Trading updates and corporate earnings from some of Europe’s auto giants show the extent to which Trump’s tariffs have started to take their toll.

The U.S. is reportedly closing in on a trade agreement that would impose 15% tariffs on goods from the European Union. Why it matters: The framework — details of which were reported by Reuters and the Financial Times on Wednesday — would be the latest that implements hefty tariffs on a key ally.

The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

The European Union has its problems, but the bloc is gaining public trust and making new friends. President Trump’s attacks are one reason why.

This week, top European Union leaders are traveling to Beijing for a high-level summit which could set the tone for the relationship between the EU and China for years to come.On today’s Big Take Asia Podcast,

The Dow Jones Industrial Average surged nearly 400 points, or 0.9%, and the S&P 500 moved up 0.5%, on course for a record high close. The tech-heavy Nasdaq composite rose 0.2%. Small caps on the Russell 2000 climbed 1.1%.

The bloc is staggering under the fiscal weight of foolish welfare, climate and immigration policies.

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.