US commerce secretary says Europe must open markets to get lower tariff deal
"The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30% tariffs that he set," Lutnick told "Fox News Sunday," adding that Trump was looking to increase access for U.S. firms.
He said the ultimate decision would be up to Trump, who has said there is a 50-50 chance a deal can be reached with the EU.
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BBC News
an hour ago
- BBC News
How South Korea's K-beauty industry is being hit by Trump tariffs
Cars and smartphones may rank among South Korea's biggest exports to the US, but few goods inspire a more devoted following than the Asian country's beauty products.K-beauty - a term that covers a wide range of skincare, makeup and cosmetics from South Korea - is lauded for its quality and value, driving soaring demand in recent global appeal of South Korean culture has also helped propel the popularity of its Pearl Mak tells the BBC that she was introduced to K-beauty products by her friends. South Korean serums are better-suited for her skin compared to some Western brands that tend to be more harsh, the 27-year-old graphic designer "95% of my skincare is made up of K-beauty products", she Mak is not alone in her preference for South Korean skincare brands. Americans spent as much $1.7bn (£1.3bn) on K-beauty products in 2024, according to industry estimates. That marks a more than 50% rise compared to the previous year.K-beauty products are often more attractively priced than their Western counterparts - but also feature ingredients that are not as commonly found in the West - from heartleaf to snail mucin. US President Donald Trump has now imposed a 15% import tax on South Korean goods traded between Seoul and Washington. It's less than the 25% levy that Trump had threatened, but many consumers are not taking any chances. US K-beauty retailer Santé Brand saw orders spike by nearly 30% in April, right after Trump unveiled sweeping US import taxes on most of the world."When the tariff announcements hit, customers got strategic with how they were going to weather the storm," Santé Brand's founder Cheyenne Ware told the BBC. "Consumers are preparing against the uncertainty."Another K-beauty retailer, Senti Senti, has been ordering more products since Trump started his tariff threats, says manager Winnie Zhong. This week, she received alerts from suppliers urging retailers to "stock up before tariffs".Both retailers said prices of K-beauty products are likely to increase as the levies push up costs across the industry."Anyone telling you prices will stay flat through the next two years is naive," says Ms are bound to rise, especially for smaller sellers of beauty products on platforms like Amazon, who operate with slim profit margins, economist Munseob Lee from the University of California San Diego higher prices, the global popularity of South Korean culture means K-beauty products are likely to remain in demand in the US, he says."Casual buyers might be turned off by the higher price, but fans won't find an easy substitute."Ms Zhong agrees. She thinks customers will still want to buy K-beauty products but price rises may mean they purchase fewer items than prices are unlikely to stop Ms Mak buying her favourite products."It depends on how much the price shoots up, but as of now, I am willing to pay more to purchase the same products," she says. 'No easy substitute' Big K-beauty brands are in a much better position to absorb the cost of tariffs than their smaller rivals, says South Korea-based business consultant Eyal Victor larger companies will be able to avoid major price rises for their customers as they have higher profit margins, he smaller K-beauty firms that make their products in South Korea will struggle to keep a lid on costs, Mr Mamou adds."It will take some time to take effect since most goods being sold in the short-run have already been commissioned at current prices, but we'll see it play out soon." In recent days, President Trump has struck deals with Japan and the European Union that will see their exports to the US subject to the same 15% tariffs as South means countries that are home to some of the world's biggest cosmetics brands face the same levies as the K-beauty to Trump's trade policies is his ambition to see more goods being made in it's yet to be seen whether or not this will mean US buyers switch to American beauty Mak says she doesn't see US-made products as attractive alternatives."I do search for American-made alternatives often, but I have yet to find any that are as effective as the ones I use. So I wouldn't go for American products yet."
The Guardian
an hour ago
- The Guardian
Celtics co-owner set to buy WNBA's Connecticut Sun for record $325m
A group led by Celtics minority owner Steve Pagliuca has reached a deal to buy the Connecticut Sun for a record $325m and move the team to Boston, according to a person familiar with the sale. The franchise wouldn't play in Boston until the 2027 season. Pagliuca also would contribute $100m for a new practice facility in Boston for the team, the person said. The person spoke to the Associated Press on condition of anonymity on Saturday because the deal hasn't been publicly announced. The sale is pending approval of the league and its Board of Governors. 'Relocation decisions are made by the WNBA Board of Governors and not by individual teams,' the league said in a statement. The Sun have played one regular season game at TD Garden eac of the last two years, including one against Caitlin Clark and the Indiana Fever in July. The league has announced five expansion teams that will begin play over the next five seasons with Portland (2026), Toronto (2026), Cleveland (2028), Detroit (2029) and Philadelphia (2030) joining the WNBA. Each paid a then-record $250m expansion fee. Nine other cities bid for expansion teams, including Houston, which the league singled out as getting a team in the future when it announced Cleveland, Detroit and Philadelphia in June. Boston did not. 'No groups from Boston applied for a team at that time and those other cities remain under consideration based on the extensive work they did as part of the expansion process and currently have priority over Boston. Celtics' prospective ownership team has also reached out to the league office and asked that Boston receive strong consideration for a WNBA franchise at the appropriate time.' The Boston Globe first reported the sale. The Sun are owned by the Mohegan Tribe, which runs the casino where the team has played since 2003. The Tribe bought the franchise for $10m and relocated it from Orlando that year. The Connecticut franchise was the first in the league to be run by a non-NBA owner and also became the first to turn a profit. The team announced in May that it was searching for a potential buyer for the franchise and had hired investment bank Allen & Company to conduct the probe. The WNBA has experienced rapid growth the last few seasons and ownership groups have been investing more into their teams, including player experiences. That has come in the way of practice facilities. The Sun are one of the few teams in the league that haven't announced any plans for a new training facility. Connecticut practices either at the arena in the casino or a local community center. Despite the lack of facilities, the Sun have been one of the most successful teams in the league, making the postseason in 16 seasons, including a run of six straight semifinal appearances. But the team was hit hard this offseason with the entire starting five from last season leaving either via free agency or trade. Connecticut are currently in last place in the WNBA at 5-21. The team sent out a letter to season ticket holders last week saying they'd still be playing at the casino next year. The last team to be sold in the WNBA was in 2021 when real estate investor Larry Gottesdiener led a group that bought the Atlanta Dream for under $10m. A year earlier, Mark Davis paid roughly $2m for the Las Vegas Aces.
Sky News
an hour ago
- Sky News
India hints it will keep buying Russian oil
India has indicated it will defy threats made by US President Donald Trump and continue buying Russian oil. The world's third-largest crude importer - after China and the US - cashed in on cheap Russian oil when its price plummeted after Vladimir Putin's full-scale invasion of Ukraine. Historically, it had bought most of its crude from countries in the Middle East. But this changed after the invasion in February 2022, when western countries slapped sanctions on Russia in a bid to choke off money fuelling Moscow's war chest. It prompted the recent energy crisis that saw household bills in the UK soar. On Friday, the Indian foreign ministry said its relationship with Russia was "steady and time-tested", and warned against viewing it through the lens of another country. Addressing a weekly meeting, spokesman Randhir Jaiswal said India's general position on procuring energy was guided by supply in the markets and prevailing global circumstances. The sentiment was echoed by two further government sources cited by the Reuters news agency. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." India is highly dependent on oil imports, which supply 87% of its needs, according to the International Energy Agency. The comments follow a threat made by President Trump to impose a 25% tariff on goods from India, as well as an additional import tax, because of New Delhi's purchases of Russian oil. The US president made ending the war in Ukraine a top priority - pledging to do so within his first 24 hours in office. But recently Mr Trump - who has repeatedly praised the Mr Putin over the years - has started to sour on the Russian leader for failing to agree to a ceasefire in Ukraine. 4:22 He called it "disappointing" and also threatened new economic sanctions on Russia if progress is not made. Mr Trump also this week said he had ordered two US nuclear submarines to be positioned in the "appropriate regions" in a row with former Russian president Dmitry Medvedev. The pressure on India comes after it upped it Russian crude purchases from 68,000 barrels per day in January 2022 to 1.12 million barrels per day by June that year. Supplies rose as high as nearly 40% of India's imports at one point, making Russia the largest supplier of crude to New Delhi, according to the Press Trust of India, citing data from analytics firm Kpler. Home to 1.3 billion people, India is expected to become an even bigger oil consumer over the remainder of the decade, fuelled by spectacular growth in its economy, as well as rising population and demographics. Demand has been rising fastest for petrol, with rising household incomes sparking a boom in motorcycle and car ownership.
