President Donald Trump's announcement of 30% tariffs on the European Union will have repercussions for companies and consumers on both sides of the Atlantic.

The deadline for the duties to go into effect are still three weeks, which may mean the announcements could be a negotiating move.

Trump made the announcement on tariff for both EU and Mexico through two letters shared on social media. The move adds pressure on US allies to renegotiate trade terms before the new rates take effect on August 1.

The European Commission proposed on Friday a floating price cap on Russian oil of 15% below the average market price of crude in the previous three months, EU diplomats said. The European Union and Britain have been pushing the Group of Seven nations to lower the cap for the last two months after a fall in oil futures made the current $60 a barrel level largely irrelevant.

The European Commission has been accused of rigging the selection process for the next European Data Protection supervisor.

Ahead of the vote on Thursday, Ursula von der Leyen, president of the commission, appeared before the European Parliament to defend herself against complaints about transparency.

The European Commission is expected to propose a floating Russian oil price cap this week as part of a new draft sanctions package in an attempt to overcome opposition from some member states, four EU diplomats said.

Link-out fees collected from developers are a bargaining chip as Apple fights against the Digital Markets Act.

Makers of the most advanced artificial intelligence systems face obligations for transparency, copyright protection and public safety. The rules are not enforceable until next year.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

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