Fareed Zakaria asks Bill Gates how damaging he thinks Trump’s tariffs are. Hear his response . 01:43 . Now playing

Treasury Secretary Scott Bessent joins 'Power Lunch' to discuss the possibility of Trump and Xi Jinping meeting, Chinese purchases of Iranian oil and much more.

A provisional deal between the United States and European Union to exempt aircraft from tariffs avoids a potential threat to jet production and deliveries in both regions and caps months of uncharacteristic unity among plane-making rivals.

The US and EU are racing to lock in the final details of their major new trade deal before Friday's deadline. Critics say its a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying and France’s Bayrou dubbing the EU’s "submission" a "dark day.

The EU, a group of countries with shared economic interests, exports about $2 trillion worth of goods to the U.S. The 27 countries had hoped for a lower tariff of 10%, similar to the deal Trump negotiated with the U.K. and well below the original threat of 30% tariffs, but most analysts expected something closer to 15%.

The sharp increase in U.S. trade tariffs on the European Union will not trigger immediate sovereign rating cuts, but could compound existing pressures, Fitch and other agencies said on Tuesday, while Moody's warned of the effect on exporting firms.

A new trade deal imposing 15% tariffs on EU imports to the U.S. currently excludes the wine and spirits industry. Spirits stocks reversed early gains Monday as uncertainty around their tariff exposure seeped in.