Trade agreements

Foreign Policy says a US-India trade deal is close, but relations remain strained by Trump’s policies and India’s inflexibility. The Financial Times urges governments to resist US pressure on drug pricing collectively and suggests Washington may be using USMCA uncertainty as leverage. Time reports that cutting trade with Spain would be difficult within the European Union (EU) single market. Politico highlights that a possible US embargo on Spain could undermine the US-EU trade deal. The Associated Press reports that Brazilian President Lula and Senator Flávio Bolsonaro are clashing over proposed US tariffs. Asia News Network reports that China and the United Kingdom are advancing services trade talks despite tensions over industrial trade measures. Bloomberg reports that Canada and the Philippines plan to finalize a trade deal while expanding energy, defense, and migration ties.

Mentioned publications

Are US-India ties really thawing? – Sumit Ganguly, Foreign Policy, July 6, 2026
The US and India are in the final steps of a trade deal, but whether relations are truly thawing remains uncertain after significant damage from Trump’s policies and India’s own inflexibility on trade and foreign policy. The relationship need not remain stalled if both sides can resolve their longstanding differences.
HF sponsored access Trump’s drug price crusade puts Europe on guard – Alan Beattie, Financial Times Op-ed, July 6, 2026
Beattie argues that governments facing US pressure on pharmaceutical pricing should act publicly and collectively rather than follow the UK’s approach. The US may also be keeping the USMCA unsettled to use the threat of ending it as leverage over Canada and Mexico.
Can Trump ‘cut off all trade’ with Spain? Here’s what experts say – Tiago Ventura, Time, July 10, 2026
Ventura reports that Trump’s revived threat to cut off trade with Spain over defense spending has raised grave concerns for US-Europe relations. Although the International Emergency Economic Powers Act could provide broad authority for an embargo, enforcing one against a member of the EU single market would be difficult and could provoke a wider dispute with Brussels.
US officials compiling ‘menu’ of Spanish goods, as Trump weighs embargo – Michael Stratford, Oliver Ward, and Daniel Desrochers, Politico, July 8, 2026
The Trump administration is preparing a list of Spanish goods for a possible embargo after Trump’s renewed threat over defense spending. Such action could devastate the US-EU trade deal and trigger a wider trade war, affecting roughly US$1 trillion in commerce.
Brazil’s top presidential candidates Lula and Flávio Bolsonaro clash over US tariff proposal – Eléonore Hughes, Associated Press, July 4, 2026
Hughes reports that Brazilian President Luiz Inácio Lula da Silva and rival Flávio Bolsonaro are clashing over proposed 25% US tariffs ahead of October’s election. Lula defends Brazil’s sovereignty, while Bolsonaro warns the tariffs could strengthen the government and hand it a political victory.
China, UK step up services trade cooperation – Zhong Nan, Asia News Network, July 6, 2026
China and the UK are accelerating a feasibility study on a bilateral services trade agreement, laying the groundwork for deeper cooperation in high-value services. China also urged the UK to revise its new steel trade measure, while analysts called for more British exports and Chinese investment rather than protectionism.
Canada, Philippines agree to sign trade deal this year, grow defense ties – Cliff Harvey Venzon, Brian Platt, and Thomas Seal, Bloomberg, July 3, 2026
Canada and the Philippines plan to finalize a free trade agreement this year while deepening cooperation on energy, defense, labor, and migration. The deal supports Canada’s push to expand non-US trade and the Philippines’ efforts to diversify its economic and security partnerships.