The president imposed tariffs on Japan, one of America’s closest allies, that would have been alarming just months ago. And markets went up.

Rising summer temperatures drove Saudi Arabia to become Russia's largest seaborne fuel oil customer in June, allowing the kingdom to export more of its crude oil at higher prices.

Prices have gone up incredibly,” said one cafe manager. “We have to decide how much of that we want to absorb or pass on. It’s a tricky balance.”

BERLIN (Reuters) -German Chancellor Friedrich Merz will host French President Emmanuel Macron for talks over dinner in Berlin on Wednesday, with Europe's battle to soften incoming U.S. tariffs and support for Ukraine expected to top a packed agenda.

General Motors said tariffs slashed its second-quarter income by more than $1 billion, and other companies pointed to import duties to explain smaller profits.

Freeport-McMoRan stock fell after the miner trimmed its full-year guidance. The mining company says tariffs could cause the cost of goods purchased to rise by 5%.

The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while its trade chief will hold talks with U.S. Commerce Secretary Howard Lutnick.

Steel producers like Cleveland Cliffs and Steel Dynamics both said this week that they raised prices after President Trump imposed a 50 percent tariff on imports.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

Chile's mining minister and the chairman of the world's biggest copper producer, Codelco, said on Wednesday they have not yet received details on 50% copper tariffs due to be imposed by the United States on August 1.

As the EU digs in, President Trump announced two more deals and finalized a third, most notably a pact with Japan. “I just signed the largest deal in history with Japan," Trump