Investors hoping for a flurry of trade deals before the Aug. 1 deadline may be underwhelmed at the minute. Talks with China ended in Stockholm yesterday, while a deal with India has yet to be announced. Meanwhile, a clutch of well-known German companies have put figures on how much taxes on imports to the U.S. are costing them.

President Donald Trump isn’t going to bulldoze China on trade like he did Europe. Two days after the EU agreed to a framework trade deal with the White House that some of the bloc’s national leaders regard as a capitulation, Trump’s negotiators left talks with Chinese President Xi Jinping’s team in Sweden with no breakthrough.

The U.S. and China had agreed to pause most of the sky-high tariffs on each others' goods amid trade negotiations – but that pause is set to expire in August.