Europe Gears Up for U.S. Trade Fight

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 21 July 2025

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for July 21. The European Union is changing its tune as trade talks with the U.S. take a turn for the worse. WSJ editor Dan Michaels explains what this could mean for the world’s largest trading relationship. Plus, how Treasury Secretary Scott Bessent has been trying to convince President Trump not to fire Fed Chair Jerome Powell. And why taxing the super rich can backfire on governments, as the U.K. seems to be learning to its detriment. Azhar Sukri hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Race the rudder, raise the sails, raise the sales!
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0:26.7	That's LinkedIn.com slash lead. Terms and conditions apply.
0:33.3	The European Union is gearing up for a trade fight with Washington.
0:38.2	Plus, how the U.S. Treasury Secretary has been steering Trump away from firing the Fed chair
0:44.4	and the perils of raising taxes on the super rich, as the UK seems to learn a bitter lesson.
0:52.1	A lot of billionaires, a lot of millionaires say they're leaving, they're going to Dubai,
0:57.2	they're going to Italy, they're going to Switzerland.
0:59.6	So that's always been the fear that it's actually going to end up costing the government money.
1:04.0	It's Monday, July the 21st. I'm Azhar Sukhri for the Wall Street Journal.
1:08.9	Here is the AM edition of What's News,
1:11.9	the top headlines and business stories moving your world today.
1:18.8	The European Union thought it was on the brink of a trade deal
1:22.9	that would help the block avoid higher US tariffs
1:26.0	and protect the world's biggest trading relationship.
1:29.3	Now we are exclusively reporting that EU member states are pressing the bloc's executive body
1:34.3	to prepare new targeted measures to hit back against US companies if a deal can't be reached
1:41.3	by the August 1st deadline set by Trump.
	...

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