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Terms and conditions apply. Here is your morning brief for Monday, July 21st. I'm Kate Bullivant for the Wall Street Journal.

The European Union thought it was on the brink of a trade deal that would help the bloc avoid higher US tariffs.

Now we're exclusively reporting that EU member states are pressing the bloc's executive body to prepare new targeted measures

to hit back against US companies if a deal can't be reached by the August 1st deadline set by

Trump. The EU had been working toward an agreement that would have kept baseline tariffs at 10%

until US officials said President Trump was demanding further concessions,

including pushing for a baseline tariff on most European goods of 15% or higher.

Treasury Secretary Scott Besant has been laying out his case to President Trump for why he

shouldn't try to push out Fed Chair Jerome Powell.

Trump has threatened to end Powell's contract before it's due to expire in May.

We've learned that Bessent said firing Powell was unnecessary because the economy is doing well

and markets have responded positively to the president's policies.

Besant also reminded Trump that Fed officials have signalled they could cut rates twice before

years end. And earnings are in full swing with Stalantis saying this morning that US tariffs cost

the carmaker around $350 million in the first half

of the year, resulting in a net loss. The Jeep maker said vehicle shipments fell, driven by a 25%

...