EU Plans For No Deal, $2 Trillion GDP Hit , Musk’s Empire Creaks

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On today's podcast:

(1) European Union envoys are set to meet as early as this week to formulate a plan for measures to respond to a possible no-deal scenario with US President Donald Trump, whose tariff negotiating position is seen to have stiffened ahead of an Aug. 1 deadline.

(2) The global economy started 2025 on a solid footing. Now the ground has shifted. We estimate the average US tariff rate has risen to 13.3% from 2.3% in January. That's already the highest rate since 1939. As the impacts of President Trump's trade war crystallize, we expect a $2 trillion hit to global GDP by the end of 2027.

(3) Japanese Prime Minister Shigeru Ishiba said he intended to stay on even as his ruling coalition suffered a historic setback in an upper house election on Sunday, an outcome that may further unsettle markets.

(4) London Stock Exchange Group is weighing whether to introduce 24-hour trading in response to growing demand from small investors, the Financial Times reported.

(5) UK home sellers slashed prices at a record pace this month as a decade-high number of properties for sale tips the scales in favor of buyers in some of the nation’s most-expensive markets.

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