging the competitiveness of exporters. Banking Deadlock | Chancellor Friedrich Merz reaffirmed Germany's opposition to a joint EU deposit insurance, a scheme sought by the bloc to deepen financial ties. In comments met with applause at a banking forum in Berlin, Merz said there's no reason to pool national liability systems across member states. | |
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| Ukraine Talks | Trump said he was "very disappointed" with a phone yesterday with Russia's Vladimir Putin. The US leader said he's set to speak today with Ukrainian President Volodymyr Zelenskiy, who said he plans to discuss the US decision to halt the transfer of artillery rounds and air defenses. Sky Shield | Switzerland and Germany have agreed to jointly purchase air defense systems under the European Sky Shield Initiative. The move is in line with Switzerland's new strategy to source more arms from Europe and counter supply-chain strains by deepening cross-border collaboration. Greek Recovery | Once teetering on the edge of economic collapse at the peak of its debt crisis in 2015, Greece has staged a turnaround and is now outperforming many of its euro zone peers on several fronts. A decade on, the country boasts renewed investor confidence. Scorching Europe | The worst of the heat wave that's gripping Europe is moving toward central and southeastern parts of the continent, with Austria and Serbia facing blistering temperatures. Public services are under strain as emergency crews battle wildfires near Athens and on the island of Crete. | |
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| Investors in Romanian sovereign bonds are welcoming measures to curb the budget deficit, with the reduced risk of a credit-rating cut likely to extend a rally in the country's debt securities. The government plans to present the package including spending cuts and tax increases at next week's meeting of EU finance ministers, as it tries to rein in the EU's widest fiscal gap. | |
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| All times CET - 11 a.m. NATO Secretary General Mark Rutte attends change of command ceremony for NATO's Supreme Allied Commander Europe in Mons, Belgium
- College of commissioners continues visit in Denmark
- EU-Moldova Summit starts in Chisinau
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