Top Overnight News Trump has pushed US tariffs on foreign goods to the highest level since before WWII as he enacts his sweeping protectionist agenda. The wall of levies since he took office in January has now taken the country’s effective tariff level to an estimated 17.3%. FT Germany and France hit out at the long-awaited EU-US trade deal on Monday, warning it would wound the bloc’s economy as the euro slid against the dollar. German Chancellor Merz said the agreement would cause “considerable damage” to his country, Europe, and the US itself. “Not only will there be a higher inflation rate, but it will also affect transatlantic trade overall.” FT A 90-day extension of the US-China trade truce is possible, Howard Lutnick said. Taiwan’s president appeared to cancel a trip next week after the Trump administration denied his US stopover on concerns it may jeopardize trade talks with Beijing. BBG Trump denied seeking a summit with Xi Jinping, saying he’d visit China only if invited — an invitation he says has been extended. BBG In a potential sign from Trump to keep the China relationship on a positive trajectory, the White House has denied a request from Taiwan’s president to stop in NYC next week as part of a trip to Central America. FT Japan’s two-year bond auction saw the strongest demand since October, as yields neared their highest levels since 2008. BBG India overtook China to become the biggest shipper of smartphones to the US in the June quarter. The country now accounts for 44% of the American market. BBG UnitedHealth (UNH) set a new earnings target below The Street’s estimates for the year. Stock is -4.8% in the premkt, sees FY25 adj EPS of at least 16.00, we think buyside expectations were for 18.00. Mgmt said Medical costs in the quarter “significantly exceeded pricing trends.” BBG Healthcare prices are set to shift higher for a variety of reasons, and Trump’s 15% tariff on the Eurozone pharma industry, a massive supplier of drugs into the US, is just one more factor that will drive costs higher. NYT(zerohedge)