Squawk Box Europe Express

President Trump hits Brazil with a 50% tariff - despite the U.S. having a trade surplus in goods with the country - citing the prosecution of former President Jair Bolsonaro. The world's biggest company gets even bigger: Nvidia becomes the first company in history to breach $4 trillion in market cap as investors pile back in on AI bets. Meanwhile, Kellogg shares spike in extended trade amid reports Nutella-maker Ferrero is nearing an acquisition deal, in what would be a rare European takeover of a U.S. rival.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump threatens substantial levies on copper and the pharma sector, as the EU scrambles to agree on a tariff deal. U.S. Commerce Secretary Howard Lutnick says that both sides are making progress. Meta bets on EssilorLuxottica - reportedly taking a $3.5 billion minority stake in the Ray-Ban maker as the U.S. tech giant makes a push in the 'smart glasses' space. Elon Musk lashes out at one of the most bullish Tesla analysts on Wall Street, telling Wedbush Securities' Dan Ives to "Shut up," after he called for Musk to cut back on politics.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump hits trading partners with higher tariffs from August, including 25% on Japan and South Korea, while Treasury Secretary Scott Bessent says the U.S. is weighing several new deals. The European Union is reportedly set to dodge any tariff escalation, with Ireland's Trade Minister saying he expects an extension of the status quo, allowing time for further talks. Meanwhile, officials from Japan and South Korea hold calls with US Commerce Secretary Howard Lutnick, saying they'll hold further talks before the new tariffs come into effect next month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump says countries will receive tariff letters from 5pm London time, as Treasury Secretary Scott Bessent confirms the measures come into effect from August 1st. Eurogroup President Paschal Donohoe tells CNBC he's optimistic the EU can strike a trade deal with the U.S. - as the bloc eyes a skeleton agreement that keeps a 10% levy on most exports. And - Elon Musk announces plans to launch a new political party, drawing the ire of President Trump and raising questions about his business commitments.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. aims to finalise a flurry of deals ahead of its tariff deadline, while EU talks extend into the weekend. But European Commission President Ursula von der Leyen expects only a framework agreement in the short term. After several all-nighters, Republicans finally force through President Trump's sweeping budget bill, in time for the U.S. leader to sign it into law today, the 4th of July. And - one year of Keir Starmer. The British Prime Minister and the Labour Party mark 12 months in power to cap off a week marked by a tearful Chancellor Rachel Reeves on the frontbench, while the PM scrambles to reassure a jittery bond market.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Speculation swirls around U.K. Chancellor Rachel Reeves after an emotional appearance in parliament, sparking selling across U.K. assets, with long-dated gilt yields seeing their biggest spike since April. Meanwhile, the U.S. sets a 20% tariff on exports from Vietnam under a new trade deal, just days before President Trump's deadline to ramp up his so-called 'reciprocal tariffs' once again. And - President Trump's Budget Bill stalls in the House, as Speaker Johnson struggles to win over opponents in his own party.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Senate narrowly passes Trump's sweeping tax and spending bill, with attention now turning back to the House as it races to pass the package. Fed Chair Jerome Powell appears to push back at pressure from President Trump, telling the Sintra forum the Fed would have cut rates further by this stage if it had not been for tariffs. Shares in AstraZeneca pop in Tuesday's session after the Times reports CEO Pascal Soriot is looking at moving the pharma giant's listing from London to the U.S. And - Santander swoops in for Sabadell's U.K. unit TSB in a deal worth £2.65 billion.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

ECB President Christine Lagarde kicks off this year's ECB Forum with a warning against complacency, but Governing Council member Pierre Wunsch tells CNBC the central bank will only stick or cut at this point. Senate voting on the Trump-backed budget bill continues into a second day, as Republican leaders look to secure the support needed to send the package back to the House. Meanwhile, the dollar sees its worst start to a year since 1973, as President Trump's trade policies and attacks on the Fed raise questions around the greenback's safe-haven status.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. senators end their debate on President Trump's budget bill, with a vote on the package due later today. Meanwhile, European Council President Antonio Costa tells CNBC the U.S. defence spending dispute is resolved, with Europe boosting arms purchases under the new NATO deal. Canada scraps its digital services tax targeting U.S. big tech just days after President Trump calls off trade talks.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The White House announces a potential extension to the reciprocal tariffs deadline. This could include the 50 per cent levy on the European Union. The EC president, Ursula Von Der Leyen confirms she has received Washington’s proposal of new trade discussions but struck a cautious tone ahead of any resumption in dialogue. The U.S. dollar sinks to a three-and-a-half-year low against the euro and sterling with markets now mulling the potential appointment of a more doveish Federal Reserve chairman by the U.S. president.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

NATO leaders agree to ramp up defence spending to 5% of GDP, with Europe breathing a sigh of relief as U.S. President Donald Trump renews his commitment to the military alliance. Over in Brussels, attention now turns to the European Council summit - with the bloc's leaders set to discuss how to align defence efforts around ongoing support for Ukraine and a volatile situation in the Middle East. Meanwhile, Shell denies renewed reports it is in early stage talks to buy rival BP - a deal that could create an energy giant worth some £200 billion. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Donald Trump heads to the NATO summit in the Hague, with Secretary-General Mark Rutte hailing the U.S. President's 'big success' as leaders back deeper defence spending. Meanwhile, President Trump insists Iran's nuclear sites were 'completely destroyed' by US strikes, despite NBC sources suggesting the operation only set the country's nuclear programme back by as little as three months. Wall Street rallies on signs the ceasefire is holding, while crude prices look to claw back some of this week's losses. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump announced on Truth Social that an Iran-Israel ceasefire is in effect, calling on both nations to stand down weapons and stick to the agreement. Meanwhile, the leaders of France and Germany say NATO's new spending target will strengthen its European pillar ahead of a crucial summit in the Hague, with Secretary General Mark Rutte pledging action. In Germany, industry leaders weighed in on the impact of conflict in the Middle East, with Deutsche Bank CEO Chirstian Sewing telling CNBC the corporate world is now better prepared to weather the storm.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S strikes three Iranian nuclear facilities over the weekend and President Trump has hinted at potential regime change in the country. Iranian foreign minister Abbas Araghchi has warned of a hard-hitting response while European leaders have urged a return to the negotiating table. Oil moves higher but markets are sanguine despite the Iranian parliament’s vote to close off the Strait of HormuzSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The White House has announced that a decision whether to strike Iran will be made with two weeks as talks continue. Iran’s foreign minister, Abbas Araghchi, is due to meet European counterparts in Geneva later today in a bid to make a last-minute deal to avert further conflict. Spain has pushed back against NATO demands to increase its defence bill to 5 per cent of GDP. Prime Minister Pedro Sanchez has called the aim ‘counter-productive’. And in M&A news, Unicredit CEO Andrea Orcel has said his bank is likely to withdraw its offer for rival lender Banco BPM despite receiving the EU’s approval of the move. Orcel said he believed Unicredit would flourish with or without the takeover.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Israel has confirmed it has struck nuclear sites in Iran overnight but U.S. President Trump says he has not yet made a final decision on whether to join the campaign and will announce his move at short notice. The U.S. Federal Reserve keeps rates steady but policy makers suggest two cuts by the end of the year. Chairman Jerome Powell has warned that tariffs will lead to price increases. The BoE, the SNB and the Norges Bank are due to make rate decisions later today. And we are live at the London Stock Exchange where the AIM exchange celebrates its 30th anniversary with almost £136bn raised so far.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump has called for Iran’s ‘unconditional surrender’ in its conflict with Israel. NBC News reports that Trump is mulling a direct military strike on the country. We are live at the Paris Air Show where the CEOs of Saab and Leonardo tell CNBC that Europe’s defence depends on broader budgets and less fragmentation between nations. UK May inflation figures come in at 3.4 per cent year-on-year ahead of tomorrow’s BoE rate decision.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Trump leaves the G7 summit in Alberta, Canada early, reportedly flying back to Washington to attend the Situation Room. He issued a warning to Tehran’s residents to evacuate from the city and suggested his return pertained to something ‘much bigger’ than a ceasefire in the Middle East. The U.S. and UK have formally agreed on a trade deal with British auto makers and the aerospace sector spared President Trump’s levies. Steel and aluminium tariffs, however, remain in place for the time being. We hear from Shell CEO Wael Sawan who says his company will continue to guarantee energy production and delivery despite the escalating conflict in the Middle East.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The conflict between Israel and Iran enters its fourth day. NBC News confirms that U.S. President Trump rejected Israel’s proposal to assassinate Iran’s Supreme Leader Ayatollah Ali Khamenei. G7 leaders arrive in Calgary, Canada with the wars in Ukraine and the Middle East at the forefront of the agenda but tariff talks will weigh on discussions between President Trump and other heads of state. Renault CEO Luca De Meo is to step down as CEO of the French autos giant and pursue a role outside the sector. Reports in French media suggest he may next take the helm at Gucci owner Kering.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Israel has launched unilateral overnight airstrikes in Iran, targeting key nuclear infrastructure and military sites as well as killing the head of the army and the leader of the IRGC. Iran’s supreme leader, Ayatollah Ali Khamenei has vowed ‘extreme punishment’ against Israel. Tehran has launched up to 100 drones towards Israel in retaliation. Oil spikes to its highest level in almost 5 months as investors rush to safe-haven stocks amid the volatility. World leaders have reacted with UK Prime Minister Keir Starmer urging calm while Riyadh slams the move as a violation of sovereignty and international law.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.