E.U. Reportedly Set to Freeze U.S. Trade Deal Approval Amid Trump's Tariffs Threat
The European Union is reportedly preparing to halt the ratification process of its trade agreement with the U.S. as it seeks more information on the Trump Administration’s new plans regarding tariffs. Zeljana Zovko, the lead trade negotiator in the European People’s Party group, is quoted as telling Bloomberg “we have no other option” but to delay the approval process while seeking clarity. TIME has reached out to Zovko for confirmation and further comment. The reports from Europe come after President Donald Trump over the weekend threatened to impose a 15% global tariff, by way of a response to the U.S. Supreme Court ruling his sweeping tariffs are illegal on Friday. The Court argued that Trump cannot rely on the 1977 International Emergency Economic Powers Act (IEEPA) to impose such charges. “During the next short number of months, the Trump Administration will determine and issue the new and legally permissible tariffs,” said Trump of the new hike. The U.S. President raised the number from his 10% threat in the immediate aftermath of the ruling on Friday. He invoked his authority under Section 122 of the Trade Act of 1974 when announcing the levies. Trump’s promise of a new tariff program has brought into question the foundation of the U.S.–E.U. agreement reached in July 2025, which proposed a 15% import tax on most European goods entering the U.S., the elimination of tariffs on American industrial exports to the bloc, and an intention from the E.U. to purchase $750 billion in U.S. energy. Zovko expressed concerns Sunday morning, saying: “Without full legal clarity regarding the newly-announced tariffs, particularly in light of the Supreme Court decision, we cannot take any abrupt decisions.” “Without a detailed assessment of the situation, its legal implications and its economic impact, it would be irresponsible to react prematurely,” she added. “We will continue to closely monitor developments and remain focused on our objective, which has not changed from the beginning: restoring stability and predictability to our trade relations.” The uncertainty prompted senior E.U. officials to call for an emergency meeting Monday to reassess the transatlantic deal. Bernd Lange, chair of the European Parliament’s trade committee, called the situation “pure customs chaos on the part of the U.S. government” and summoned a meeting to suspend the legislative approval of the deal until there are “comprehensive legal assessment[s] and clear commitments from the U.S. side.” “Don’t new tariffs based on Section 122 mean a breach of the deal?” he queried. “Regardless, no one knows whether the USA will adhere to it—or even be able to at all.” A spokesperson for Lange’s office told TIME additional updates would follow after Monday’s meeting. The European Commission, which oversees trade policy for the bloc’s 27 member states, is also requesting “full clarity” from Washington regarding its next steps on tariffs. “The current situation is not conducive to delivering ‘fair, balanced, and mutually beneficial’ transatlantic trade and investment, as agreed to by both sides and spelled out in the E.U.-U.S. Joint Statement of August 2025,” the statement read. The executive cabinet of the European Union indicated it will not accept an increase in U.S. tariffs, citing the hard-earned existing agreement. “A deal is a deal. As the United States’ largest trading partner, the E.U. expects the U.S. to honour its commitments set out in the Joint Statement—just as the E.U. stands by its commitments,” the Commission warned. “In particular, E.U. products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed.” TIME has reached out to the White House for comment. The Commission confirmed E.U. Trade Commissioner Maroš Šefčovič had been in contact with U.S. Trade Representative Jamieson Greer and U.S. Commerce Secretary Howard Lutnick over the weekend. When asked on CBS’ Face the Nation Sunday morning whether agreements with the E.U. would remain intact, Greer said they “expect to stand by them.” “I haven’t heard anyone yet come to me and say, the deal’s off. They want to see how this plays out. I’m in active conversations with them on it,” he said. The E.U.-U.S. agreement was previously brought into question in January after Trump threatened to tariff European allies who opposed his campaign to annex Greenland—a threat he has since walked back.Notable Tuesday Option Activity: CIEN, LULU, AMGN
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Ciena Corp (Symbol: CIEN), where a total of 9,610 contracts have traded so far, representing approximately 961,000 underlying shares. That amounts to about 48.1% of CIEN'
Tuesday 5/26 Insider Buying Report: LEE, BRCB
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today
After-Hours Earnings Report for May 26, 2026 : ZS, SMTC, MOD, SQM, BOX, QFIN, TRNS, APPS, OOMA, BBAR, HMR
The following companies are expected to report earnings after hours on 05/26/2026. Visit our Earnings Calendar for a full list of expected earnings releases.Zscaler, Inc. (ZS)is reporting for the quarter ending April 30, 2026. The security company's consensus earnings per share
Noteworthy Tuesday Option Activity: CRWD, ADBE, RCL
Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in CrowdStrike Holdings Inc (Symbol: CRWD), where a total volume of 20,292 contracts has been traded thus far today, a contract volume which is representative of app
Noteworthy Tuesday Option Activity: WDC, GEV, GOOG
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Western Digital Corp (Symbol: WDC), where a total of 46,251 contracts have traded so far, representing approximately 4.6 million underlying shares. That amounts to about