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President Trump and President Putin commenced high-stakes talks in Alaska, aiming to resolve the Ukraine war and reshape European security. Trump seeks a ceasefire, while Putin aims to solidify Russian gains and prevent Ukraine's NATO membership. The summit carries risks for Trump, potentially validating Putin after international ostracization.
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China has escalated its trade dispute with Canada by filing a lawsuit at the World Trade Organization challenging import restrictions on steel, alleging they are protectionist measures violating WTO rules. This action follows China's recent imposition of new duties on Canadian canola. Simultaneously, China expressed opposition to reimposing sanctions on Iran regarding its nuclear program.
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Auto sales rose 1.6%. They appear to have returned roughly to normalized spending after a surge in March and April as Americans attempted to get ahead of Trump's 25% duty on imported cars and parts and then a slump after that, according to Samuel Tombs, chief US Economist at Pantheon Macroeconomics.
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