EU Leaders Discuss New US Trade Proposal As Deal Clock Ticks Down

Economic

Summary:

European Union leaders discussed new proposals from the United States on reaching a trade deal at a summit in Brussels on Thursday.

European Union leaders discussed new proposals from the United States on reaching a trade deal at a summit in Brussels on Thursday, with time running out for the bloc to find a common position before a tariff respite expires on July 9.

EU leaders were presented with the "outline" of new proposals from the United States by European Commission President Ursula von der Leyen, an EU official told Reuters, but did not go into specifics.

Separately an EU diplomat described it as a "two-pager, principle agreement", adding the United States did not want to get into specific industrial sectors.

"We only have two weeks left - so we should go for something like that, like Brazil and Britain ... France takes a harder position, Italy is on the other side," the diplomat said.

European leaders were meeting to decide whether they want to push for a quick trade agreement with President Donald Trump's administration or keep fighting for a better deal, with Europe's two biggest economies apparently at odds.

German Chancellor Friedrich Merz, Polish Prime Minister Donald Tusk, Finnish Prime Minister Petteri Orpo, Denmark's Prime Minister Mette Frederiksen, Lithuanian President Gitanas Nauseda, Irish Taoiseach (Prime Minister) Micheal Martin, Sweden's Prime Minister Ulf Kristersson, Estonia Prime Minister Kristen Michal meet in Brussels, on the day of a European Union leaders summit, Belgium June 26, 2025.

Chancellor Friedrich Merz of Germany had earlier this week said the EU must push for a "faster" and "simpler" deal, while French officials argued the Commission should take a firmer stance and target U.S. services.

Trump has threatened to hike tariffs on EU goods to 50% unless a deal is found next month.

The EU summit pivots from a NATO meeting this week that agreed to drastically raise defence spending in the military alliance but left some European countries finding it difficult to pay, and Spain explicitly demanding an opt-out.

Aside from tariffs, the EU bloc also has to tackle a raft of other issues, including its support for Ukraine and the prospect of EU membership for a country still at war against nuclear-armed Russia. Hungary is firmly opposed.

Ukrainian President Volodymyr Zelenskiy had urged the EU to pass a new sanctions package on Russia targeting its oil trade and banks, as well as give a clear signal on his country's EU accession.

"What's needed now is a clear political message – that Ukraine is firmly on the European path, and that Europe stands by its promises," he told EU leaders. "Any delay by Europe at this point could create a global precedent – a reason to doubt Europe's words and commitments."

Source: Reuters

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Manuel

Cryptocurrency

TRON DAO announced today that the total circulating supply of USDT on the TRON blockchain has exceeded $80 billion, further cementing TRON’s position as the top blockchain for USDT activity. With USDT holding more than 63 percent of the global stablecoin market and surpassing 155 billion dollars in circulation, over half of that supply is issued on TRON. Since January 2025, the supply of USDT issued on the TRON network has grown by approximately 20 billion, according to a data platform Token Terminal. TRON continues to lead all blockchain networks in USDT issuance, transaction volume, and daily user activity.

TRON has established itself as the preferred settlement network for stablecoins, hosting around 60 percent of payment transaction volume. Its scale and efficiency continue to position it as the backbone for digital dollar movement across borders and diverse financial applications.

As of June 2025, TRON processes over 8.9 million daily transactions and has surpassed 315 million total user accounts. Additionally, the network facilitates an average of $21.5 billion in daily USDT transfers. With over 1 million unique wallets transacting USDT each day, TRON also leads in active stablecoin wallet usage, representing 28 percent of global active addresses.

With stablecoins playing an increasingly important role in cross-border settlement, financial access, and dollarization in emerging markets, TRON has established itself as one of the most widely used blockchain networks in the world. Its combination of scale, speed, and low transaction costs has made it the preferred environment for stablecoin activity worldwide.

“TRON’s success is grounded in its alignment with the core values of crypto—openness, user empowerment, and real-world utility,” said Justin Sun, founder of TRON. “USDT on TRON has become the go-to choice for millions of people because it works—it’s fast, efficient, and easy to use. The TRON ecosystem remains focused on building reliable infrastructure for the next generation of digital finance.”

TRON’s leadership in the stablecoin space continues to evolve to meet growing institutional demand. In April 2025, World Liberty Financial chose TRON to launch its USD1 stablecoin, which began minting earlier this month. Additionally, the TRON ecosystem has deepened its focus on financial compliance through the T3 Financial Crime Unit (T3 FCU), a joint initiative with Tether and TRM Labs. Since launch, T3 FCU has worked with law enforcement agencies worldwide to freeze over $160 million linked to illicit activity.

As the digital dollar economy continues to expand, TRON remains a core pillar of the infrastructure driving greater efficiency and financial inclusion.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017 by H.E. Justin Sun, the TRON blockchain has experienced significant growth since its MainNet launch in May 2018. TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin, exceeding $80 billion. As of June 2025, the TRON blockchain has recorded over 315 million in total user accounts, more than 10 billion in total transactions, and over $21 billion in total value locked (TVL), based on TRONSCAN.

Source: Cryptoslate

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Daniel Carter

Central Bank

Economic

“We're only going to have really one more month of data before the July meeting,” Collins said Thursday in a phone interview with Bloomberg News. “I expect to want to see more information than that.”

Fed officials kept interest rates steady last week, arguing there's still elevated uncertainty over how the economy will react to a set of policy changes, particularly those around trade.

Two Fed governors, Christopher Waller and Michelle Bowman, signaled after that decision they might back lowering rates as early as next month.

But most policymakers who spoke this week made clear they aren't seriously considering a move in July. And Collins, who's a voting member of the Federal Open Market Committee in 2025, joined that group.

Though she acknowledged different scenarios are plausible, Collins said her baseline outlook is to resume cutting later in the year.

“That could mean one rate cut, it's possible it means more than that, but I think the data will really need to tell us,” she said. “I am not seeing an urgency.”

Policymakers still see two rate cuts this year, according to the median projection published with their latest economic forecasts. Still, the rate projections signaled an increased division on the committee, with seven officials forecasting no cuts at all this year and 10 expecting at least two.

Collins said it's still too soon to assess whether a price spike induced by an aggressive set of tariffs, the main driver of her outlook, could become a persistent inflationary shock.

“I think that we do have the time to carefully, holistically assess the information,” she said. “It's too soon to tell whether we might see more persistence in the impact of tariffs on inflation.”

Source: Bloomberg Europe

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Manuel

Commodity

China–U.S. Trade War

Ethane traders Satellite Chemical USA and Vinmar International have received U.S. government letters allowing them to load ethane on vessels destined for China but prohibiting unloading ethane in China without authorization, sources familiar with the matter said.

The letters received Wednesday from the U.S. Department of Commerce follow a licensing requirement imposed several weeks ago on ethane exports to China, stalling shipments and leading vessels to drift or anchor around the U.S. Gulf Coast.

The letter could be perceived as the administration preparing to lift the restriction, industry sources and analysts said.

Even so, there would likely still be some reluctance to load ethane - which is extracted from U.S. shale gas and primarily used as a petrochemical feedstock - as China-bound vessels could be stuck in limbo depending on how long the full-path restriction plays out, said AJ O'Donnell, an analyst at Tudor Pickering Holt & Co.

The U.S. also sent similar letters to Enterprise Products Partners and Energy Transfer on Wednesday, Reuters reported exclusively.

China's Satellite Chemical Co Ltd, the parent of Satellite Chemical USA, and Vinmar declined to comment.

Around half of all U.S. ethane exports head to China, and the halt in flows has pushed ethane prices lower on worries of domestic oversupply. The restrictions are likely to cut into profits of top ethane producers.

Supertanker Gas Bluebonnet loaded for China's Satellite Chemicals at Energy Transfer's Nederland facility in Texas on June 12 and was near the Panama Canal on Thursday, ship tracking data on LSEG and Kpler showed. At least nine other tankers were drifting or anchored along the U.S. Gulf, while two were moored at loading docks.

In the near term, export terminal operators such as Energy Transfer and Enterprise could benefit as they can push their buyers to load at the docks, industry sources said.

Still, Enterprises Morgan Point dock near Houston could see lower volumes as a result of the ethane restrictions, Tudor Pickering Holt & Co's O'Donnell said.

Chinese petrochemical firms use ethane, extracted from natural gas, as a feedstock because it is a cheaper alternative than naphtha, while U.S. oil and gas producers need China to buy their natural gas liquids as domestic supply exceeds demand.

Source: Reuters

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Manuel

China–U.S. Trade War

Economic

Rates for shipping cargo containers from China to the U.S. have dropped by more than half since earlier this month, as imports rebounded less than expected after the slump that followed President Donald Trump slapping 145% tariffs on China.

Trump quickly reversed course by lowering the rate to 30%. That cost increase on goods from the nation's No. 1 ocean trading partner remains significant, especially at a time when U.S. economic data is signaling weakness.

Rates on the closely watched Shanghai-to-U.S. West Coast route appear to have found a near-term floor at around $2,500 per 40-foot container, after peaking early this month at around $6,000, Jefferies shipping analyst Omar Nokta said in a note on Thursday.

Shipping rates had surged to their recent peaks after Trump cut tariffs on China to 30% from 145%. That led U.S. importers to rush in new orders on goods they had halted because of the astronomical levy.

The retreat in shipping rates "is a sign that the recent surge in imports to the U.S. ... will fail to have the lasting impact we had initially expected," maritime consultancy Drewry said on Thursday.

Drewry's World Container Index fell 9% for the second consecutive week following five weeks of gains.

U.S. consumers have yet to feel the full effects of tariffs because many importers stockpiled goods ahead of the new duties - delaying price hikes.

Now, time is running out. Walmart, the world's largest retailer and top ocean importer, warned it would start raising prices in late May and June.

Federal Reserve Chair Jerome Powell on Wednesday said he expects tariffs to start stoking inflation this summer.

Tariffs have already risen on some goods, but there is a coming July 9 deadline for higher levies on a broad set of countries. No one is certain whether Trump will back down to a 10% baseline tariff that analysts are using as a minimum, or whether he will impose something more aggressive.

Some maritime experts say Trump has painted the U.S. into a corner with his trade war.

Import shipments to the U.S. virtually ceased in April, due to Trump's short-lived 145% tariffs on China. That volume is rebounding. But the bounce may be less than expected as tariffs begin to weigh on consumer spending and economic growth.

"The more volume goes down, the less economic activity goes up. The less volume goes down, the more inflation goes up," said John McCown, senior fellow at the Center for Maritime Strategy.

"There is actually no comfortable place to land."

Source: Reuters

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Manuel

Cryptocurrency

Bitcoin (BTC) has traded between $100,000 and $110,000 for a seventh consecutive week due to slower profit realization, cooling transfer volume, and a cautious derivatives backdrop, according to a June 26 Glassnode report.

The report cited the market’s struggles to extend May’s all-time high rally, with the 30-day realized profit gauge peaking in early May, then declining as traders secured the third earnings wave of the cycle.

Realized profit

The cumulative realized profit for the cycle between 2023 and 2025 now totals $650 billion, already surpassing the entire period between 2020 and 2022. However, the current landscape signals reduced capital rotation.

Furthermore, on-chain transfer volume fell 32% from the late-May high to $52 billion, and spot exchange turnover sits at $7.7 billion, well below earlier breakout levels.

A cost-basis density heat map shows a dense accumulation zone between $93,000 and $100,000. Bitcoin Stays Confined to $100k–$110k Band as Realized Profit and Network Activity Recede_1

Bitcoin Stays Confined to $100k–$110k Band as Realized Profit and Network Activity Recede_1

Bitcoin briefly tested the upper edge of that band during a weekend dip to $99,000 but reclaimed the six-figure threshold as geopolitical tensions eased.

The report highlighted the cluster as structural support and noted that a decisive break could force holders in that range to capitulate and deepen a correction.

Derivatives reset as leverage sheds conviction

Futures liquidations spiked to $28.6 million for longs and $25.2 million for shorts during the whipsaw, flushing leverage on both sides. Open interest contracted from 360,000 BTC to 334,000 BTC, a 7% slide that cleared speculative excess.

Annualized funding rates and three-month basis levels continue to decline over a multi-week period, suggesting that traders are hesitant to re-establish aggressive long exposure despite elevated volume.

The report noted that momentum remains constructive while Bitcoin holds above cost-basis support but a breakout requires “a clear pickup in demand, activity, and conviction.” Until those inputs emerge, the price is likely to oscillate within the current $10,000 range.

Bitcoin was trading at $107,630 as of press time, moving towards the cap of the prevailing range.

Source: Cryptoslate

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Manuel

Economic

China–U.S. Trade War

The White House Council of Economic Advisers chairman Stephen Miran told Yahoo Finance on Thursday that he expects the Trump administration to extend the tariff pause for countries negotiating "in good faith."

"I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it," Miran told Yahoo Finance's Brian Sozzi.

In recent weeks, President Trump and administration officials have signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds for talks to turn into pacts. From Canada to Japan, key trade deals are struggling to get over the finish line with just two weeks to go.

Trump and officials have warned that he could soon simply tell countries their tariff rates, raising questions about the status of negotiations. Miran said that he doesn't see the aggregate tariff rate falling materially below the 10% level in the long run, but some countries may negotiate more favorable duties while others will see a return of the steeper "Liberation Day" tariffs.

So far, Trump has firmed up a trade deal with the United Kingdom. In Canada, Prime Minister Mark Carney's government threatened to hike tariffs by late July on US imports of steel and aluminum, after Trump ballooned US levies on those metals. The countries are aiming for a deal by mid-July.

The European Union has also vowed to retaliate if the US sticks with its baseline 10% tariffs, according to a report in Bloomberg. Trump has threatened tariffs of up to 50% on EU imports. Trump Tariffs Live Updates: Trump may Extend Tariff Deadline, CEA Chair Stephen Miran Says_1

Trump Tariffs Live Updates: Trump may Extend Tariff Deadline, CEA Chair Stephen Miran Says_1

One sticking point in negotiations has come from Trump's disorganized approach to his tariff policies. According to Bloomberg, some countries have resisted signing deals without knowing whether Trump's other duties — including those on metals, chips, and other materials — would still apply to them.

Meanwhile, the US economy is still figuring out the effects of the tariffs while the White House is simultaneously making a push to get the "big, beautiful" tax bill passed in the Senate. Fed Chair Jerome Powell this week reiterated that the central bank is still waiting to see the effects of the tariffs on prices before cutting interest rates.