BESSENT: EVERY CARRIER THROUGH HORMUZ HAS ABOUT 2 MLN BARRELS

French Trade Minister Nicolas Forissier said the EU will deploy countermeasures if Donald Trump escalates threats to strategic sectors such as steel. Trump plans to raise tariffs on EU cars and trucks to 25%, citing non-compliance with a July deal. Brussels says all options remain open. The tensions cloud G7 talks in Paris, where officials will also address supply chains, critical minerals diversification, and digital trade.

FED'S WILLIAMS EXPECTS JOBLESS RATE TO STAY AROUND 4.25% TO 4.50% FED'S WILLIAMS: TARIFFS AND ENERGY ARE BIG INFLATION DRIVERS, UNDERLYING INFLATION MOSTLY STABLE