The North American trading session wrapped up with significant developments across multiple asset classes, highlighted by US President Trump's decision to eliminate 26.4% tariffs on imported beef. This policy shift aims to curb surging domestic food prices, with expectations that beef prices could drop by 25%. In broader economic data, Canada reported stronger-than-expected retail sales for June at 0.6%, while EU consumer confidence came in slightly better than forecasted at -15.5. Meanwhile, the US Baker Hughes rig count declined by 5 to 588.
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