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Here's your midday brief for Monday, July 28th. I'm Pierre Bienname for the Wall Street Journal.

Business leaders on both sides of the Atlantic breathed a sigh of relief that the U.S. and

European Union had averted a bruising trade war with their agreement on tariffs and investment.

Now attention is shifting to assessing the deals, winners and losers. The preliminary trade agreement between the two sides sets a baseline

15% tariff on most European goods, while the EU is committing to buying hundreds of billions

of dollars of American energy products and investing in the U.S. European industry officials

and politicians said the deal leaves the EU in

worse shape than before Trump's return to office, but is likely a best-case scenario for European

companies because it avoids a bigger fight and will give them more certainty over the coming

years. The deal prompted a wave of criticism with some European politicians and media

describing it as a dark day,

humiliation, and defeat. Others said the EU had little choice after the Trump administration

put a 15% tariff on Japan. Some Europeans welcomed certainty for companies and consumers.

President Donald Trump says he will give Russian President Vladimir Putin

10 or 12 days to reach a ceasefire with Ukraine or face more economic pressure from the United States.

That shortens his previous 50-day deadline for a ceasefire. And the leaders of Thailand and

Cambodia have agreed to an unconditional ceasefire, set to take effect at midnight.

This, after five days of deadly crashes over their disputed border, which have killed at least

35 people and displaced some 300,000. Heads up, an artificial intelligence tool helped us make

this episode by creating summaries that were based on WSG reporting and then reviewed and adapted by an editor. We'll have more coverage of the day's news

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