But the outlook for many top U.S. trading partners has yet to come into clear focus. Trump has threatened, for example, to raise tariffs on Canada to 35% from the current 25% if the two countries don’t strike a deal by Friday. And a 90-day truce between the U.S. and China expires in mid-August, at which point Trump’s tariffs on China could soar.

"We still believe the most likely outcome is slow growth and firm inflation: Not a recession, but a backdrop where the adverse effects of trade and immigration controls on growth outweigh the boost from deregulation and fiscal largesse," Morgan Stanley strategist Michael Zezas wrote.

Barclays' first-half profit rose by a better-than-expected 23%, the British bank said on Tuesday, as its markets business reaped bumper returns from the frenzied trading activity sparked by U.S. President Donald Trump's trade tariffs.

European officials gave up on trying to avoid tariffs altogether and instead looked for the best agreement they could get.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

Bill Maher said he has been proven wrong about his belief President Trump's tariff plan was going to wreck the economy.

General Motors is exposed to billions in costs from the trade war. The residents of Oshawa are already paying the price.

US President Donald Trump says "a lot" of his trade agreement with the UK will be of benefit to Scotland. Following a meeting with Prime Minister Sir Keir Starmer, Trump said he wanted to see Scotland "thrive". The two met at Trump's golf resort in South Ayrshire on the third full day of the US president's private visit to Scotland.