Good morning. Donald Trump reaches a deal with the European Union, but warning lights are flashing in the global economy. Boeing heads for another strike. And buckle up for a very big data week. Listen to the day’s top stories.

The US and European Union agreed a hard-fought deal that will see the bloc face 15% tariffs on most of its exports, including cars. And there may be more progress ahead: Chinese and American officials meet today in Sweden, hoping to extend their current tariff truce. And UK Prime Minister Keir Starmer will meet with Donald Trump in Scotland.

Stock futures gained as the EU deal eased investor fears about a damaging trade war if tensions escalated. The renewed meme stock frenzy shows no sign of dying down either, leaving the pros in a quandary: jump on board or back away?

Chips Ahoy! Tesla tapped Samsung to produce its next-gen AI chips in a $16.5 billion pact that will see it build a new plant in Taylor, Texas. A Tesla engineering executive said the company is in a “big swing moment” with its new products, but investors will be hoping for some big hits as sales continue to slide.

Boeing headed for yet more turbulence. It’s preparing for a strike at its St. Louis defense hub after factory workers rejected a contract that would’ve boosted their wages by 20% over four years. The plane maker is still recovering from a two-month strike that crippled manufacturing at its commercial jet factories last year. Here’s how it all went wrong.

People hold out pans to receive food from a charity distribution point in Gaza City Photographer: Ahmad Salem/Bloomberg

Israel increased aid distribution to Gaza over the weekend in an effort to defuse a growing international outcry over hunger after scores of aid groups warned that starvation is spreading. Houthi militants ramped up the pressure, pledging to target ships of any company that deals with Israeli ports.

The Big Take

As Trump announces new trade deals, US protectionism is slowing investment and rewiring supply chains at the expense of the economy, at home as well as around the world.

Deep Dive: Brace for a Data Deluge

Traders work on the floor of the American Stock Exchange. Photographer: Michael Nagle/Bloomberg

Wall Street pros are staring down a pivotal week that may set the tone for the rest of the year in markets and the economy.

• First and foremost is the conclusion of the Federal Reserve’s meeting on Wednesday. Although it isn’t expected to cut interest rates (sorry Mr. President), traders and investors will be poring over commentary for clues about the path ahead.

• Then there’s Big Tech earnings with Amazon, Apple, Meta and Microsoft all reporting. And sprinkled throughout are some key indicators on the state of the economy, from gross domestic product to key jobs data.

• If there ever was a five-day stretch that would define the second half of the year, this is it.

Opinion

Donald Trump and Hulk Hogan in Atlantic City, New Jersey, in 1987.  Photographer: Jeffrey Asher/Getty Images

Trump is winning the trade war with a Hulk Hogan-style strategy of turning staged bravado into real-world wins, John Authers writes. The stock market loves this, but it will be months before we know whether the economy delivers a fall or a knockout.

Before You Go