Leaders from both economies had been trying to negotiate more favorable terms, only to have those efforts blown up by form letters.

The Government hopes US president Donald Trump’s announcement of a 30pc tariff on the European Union will not lead to a trade war, Transport Minister Darragh O’Brien has said.

Next week is data-heavy, with markets bracing for key Chinese economic indicators as well as US inflation, retail sales, and consumer sentiment data, for insights into the monetary policy outlook.

After months of seeing very little inflation, US consumers probably experienced slightly faster price growth in June as companies started to pass along the higher cost of imported merchandise associated with tariffs.

The US economy is expected to slow the rest of the year as tariffs take a bigger toll on consumers and businesses, immigration constraints intensify

Germany's Economy Minister Katherina Reiche warns that President Trump's proposed 30% tariffs on EU imports could harm European exporters and US consumers. She advocates for a swift and pragmatic resolution to the trade conflict to prevent further economic damage amid rising tensions.

VIENTIANE: Tariffs imposed by the United States on goods imported from Laos and other trading partners are projected to have a significant impact on Laos' economy in 2025 and 2026, economists have warned.