Puma extends partnership with Borussia Dortmund
As part of the contract extension, Puma will continue outfitting all men's, women's, and youth teams, while also delivering fanwear and replica kits.
'By extending our long-term partnership with BVB ahead of schedule, we are showing how deeply committed we are to the club and its values,' said Matthias Bäumer, chief commercial officer at Puma.
'Season after season, we are inspired by the club's incredible fan culture, the passion of the legendary Yellow Wall and the team's attractive style of play. We look forward to continuing to write German football history together.'
Since joining forces at the start of the 2012/13 season, Borussia Dortmund reached the finals of the 2013 and 2024 UEFA Champions League and won the 2017 and 2021 German DFB Cup. The club, which regularly draws over 80,000 fans per match, is currently participating in the FIFA Club World Cup, where it has already reached the round of 16.
'Our partnership with Puma has worked so well, because our views of the sport and our values are so closely aligned,' added Carsten Cramer, managing director of Borussia Dortmund.
'What we have achieved together so far could not have been done with any other partner and we are very excited to continue on this path for the coming seasons.'
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Euronews
a minute ago
- Euronews
'Best we could get': Brussels defends EU-US deal as criticism mounts
The European Commission is scrambling to defend the trade deal struck by Ursula von der Leyen and Donald Trump amid mounting criticism over its lopsided nature, arguing the tentative compromise represents the most realistic chance to avert a havoc-wreaking tariff war between the two sides of the Atlantic. "This is clearly the best deal we could get under very difficult circumstances," Maroš Šefčovič, the European Commissioner for Trade, said at a press conference on Monday. The announced deal foresees the introduction of an across-the-board 15% tariff for EU products bound for the US market. At the same time, the majority of US products bound for the EU market will benefit from a zero or virtually zero tariff. Sensitive agricultural goods, such as beef, poultry and sugar, were excluded from the agreement. The 15% rate is lower than the 30% rate that Trump threatened to slap on the bloc in a letter sent to von der Leyen earlier this month. It is also below the 20% rate that he originally announced in April as part of his controversial "reciprocal tariffs". However, it is significantly higher than the average 4.8% rate that EU exports faced upon entering US soil before Trump's return to the White House. According to Šefčovič, who sat next to von der Leyen during Sunday's make-or-break meeting, Trump kicked off the negotiations by putting the 30% again on the table. This led to a back-and-forth between the two sides until they settled for the 15% mark, applicable as "all inclusive" to block the accumulation of additional duties. Trump's 30% tariff, Šefčovič said, would have effectively halted transatlantic trade and created an "unbearable" situation with "much worse conditions" for the talks. "It's quite obvious that the world which was there before 2 April is gone. And we simply need to adjust, we need to address the challenges which are coming from this new approach," the Commissioner said. "And I believe that the strategic cooperation with our strategic partner is a better outcome than an all-out trade war." 'Between the plague and cholera' The Commission's version of events has so far failed to quell the simmering discontent. The stark difference between the 15% rate imposed on most EU goods and the 0% rate enjoyed by most US goods has fuelled the impression of an asymmetrical arrangement that exclusively favours Trump's interests to the detriment of the bloc's. The pledges to spend $700 billion in US energy and invest $600 billion in the US economy until the remainder of Trump's second term have only deepened the impression of a win-lose deal. (The pledges are indicative, not legally binding.) Bernd Lange, a German MEP who chairs the European Parliament's trade committee and is in regular contact with Šefčovič, left no doubt as to his displeasure. "My first assessment: not satisfactory. This is a lopsided deal. Concessions have clearly been made that are difficult to accept," Lange said on social media. Kathleen Van Brempt, who serves as one of the committee's vice-chairs, was more scathing, warning the deal would make the bloc more "dependent" on American fuels and ultimately "backfire" against its stated goal of strategic autonomy. "The fundamental problem remains that Trump's tariffs are illegal and violate virtually every existing trade rule," Van Brempt wrote in a statement. "Simply accepting that European products will be subject to a 15% import tariff (...) means that we are essentially agreeing to these illegal, coercive tariffs. "Avoiding a heavier 30% tariff will undoubtedly be a relief," she added. "But this remains a choice between the plague and cholera." Decrying a "heavy price" paid, Valérie Hayer, the president of the liberal Renew Europe group, said the agreed terms would lead to a "massive imbalance" between the two sides, and Terry Reintke, co-chair of the Greens, slammed the Commission for caving into "the bullying tactics and threats of President Trump". "This is not the way to do business," Reintke said. Even von der Leyen's party, the centre-right European People's Party (EPP), was unhappy with the outcome, calling the 15% a "blatant breach of WTO principles and a serious blow to European industrial competitiveness". 'A dark day' EU leaders were noticeably lukewarm in their initial reactions, welcoming the deal as an anchor of "stability" but lamenting the continuation of the punitive duties. "This is a moment of relief but not of celebration. Tariffs will increase in several areas, and some key questions remain unresolved," said Belgian Prime Minister Bart de Wever. His Dutch counterpart, Dick Schoof, said that "no tariffs would have been better", while Ireland's Micheál Martin, whose country strongly relies on the US market, predicted trade would become "more expensive" and "more challenging". Spain's Pedro Sánchez was visibly apathetic. "In any case, I support this trade agreement, but I do so without any kind of enthusiasm," he said. In France, the prime minister described the agreement as a "dark day" of "submission". The remarks expose the feeling of despondency and frustration that has gripped the EU since the start of Trump's second term. The Republican has single-handedly bulldozed over decades of transatlantic principles to promote his "America First" agenda, breaking with the Western consensus on trade, technology, climate and defence. In his press conference, Šefčovič said geopolitics had played a role in the Commission's balancing act ahead of the face-to-face meeting in Scotland. "It's not only about the trade. It's about security. It is about Ukraine. It is about current geopolitical volatility," he said. "I believe from now on, we can go only for the better." Privately, Commission officials concede the 15% rate is "not great" and hope Washington will treat the tariff as a maximum ceiling to prevent escalation down the road. But Peter Chase, a senior fellow at the German Marshall Fund, says Brussels should do better than take things for granted, given Trump's notoriously mercurial character. "Unfortunately," Chase said, "President von der Leyen and others who believe the EU's concessions bought stability for European businesses may unfortunately find that the man who shredded US commitments under international law to create 'leverage' is very likely to rip up this agreement too."
Euronews
2 hours ago
- Euronews
US-EU trade deal will come with consequences, German industries warn
While European Commission President Ursula von der Leyen praised a trade agreement signed between the US and EU on Sunday as a stabilising factor "in uncertain times," representatives of the German economy have expressed concern. Von der Leyen and US President Donald Trump struck a tentative trade deal to avert a potentially devastating tariff war between two of the world's largest economies on Sunday. The majority of EU exports bound for the US will be subject to a 15% tariff. According to a statement made by von der Leyen, this also includes billions of euros in EU investments in the US, as well as the purchase of defence equipment. Tariffs of 15% will now apply to car exports to the US, compared to the previously announced 25%. Import duties on steel are to remain unchanged at 50%. The German economy can breathe a sigh of relief for the time being, according to Managing Director of the German Chamber of Industry and Commerce Helena Melnikov. Melnikov said that worse has been prevented, however, "the deal has its price, and this price is also at the expense of the German and European economies." Wolfgang Niedermark from the Federation of German Industries was more critical. He stated that even a tariff rate of 15% would have an "immense negative impact" on Germany's export-oriented industry. The Federal Association of Wholesale, Foreign Trade and Service also spoke of a "painful compromise" and warned that supply chains would change and prices would rise, saying the deal will cost Germany growth, prosperity and jobs. Federal Chancellor Friedrich Merz, who was satisfied with Sunday's agreement, wrote on X that the deal showed it was possible to "avert a trade conflict". However, a review of Trump's actions to date raises doubts about the reliability of the agreement and the US president's words. In an interview with the Funke media group, Michael Hüther, director of the Institute for the German Economy, said that concerns remained as Trump had never completely taken tariff threats off the table.
Local France
2 hours ago
- Local France
'A dark day': What we know so far about the EU-US trade deal
EU chief Ursula von der Leyen clinched an agreement Sunday with US President Donald Trump to avoid crippling tariffs from hitting the bloc, with both leaders hailing a "good deal". The stakes were high with a looming August 1st deadline and $1.9 trillion transatlantic trading relationship on the line. Many European businesses will breathe a sigh of relief after the leaders agreed the 27-country bloc will face a baseline levy of 15 percent instead of a threatened 30 percent -- but the deal will not satisfy everyone. Here is what we know so far: What did the EU-US agree? Both sides confirmed there will be a 15-percent across-the-board rate on a majority of EU goods -- the same level secured by Japan this month -- with bilateral tariff exemptions on some products. The deal will bring relief for the bloc's auto sector, employing around 13 million people -- and hit by Trump with 25-percent tariffs, on top of a pre-existing 2.5 percent. "Obviously, it is good news for the car industry. So Germany will be happy. And all the EU members with auto supply chains, they go from 27.5 to 15 percent," said Jacob Funk Kirkegaard of the Peterson Institute For International Economics. A 15-percent levy will remain "costly" for German automakers, "but it is manageable", said trade geopolitics expert Elvire Fabry at the Jacques Delors Institute. While 15 percent is much higher than pre-existing US tariffs on European goods -- averaging 4.8 percent -- it mirrors the status quo, with companies currently facing an additional flat rate of 10 percent imposed by Trump since April. Advertisement The EU also committed to buy $750 billion of liquefied natural gas, oil and nuclear fuels from the United States -- split equally over three years -- to replace Russian energy sources. And it will pour $600 billion more in additional investments in the United States. Trump said EU countries -- which recently pledged to ramp up their defence spending within NATO -- would be purchasing "hundreds of billions of dollars' worth of military equipment". Are there exemptions? Von der Leyen said the 15-percent rate applied across most sectors, including semiconductors and pharmaceuticals -- a critical export for Ireland, which the bloc has sought to protect. Trump in April launched probes that could lead to significantly steeper tariffs on the two key sectors, warning this month he could slap 200-percent levies on drugs. Brussels and Washington agreed a bilateral tariff exemption for key goods including aircraft, certain chemicals, semiconductor equipment, certain agricultural products and critical raw materials, von der Leyen said. The EU currently faces 50-percent tariffs on its steel exports to the United States, but von der Leyen said a compromise on the metal had been reached with Trump. Advertisement "Between us, tariffs will be cut and a quota system will be put in place," she said. It is understood that European steel would be hit with 50-percent levies only after a certain amount of the metal arrived in the United States, but no details were initially provided on the mechanism. What happens next? The deal needs to be approved by EU member states, whose ambassadors will meet first thing Monday morning for a debrief from the European Commission. And there are still technical talks to come, since the agreement needs to be fully fleshed out. Von der Leyen described the deal as a "framework" agreement. "Details have to be sorted out, and that will happen over the next weeks," she said. In particular, she said there has yet to be a final decision on alcohol, critical since France and The Netherlands have been pushing for carve-outs for wine and beer respectively. "This is something which has to be sorted out in the next days," von der Leyen said. Advertisement What has the reaction been around Europe? Well let's start in France where the French PM was outspoken in his criticism of the agreement. PM Francois Bayrou slammed the trade deal between the United States and the European Union as a "dark day" and tantamount to "submission." "It is a dark day when an alliance of free peoples, united to affirm their values and defend their interests, resorts to submission," said Bayrou in a post on X. His counterpart in Italy Giorgia Meloni was more positive. She welcomed the trade deal on Monday, saying it had avoided "potentially devastating" consequences. Meloni -- an ally of US President Donald Trump on many issues -- had earlier this month warned against a "trade war within the West." Speaking at a summit in Ethiopia, Meloni said a "trade escalation between Europe and the United States would have had unpredictable and potentially devastating consequences". German Chancellor Friedrich Merz on Sunday welcomed the trade deal, which he said avoided "needless escalation in transatlantic trade relations" -- even as many industries criticised it. "We have thus managed to preserve our fundamental interests, even if I would have wished for more relief in transatlantic trade," he said in a statement released soon after the deal was announced.
