Trump Touts China Trade Deal as EU Officials See Delays

The US completed a trade framework with China, President Donald Trump announced. The agreement calls for Beijing to supply rare earths “UP FRONT,” Trump wrote on social media, adding that Chinese students will have access to American universities. It still requires final approval from Trump and Chinese leader Xi Jinping.

European officials, meanwhile, believe trade negotiations with the US could drag on past a July 9 deadline, we’re told. They see an in-principle agreement by that date as a best-case scenario, with further talks after that to work out the details.

Stocks in Europe seesawed today as investors digested the uncertain progress on trade. A boost for US equity markets — and for Trump — came from softer-than-expected inflation numbers for May. Vice President JD Vance took to X to say that the Federal Reserve’s refusal to cut interest rates is “monetary malpractice.” Trump said the Fed should cut by a full percentage point. —

Europe’s artificial-intelligence computing capacity will increase by a factor of ten over the next two years, Nvidia CEO Jensen Huang said today in Paris. There are more than 20 so-called AI factories in the works on the continent, Huang said, adding that Nvidia is teaming up with French startup Mistral AI to build an “AI cloud” together. Huang is visiting London and Paris as part of a globe-trotting campaign to promote the adoption of AI, an area where Europe is lagging behind the US and China.