Trump Trade: EU looks to impose retaliatory tariffs on U.S. aircraft, cars

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

RETALIATORY TARIFFS: Brussels is planning to impose tariffs on Boeing (BA) aircraft, cars, and bourbon as part of a proposal to retaliate against the EUR 72B of annual US imports if discussions with Washington fall apart, Barbara Moens of The Financial Times reports, citing a list viewed by the Journal. The European Commission, EC, drew up the list after U.S. President Donald Trump recently declared a 30% levy called “reciprocal” tariffs. The total amount from the proposal by the EC is lower than an earlier list of retalitory measures, which would have targeted EUR 95B worth of US imports. Publicly traded companies in the space include Ford (F), General Motors (GM), Honda (HMC), Mercedes-Benz (MBGYY), Nissan (NSANY), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).

TARIFFS ON MEXICO: Shares of Constellation Brands (STZ), which imports Mexican beer brands Modelo, Corona and Pacifico into the U.S., were under pressure after President Trump threatened to slap 30% tariffs on all goods from Mexico and the European Union if no trade agreement is reached by August 1. Constellation shares are down 4% to $164.81 in midday trading. Other spirts makers are trading lower as well, including Brown-Forman (BF.B), Boston Beer (SAM) and Molson Coors (TAP).

EDUCATION DEPARTMENT: The Supreme Court has allowed the Trump administration to start mass layoffs at the Education Department, halting a lower-court ruling that had blocked the plans, Matt Barnum of The Wall Street Journal reports. The order will clear the way for Education Secretary Linda McMahon to weaken the department from within. Publicly traded companies in the space include Adtalem Global Education (ATGE), American Public Education (APEI), Grand Canyon (LOPE), Lincoln Educational (LINC) and Strategic Education (STRA).

UKRAINE-RUSSIA WAR: In a press conference from the White House, President Trump announced that the U.S. will send more weapons to Ukraine, paid for by Europe. “We’re not buying it, but we will manufacture it, and they’re going to be paying for it,” Trump said. The President also announce that the U.S. will impose 100% “secondary” tariffs on Russia if there’s no deal with Ukraine in 50 days. Trump said, “I’m disappointed in President Putin because I thought we would have had a deal two months ago, but it doesn’t seem to get there. So based on that, we’re going to be doing secondary tariffs if we don’t have a deal in 50 days.”