Good morning. The US and EU strike a deal. A new premium credit card joins the fray. And China moves to launch an international AI organization. Listen to the day’s top stories.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

The European Union could hit the United States with counter-tariffs on 93 billion euros ($109 billion) worth of U.S. goods if the two sides fail to reach a trade deal by Washington's August 1 deadline for imposing import levies.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

US President Trump stated a “50/50 chance” of securing a trade agreement with the EU to lower import tariffs, with an August 1 deadline looming. While the EU approved a $109 billion retaliatory package,

US stocks are floating near all-time highs as Wall Street maintains cautious optimism that Washington might ink more trade deals, avoiding a worst-case scenario of extraordinarily high tariffs and enabling the resilient economy to continue chugging along.

LVMH's CEO Bernard Arnault plans to open a second factory in Texas; he said on Thursday, while the luxury group is anticipating a "good outcome" soon from trade talks between the U.S. and Europe, his finance chief said.