Leaders from Europe's two largest economies have led a chorus of gloomy reactions to the trade deal struck between EU chief Ursula von der Leyen and US President Donald Trump.

Canadian aluminium smelters have started diverting primary metal away from the United States in response to the ratcheting up of import tariffs, first to 25% in March and then to 50% in June.

An EU pharma lobby has criticized the Trump administration’s plans to impose 15% tariffs on pharmaceutical imports amid uncertainty over how the newly announced U.S.-EU trade deal targets the product group,

President Donald Trump struck a new trade deal with the European Union on Sunday, allowing the EU to avoid a 30% tariff rate that was scheduled to begin on Aug. 1. Trump met with European Commission President Ursula von der Leyen over the weekend and discussed the new trade deal,

Unlike the European Union, the Japanese government has made no indication it plans to impose any kind of reciprocal tariff on the U.S., even if the U.S. does move forward with its planned 25% tariffs on all Japanese exports.

Who pays for these tariffs? Most economists reckon that ordinary Americans will lose out, as prices in shops rise. Mr Trump and his coterie, by contrast, blithely insist that the rest of the world will shoulder the load by cutting their selling prices. So far, the evidence is giving the know-nothings a glimmer of hope.

EU ambassadors are to meet next week to develop a contingency plan in the event of a no-deal with US President Donald Trump, Bloomberg reports. According to the agency, the vast majority prefers to continue negotiations with the United States to find a way out of the situation before August 1 (the day when the 30% duty is to take effect).

TACO or tariffs? An August 1 deadline looms after the European Union became the latest of the top US trading partners to reach a deal with Trump.