The "One Big Beautiful Bill" (OBBB) expands funding for Immigration and Customs Enforcement ( ICE) while slashing key social safety net programs, including Medicaid and food assistance. The legislation is widely seen by the GOP as President Donald Trump 's flagship domestic policy achievement, cementing his policy agenda.

The White House will begin on Friday unilaterally notifying trade partners of new tariff rates on their exports to the US, Donald Trump has said ahead of his looming July 9 deadline to complete new deals.

The US government is to start sending out letters to countries with details of higher US tariff rates that will begin on 1 August, President Donald Trump has said. Between 10 to 12 letters will go out on Friday,

China has imposed anti-dumping duties on European brandy, most notably cognac produced in France. The tariffs announced Friday will range from 27.7% to 34.9% and take effect on Saturday.

China's Commerce Ministry issued its final ruling on brandy originating in the European Union on Friday, implementing duties of up to 34.9% for a period of five years starting from July 5, 2025, the ministry said in statement.

The move comes as China’s foreign minister is touring Belgium, France and Germany in an effort to bolster ties with the bloc amid trade tensions with Washington.