EU cuts growth outlook as tariffs fuel uncertainty

Canada's Prime Minister Mark Carney announced new measures to combat oversupply from foreign steel and aluminum imports, including 100% tariffs on non-US metals and potential adjustments to existing US tariffs following discussions with President Trump. The strategy aims to stabilize the domestic market amid escalating US protectionism, with Canada seeking to bolster its steel and aluminum industries, which are crucial to the economy. Need More Context? 🔎

European regulators are set to investigate Mars's $35.9 billion acquisition of Kellanova, the maker of Pringles and Pop-Tarts, due to concerns about high market shares without proposed remedies. The deal, crucial in a declining packaged food market, could face delays beyond the August 13 deadline if regulatory reviews prolong the process. Need More Context? 🔎

Nato has reduced its upcoming leaders' summit in The Hague to one two-and-a-half hour working session to prevent US President Donald Trump from leaving early, as he did at a recent G7 meeting. While broad support exists for increasing military spending to 3.5% of GDP, Spain remains a holdout on Trump's controversial 5% defense spending pledge, raising concerns over its impact on social welfare. Need More Context? 🔎

This article discusses the European Union's opportunity to enhance the euro's global standing as alternatives to the US dollar gain traction among investors. European Central Bank president Christine Lagarde emphasizes the need for economic resilience and shared debt mechanisms, like Eurobonds, to create a competitive financial ecosystem, while urging leaders to seize this moment to address structural challenges. Need More Context? 🔎

The EU is seeking a trade deal with the US similar to the UK agreement, aiming to maintain some tariffs post-deadline in July, as fears of economic backlash curb calls for retaliation. Despite divisions among member states, a potential acceptance of a 10% reciprocal duty is on the table, with ongoing negotiations addressing sensitive sectors like steel and pharmaceuticals. Need More Context? 🔎

Google's attempt to overturn a €4.12bn EU competition fine was undermined by an advocate-general's ruling supporting accusations that the company used its Android system to hinder competitors. This ruling aids the European Commission's efforts to enforce stricter regulations on major tech firms, adding to Google's total fines of €8bn over a decade. Need More Context? 🔎