Cecilia Malmstrom, a former top European Commission trade official, said the EU is "painfully aware that the transatlantic relationship as we used to know it has been severely damaged."

Vice President JD Vance, meeting with the European Commission President Ursula von der Leyen, said that "of course, we have some disagreements on things like trade," but that he hopes their conversation "will be the beginning of some long-term trade negotiations and some long-term trade advantages between both Europe and the United States."

President Donald Trump touted his plan to get foreign health purchasers to pay more for pharmaceuticals, and U.S. consumers to pay less, as he signed an executive order seeking to equalize those prices.

The U.S. and China agreed to temporarily drop certain tariffs, during negotiations in Switzerland May 10-11, and plan to continue talks through a new trade dialogue mechanism, both countries said.

The Swiss president told reporters in Bern that her country would put together a letter of intent within two weeks, in the hopes of reaching an "agreement in principle" with the U.S., like the U.K. did (see 2505080033), and thereby avoid 31% reciprocal tariffs set to begin July 9.

The 10% tariff on the first 100,000 autos exported annually from the U.K. will be "all-in," according to the Office of the U.S. Trade Representative. CBP couldn't clarify whether that would be done by removing most favored nation duties on U.K. autos and then applying a 10% tariff rate, or whether the additional tariff rate for in-quota autos would be 7.5%.

U.S. and Vietnamese officials met May 7 in Vietnam to discuss boosting trade between the two countries and possibly beginning negotiations on a new trade agreement, according to an unofficial translation of a Vietnamese Ministry of Industry and Trade notice. Vietnamese Trade Minister Nguyen Hong Dien told Marc Knapper, the U.S. ambassador to Vietnam, that the two nations should “promptly remove difficulties and obstacles” and “create favorable conditions for businesses in cooperation projects, as well as the purchase and sale of essential products.”

A U.S.-U.K. trade deal announced in the Oval Office leaves the average tariff on U.K. goods at 10%; however, aerospace engines and parts will enter duty-free.

The U.K. and India agreed to a new free trade deal this week that will reduce tariffs for a range of goods in what will be a “huge economic win” for the U.K., the country announced. The U.K.’s trade agency said the agreement will reduce Indian tariffs on 90% of U.K. exports’ tariff lines -- including whiskey, cosmetics and medical devices -- and 85% of those lines are expected to become “fully tariff-free within a decade.” The U.K. also said it plans to reduce import duties that will lead to lower prices for clothes, footwear, and food products from India, including frozen shrimp.

Both the Japanese government and Japanese reporters' coverage of Japan's more than two-hour talk with the U.S. trade representative, commerce secretary and treasury secretary describe politicians who are not in a hurry to settle to avoid 24% tariffs under the reciprocal tariff plan that is scheduled to take effect in early July.