The time line for the talks appeared to be reset after US officials signaled that trading partners will have until Aug. 1 before the tariffs kick in. That gives them the option of three more weeks for deal-making.
The EU said that it is closing in on a framework trade agreement with the US after the head of the bloc’s executive arm, Ursula von der Leyen, held a call with Trump. “They had a good exchange,” EU Spokesman Olof Gill told reporters in Brussels. “We’re at the beginning of the end game, at least for an agreement in principle.” — Jennifer Duggan
What You Need to Know Today
A German church pension fund has tapped a Chinese firm’s Hong Kong arm to help it invest in local stocks. It’s a rare move among global allocators that have been cautious about gaining exposure to the nation’s equities. KZVK, which manages €34.1 billion, gave $50 million to Fullgoal Asset Management in the second quarter, according to people familiar. Stocks in China and Hong Kong have seen modest gains following a series of economic stimulus measures since September.
Apple appealed a €500 million fine from the European Union, calling the penalty “unprecedented” and the regulator’s required changes to its App Store as “unlawful.” The European Commissionannounced the fine in April under its Digital Markets Act, saying that the iPhone maker ran afoul of rules related to allowing developers to steer users to make purchases outside of its store. In June, Apple changed its EU App Store policies to meet local requirements and avoid additional penalties.
Summer 2025 may go down in history as the season when Europe turned against tourism. Locals unable to walk through Barcelona’s clogged streets sprayed visitors with water guns. Thousands marched to demand an end to mass tourism on the Spanish island of Mallorca. As the number of people traveling for leisure returns to pre-pandemic levels, places that always attracted a lot of visitors are experiencing “over-tourism,” a tipping point beyond which daily life becomes unbearable for local people.
Demonstrators hold a cardboard plane during a protest against mass tourism and housing prices in Palma de Mallorca, on the Balearic island of Mallorca. Photographer: JAIME REINA/AFP
Italian car production by Stellantis crateredby a third in the first half and is poised to sink further this year from a multi-decade low set in 2024, an autoworkers’ union warned. The company, which makes Fiat, Alfa Romeo and Jeep-branded models in Italy, produced 34% fewer passenger cars in the first six months of 2025, according to a report published Monday by FIM-CISL union. Commercial-vehicle production fell 16%. The slump is a setback for new Chief Executive Officer Antonio Filosa.
Europe’s fleet of coal and gas plants could come to the rescue as wind power generation is set to slump this summer, driving up both electricity prices and emissions. Output from coal plants in major markets including Germany, France and Spain is poised to jump 50% this month compared with June, according to a forecast by BloombergNEF. That’s in response to a 40% plunge in wind power estimated by Energy Aspects Ltd. for July and August.
Scientists are revising their view of the role that soot may play in endangering glaciers and ice sheets. Commonly known as soot, black carbon is a type of pollution formed by the incomplete combustion of fossil fuels or biomass such as trees. It’s a risk to human health, having been linked to respiratory and cardiovascular diseases. It’s also a potent short-term warming agent. Black carbon absorbs copious heat from the sun and, when it coats a layer of ice or snow, reduces its ability to reflect solar energy back into space.
The largest ice cap in Iceland, glacier Falljökull, dusted with deposits of soot in February 2023.
