Trade policy and market plumbing are driving the business agenda today. Donald Trump has sharply raised the stakes in US-Europe relations, threatening 100% tariffs on countries that press ahead with digital services taxes aimed at American tech groups, a warning that risks complicating broader trade talks even as both sides say negotiations continue. In markets, SpaceX is poised to enter the Nasdaq 100 on July 7, a move expected to unleash billions in passive index-fund buying without saying much about the company’s underlying fundamentals. In the UK, savers are reacting to proposed ISA changes that would impose a 22% tax on interest earned on cash held within stocks and shares ISAs from April 2027, prompting criticism that the reforms undermine a flagship savings wrapper. Elsewhere, Washington has sanctioned eight people and entities, including an Indian CEO, over alleged support for Sudan’s warring factions.