Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The US and European Union agreed on a hard-fought deal that will see the bloc face 15% tariffs on most of its exports, including automobiles, staving off a trade war that could have delivered a hammer blow to the global economy.

(2) US and Chinese officials are meeting Monday to extend their tariff detente beyond a mid-August deadline, and haggle over other ways to further defuse trade tensions.

(3) UK Prime Minister Keir Starmer will meet US President Donald Trump in Scotland on Monday in a bid to remove the remaining obstacles to their trade deal and press for a lasting ceasefire in Gaza.

(4) Israel increased aid distribution to Gaza over the weekend in an effort to defuse a growing international outcry over hunger convulsing the shattered Palestinian enclave.

(5) Samsung Electronics Co. will produce AI semiconductors for Tesla Inc. in a new $16.5 billion pact that marks a win for its underperforming foundry division.

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