EU Plans Closer Ties With Countries Hit by US Tariffs

Good morning. The EU plans to engage with countries hit by US tariffs. Advances in Chinese biotech are changing the world’s drug pipeline. And London is now the second-most expensive city for luxury spending. Listen to the day’s top stories.

The EU plans to team up with nations hit by Donald Trump’s tariffs, and will reach out to Canada and Japan for possible cooperation, people familiar said. It’s also delaying countermeasures against the US to allow more time for talks. In case you missed it, Trump threatened to slap a 30% levy on the bloc by August if they cannot negotiate better terms. German Chancellor Friedrich Merz said such a rate would hit exporters in his country “to the core.”

In markets, US and European stock futures slid and Asian shares edged lower amid the tariff tensions. Bitcoin breached $120,000 for the first time, with investor optimism increasing almost daily. And oil traders are on alert for Trump’s “major statement” on Russia later today.