Good morning. Business leaders and the EU trade agreement; Verizon tightens in-office requirement; plus, Tesla, Samsung and a $16.5 billion deal.

Business leaders on both sides of the Atlantic breathed a sigh of relief that the U.S. and European Union had averted a bruising trade war with their agreement on tariffs and investment. Now attention is shifting to assessing the deal’s winners and losers.

President Trump and European Commission President Ursula von der Leyen, who leads the EU’s executive body, announced the preliminary deal on Sunday that puts baseline tariffs at 15% for most European goods. In parallel, the EU said European companies would buy $750 billion of American energy products over three years and invest an additional $600 billion in the U.S.

Aircraft and their components, certain chemicals, semiconductor equipment and some agricultural products looked set to be exempted from the new tariffs. Cars appeared on course to face 15% tariffs, lower than the current level.

• How Trump Got the Upper Hand Over the EU on Tariffs
• Trump’s New Trade Order Is Fragile
• U.S. Stocks Mixed After Trump Strikes EU Trade Deal

📆 Earnings

• AstraZeneca
• Boeing
• Mondelez International
• Procter & Gamble
• Spotify Technology
• Starbucks
• Sysco
• UnitedHealth Group
• United Parcel Service 

📈 Economic Indicators

S&P CoreLogic releases its Case-Shiller National Home Price Index for May.

The BLS releases the Job Openings and Labor Turnover Survey.

The Conference Board releases its Consumer Confidence Index for July.

Exclusive: Telecommunications giant Verizon Communications is moving its headquarters to a larger office space in Manhattan as it ramps up in-office requirements for most of its management employees.

• Exclusive: The Trump administration is considering a plan to raise tens of billions of dollars with a new fee that would transform the patent system, a radical move that would likely fuel pushback from businesses.
• Japan is playing down the risks from its trade deal with President Trump after the White House said the U.S. would direct $550 billion in investments by Japan and keep 90% of the profit.
• The European Commission said Temu hasn’t done enough to assess the risks of illegal products being sold online and that as a result, the China-linked e-commerce platform might be in breach of the bloc’s new digital services law.

📰 Other headlines

• Tesla, Samsung Sign $16.5 Billion Deal to Make AI Chips
• Whirlpool Cuts Dividend, Full-Year Profit Guidance as Tariffs Hurt Quarterly Results
• Ray-Ban Maker EssilorLuxottica Posts Sales Growth Amid AI Push
• Warner Bros. Discovery Sets Leadership for Post-Split Companies
• Fintech Billionaire Beats Co-Founder in Fight to Keep Voting Superpowers
• Trump and Bessent Bring New Style to Managing America’s Debt
• Exclusive: Voters Welcome Immigration Curbs but Say Tactics Go Too Far, WSJ Poll Finds
• Bristol Myers Squibb and Bain Capital Form New Immunology Company
• Energy-Hungry Tech Companies Told to Pony Up to Improve Power Grid
• AI Is Wrecking an Already Fragile Job Market for College Graduates
• A Divided Fed Eyes Future Rate Cuts but Won’t Move This Week
• The Fed Chair Doesn’t Set Rates by Himself. Here Are the Other Voting Members.

Carlyle Group, the Washington-based private-equity firm, said Justin Plouffe will become its next CFO, effective Jan. 1. He will continue to serve in his current role as deputy chief investment officer for global credit through the end of the year, Carlyle said. The CFO change is part of a broader leadership shuffle at Carlyle, with John Redett, CFO and head of corporate strategy, Mark Jenkins, head of global credit, and Jeff Nedelman, global head of client business, set to become co-presidents on the same date in January.

—Denny Jacob contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

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