Top Overnight News Futures climbed (SPX futs +15 bps, NDX futs +30bps) after the US and the EU reached a trade agreement that set a lower-than-threatened 15% tariff on most goods, including cars, from Aug. 1. Germany and France weren’t willing to risk a trade war with the US, pushing the EU to conclude the deal. BBG The US has frozen restrictions on technology exports to China to avoid hurting trade talks with Beijing and help Trump secure a meeting with Xi Jinping this year. The commerce department’s Bureau of Industry and Security, which runs export controls, has been told in recent months to avoid tough moves on China, according to current and former US officials. FT U.S. President Donald Trump said on Sunday his administration was close to reaching a trade deal with China, but gave no other details. "We're very close to a deal with China. We really sort of made a deal with China, but we'll see how that goes," Trump said. RTRS China will begin providing subsidies of ~500 per child under the age of 3 to parents across the nation as it looks to boost birthrates. BBG Months of intense negotiations appear unlikely to produce a trade deal between the US and India before the August 1 deadline, despite Trump having teased one for months as “coming soon”, according to three people familiar with the situation. SCMP Israel rolled back curbs on food distribution to Gaza in an effort to defuse an international outcry. Meanwhile, Houthi militants vowed to target ships dealing with Israeli ports. BBG Tesla tapped Samsung to produce its next-gen chips in a 16.5 billion deal running through 2033. Elon Musk later said on X that “16.5B is just the bare minimum.” Samsung shares jumped to their highest since September, while Tesla rose in premarket trading. BBG Investors pulled 3.9 billion from Treasuries in June and added 10 billion to US and European IG company debt amid rising US fiscal deficits, EPFR data show. BBG NASA spokesperson said about 20% of the workforce is set to depart the agency as part of an overall effort to become streamlined and more efficient amid concerns about mission safety. Boeing is bracing for a strike at its defense hub after workers rejected a contract offer that included a 20% wage increase over four years. IAM District 837 members in St. Louis voted to reject the Boeing (BA) defence contract, while the Co. said it was disappointed that employees voted down the richest contract offer it's ever presented to IAM 837 and stated that no talks are scheduled with the union. US Lawmakers said to be quickly souring on the OBBB's tax hike on gamblers, according to Punchbowl(zerohedge)