US trade deals are reportedly still incoming. However, the framework for the US-China deal to mitigate still-paused reciprocal tariffs has not been released. The US-UK trade deal unveiled last month should be implemented by the end of June. Meanwhile, US-EU trade negotiations are still ongoing, with sources familiar with the negotiations saying on June 20 that some European officials are increasingly resigned to a 10% rate on "reciprocal" tariffs being the baseline in any trade deal between the US and EU.
Other sector-specific tariffs like those on steel and aluminum, as well as automobiles, are still in place—with more to come. US President Trump said on June 17 that pharma tariffs were "coming very soon,” reported Reuters.
US trade news has fallen from the public eye as the world reels from the ongoing escalation of the Israel-Iran conflict in the Middle East. First, US President Trump referenced using trade to create some peace deal scenario. However, that sentiment quickly changed as the president teased US involvement in overthrowing the Iranian government.
Ocean shipping rates are peaking, reported Dow Jones. However, vessel availability has been reduced on transpacific routes, and buyers in these markets are troubled to find shipping space, according to an Expana source.
This week, the US Federal Reserve held interest rates, estimating that US tariffs would drive inflation, reported Reuters. Still, US Treasury Secretary Bessent touted the tariff tenure on a recent podcast interview.
