Trendwatch: EU pushes US to exempt €150 billion worth of EU goods from Turnberry deal; Port of Los Angeles sees record cargo volumes in June 2026; Iran threatens to close off all oil and gas export routes from Gulf region

EU pushes US to exempt €150 billion worth of EU goods from Turnberry deal

The European Commission has given the US a list of EU products which it wants to see exempted from the 15 percent tariffs imposed under the trade deal signed by Brussels and Washington in 2025.

The list, seen by Euronews, includes hundreds of products, such as Roquefort cheese, olive oil, wines, spirits and beer, pasta, medical devices, electrical equipment and machinery. EU trade official Matthias Jørgensen told MEPs on Tuesday that the list covered around €150 billion worth of EU exports. He also said that the products were either “economically meaningful” for the EU or had a “limited domestic availability in the US”.

In July 2025, European Commission President Ursula von der Leyen and US President Donald Trump clinched a deal in Turnberry, Scotland after weeks of trade disputes, under which the Europeans agreed to accept 15 percent US tariffs on EU exports while removing their own tariffs on US industrial goods.

Port of Los Angeles sees record cargo volumes in June 2026

The Port of Los Angeles processed more than 1 million twenty-foot equivalent units in June, marking the highest volumes the port has ever seen in that month.

According to a July 15 briefing, June was also the port's third strongest month on record, and the third time it has ever crossed the 1 million TEU threshold. Much of that was driven by a surge in imported cargo, with the Port of Los Angeles handling 530,000 TEUs in imports. That represented a 13% year-over-year increase, while coming in 18% above the port's five year average.

Iran threatens to close off all oil and gas export routes from Gulf region

Repeated exchanges of fire with U.S. forces appear to be prompting Iranian leaders to contemplate further escalation. Late Tuesday, official news channel IRIB issued a statement claiming that Iran will close down all oil and gas export routes out of the Mideast if the U.S. keeps up its newly-reimposed blockade on Iran's seaports. If achievable, closing off all of the alternative export options would take another nine million barrels per day offline, nearly a tenth of the total global oil supply.  

"The enemy should know that now that its pirates have blocked the route for exporting oil and gas to the world from the Indian Ocean, a route that threatens the economic interests of America's rivals, they should expect other export routes for oil and gas, which benefit America and its allies, to be closed as well," IRIB warned. "Oil and gas exports from this region should be either for everyone or for no one." 

India identifies $51 billion in critical imports for domestic manufacturing push, sources say

India is seeking to push domestic manufacturing for items worth $51 billion in imports, three ‌government sources said, as Prime Minister Narendra Modi seeks to reduce the country's reliance on overseas suppliers.

The South Asian nation imported $775 billion worth of goods in the 12 months ended March 2026 and an internal government analysis showed that imports worth $398 billion have ​the potential to be replaced by local manufacturing, the first source said.