GOP senators dismissed the idea of sending tariff revenue checks to Americans, with one saying it's "the dumbest idea I've ever heard."

Ford said results for the quarter ending in June were $800 million lower because of Washington's tariffs. Competitor General Motors reported steeper tariff headwinds, with a $1.1 billion hit for the quarter, largely from imports on its entry-level Chevrolet and Buick models made in South Korea.

Ford Motor Co. late Wednesday warned investors it will take a bigger hit this year from tariffs, and reinstated its outlook for the year.

European officials gave up on trying to avoid tariffs altogether and instead looked for the best agreement they could get.

The U.S. and the European Union announced a new trade agreement framework over the weekend, setting a 15% tariff on most goods imported from the EU. (Scripps News)

U.S. President Donald Trump's trade tariffs are meant to boost domestic manufacturing. But in the chocolate industry, they're doing the opposite: ramping up the cost of importing already-pricey cocoa and hurting the competitiveness of local factories versus Canadian and Mexican outfits that supply the U.