Trump has recently announced preliminary trade deals with Japan and other countries, and many of his paused "reciprocal" tariffs are set to resume next month.

Chemical products companies in Brazil, which exported $2.4 billion to the U.S. last year, face a slew of contract cancellations as President Donald Trump has threatened a new 50% tariff on the South American nation's exports from August 1.

Volkswagen said Friday year-over-year operating profit fell by $1.84 billion in the second quarter as the German automaker navigates the effects of U.S. tariffs