European Commission President Ursula von der Leyen stated the EU is prepared for every outcome in trade talks with the U.S., including a breakdown. The EU has received a new U.S. proposal and is assessing it, while contingency plans—including retaliatory tariffs—are being prepared ahead of the July 9 deadline when U.S. tariffs could jump to 50% if no deal is reached. (bloomberg.com, theguardian.com)

French President Emmanuel Macron emphasized that while France supports a quick and pragmatic trade agreement with the U.S., the EU must avoid accepting an imbalanced deal. He warned that any relief (e.g., 10% baseline tariffs) must be matched with EU concessions, urging that goodwill not be mistaken for weakness.

German Chancellor Friedrich Merz called for a “quick and simple” trade deal between the EU and the U.S. before the July 9 tariff deadline, arguing that a comprehensive agreement isn’t feasible under the tight timeline. He also endorsed reforming the WTO and backing the Mercosur deal.

EU officials criticized Chancellor Merz for expecting the U.S. to exempt German car exports from potential new tariffs under a proposed deal. The FT reported that U.S. priorities lie in reshoring automotive and steel production, making sector carve-outs unlikely; retaliatory tariffs remain in Brussels’ toolkit.

Turkey’s economy is in crisis—soaring inflation (around 40%), bankruptcies, and eroded investor confidence. Though orthodox policies briefly helped, political unrest—including the arrest of opposition figures—triggered renewed turmoil. As a result, emergency interest hikes drained reserves and business outlooks dimmed. (ft.com, reuters.com)