EU-US trade defies tariff headwinds
Trade volumes between the European Union and the United States hit record levels in the first half of 2026, according to a new study released this week. The milestone came despite the Trump administration's aggressive tariff policies, which have reshaped global supply chains. The data suggests that businesses on both sides of the Atlantic have adapted to the new trade environment, with many companies absorbing higher costs rather than passing them on to consumers.
U.S. tariff rates reach highest level since 1972
The Tax Foundation estimates that the United States' effective tariff rate has risen to 11.7% under Section 232 tariffs on steel, aluminum and copper, combined with the Section 122 10% across-the-board tariff. This marks the highest effective rate in over 50 years. The tariffs are projected to raise $956 billion in revenue from 2026 to 2035, but also increase costs for American households by an estimated $700 per year. The Section 122 tariffs are set to expire later in 2026.
JPMorgan warns of aluminum price surge
J.P. Morgan analysts warned that domestic aluminum prices are already adjusting sharply higher in anticipation of the 50% tariff on aluminum imports. "The U.S. relies on imports to meet the bulk of its primary aluminum needs," said Nora Szentivanyi, senior global economist at J.P. Morgan. The White House has pursued bilateral trade deals with countries including Vietnam, Thailand, South Korea and the United Kingdom to manage the impact of the tariffs.