The investment bank thinks a 9-0 ruling against Trump is likely. That doesn't mean the tariffs will just go away.

The EU-Japan Summit in Tokyo brought together Ursula von der Leyen, President of the European Commission, and European Council President António Costa, alongside Japanese Prime Minister Shigeru Ishiba.

While recession odds have been dialed back in recent weeks, economists surveyed by The Wall Street Journal still see 33% odds of one coming within a year, compared with 22% at the start of 2025. Meanwhile, earnings estimates for the S&P 500 compiled by research group FactSet are 3% lower since then, the Journal said.

President Trump set a new rhetorical floor for tariffs on Wednesday night, suggesting his administration is aiming to make 15% a new minimum rate for tariffs worldwide.

U.S. President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor