Morning Business Report: U.S. reaches new trade deal with European Union

President Donald Trump and European Commission President Ursula von der Leyen have announced a new trade agreement between the United States and the European Union.

(LILAMAX)- President Donald Trump and European Commission President Ursula von der Leyen have announced a new trade agreement between the United States and the European Union.

Under the deal, the U.S. will impose a 15% tariff on most European imports, including automobiles. However, some goods—such as aircraft and their components, select chemicals, and pharmaceuticals—will be exempt from the new tariffs. The European Union is the United States’ largest trading partner, making this agreement a significant development in global commerce.

This could be one of the most consequential weeks for the U.S. economy in years. A wave of major economic data is scheduled for release, including the monthly jobs report, inflation numbers, consumer confidence metrics, and corporate earnings results. The nation will also get its first look at second-quarter Gross Domestic Product (GDP)—the most comprehensive measure of economic performance. Meanwhile, all eyes are on the Federal Reserve as it prepares to announce whether it will cut interest rates or hold them steady. In addition to domestic developments, global attention remains focused on ongoing trade negotiations, especially between the U.S. and China.

The S&P 500 closed Friday at a new all-time high, marking its fifth consecutive record close. All three major U.S. stock indexes posted weekly gains, reflecting investor optimism heading into a pivotal economic week.

A new report from AARP reveals growing skepticism about the future of Social Security, particularly among younger Americans.

Overall confidence in the program fell to 36% in 2025, down from 43% in 2020 and nearing its lowest level since 2010. Among adults aged 18 to 49, just 25% expressed confidence that Social Security will be available to them in the future.

Live Nation, the world’s largest concert promoter, reports a 14% increase in heavy rock concerts this year. Bands like Korn, Deftones, and Linkin Park are drawing big crowds, performing alongside rock legends such as Metallica and Iron Maiden.

Streaming data supports the trend—hard rock streaming in the U.S. is up more than 12% so far this year, outpacing the 5% growth in overall music streaming. Rock music is now the fastest-growing genre by market share, according to data from Luminate.