
UK Joins EU Push to Hit Russia by Cutting Crude-Oil Price Cap
The cap on Russian oil, currently set at $60 per barrel, will be lowered to $47.60 on September 2, the UK government announced Friday. The price caps of $100 on high-value refined oil products, such as diesel and petrol, and $45 on low-value refined oil products, such as fuel oil, remain unaffected.
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Yahoo
27 minutes ago
- Yahoo
Don't worry - Alexander Isak is COMING
Isak unwilling to stay with Newcastle The forward has made it plain he wants to leave St. James' Park this summer. Newcastle were hoping that their star attraction would be willing to sign a new contract - with his current terms extending until 2028. But Isak told the club he is NOT interested in a pay rise - and instead was seeking an immediate exit. Isak did not travel with Eddie Howe's squad for their preseason tour to Asia - citing a minor thigh injury - and has been training at Real Sociedad's facilities while he awaits a move. Don't let this rejection fool you Liverpool of course are right there for Isak - with sporting director Richard Hughes having the striker top of his list of potential recruits. The club are aware it would take a British record fee to land Isak - and right now it might be assumed that Newcastle won't let it happen. But don't let this first rejection fool you. It took Liverpool around FOUR attempts before Bayer Leverkusen were convinced to sell Florian Wirtz. The Germans told Liverpool 'No' time and again until Richard Hughes conjured a bid guaranteeing £100m down and another £16m in add-ons. That deal was never in doubt - despite the rejections. It was just a case of the two sides meeting in the middle. © IMAGO - Alexander Isak Liverpool


Vox
30 minutes ago
- Vox
Trump actually has a tariff strategy this time. It could still go terribly wrong.
is a senior politics correspondent at Vox, covering the White House, elections, and political scandals and investigations. He's worked at Vox since the site's launch in 2014, and before that, he worked as a research assistant at the New Yorker's Washington, DC, bureau. Four months after President Donald Trump's 'Liberation Day' tariff hikes threw the global economy into chaos, we got a sequel — but there appears to be at least somewhat more of a method to Trump's tariff madness this time around. Trump is using the threat of steep tariffs to try to force dozens of countries to agree to make more concessions in bilateral trade agreements — and, specifically, to get them to make somewhat hazy commitments to buy more US goods or products. If Trump likes your concessions, you get a deal in which you'd stomach a new tariff of 15 percent or so. Alternatively, if Trump isn't satisfied with your concessions or is mad at you for some other reason, you get squeezed — slapped with tariffs of 30 percent or more, going into effect in a few days, to see if that will make you cave. Yet, as Trump's negotiating strategy has become somewhat more coherent than it first appeared, the legal and economic uncertainty around his tariffs has only deepened. An appellate court hearing Thursday on Trump's tariffs went poorly for the administration, renewing longstanding questions about whether these tariffs could all be struck down. And a weak jobs report Friday morning heightened concerns that the US economy was slowing — and that Trump's tariffs were one reason why. Trump's tariff negotiating strategy has come into focus Investors reacted to Liberation Day with such terror, because Trump's April tariffs seemed truly chaotic, impulsive, and bizarre — and because it was genuinely unclear what the president was even trying to achieve. Since then, though, we've gotten more clarity on the type of deals that meet Trump's approval — and generally, they involve commitments to buy US stuff or give the US money. In the last few days, the European Union, Japan, and South Korea pledged hundreds of billions of dollars toward US investments. Other countries made their own concessions; for example, Pakistan agreed to let US companies develop their oil reserves, and Bangladesh agreed to buy 220,000 tons of US wheat. We've seen that if a country or bloc makes commitments Trump deems sufficient — as in the cases of the European Union, Japan, and South Korea — Trump declares a deal has been reached, and they get spared the worst tariff hikes. (Though they still all got slapped with a 15 percent tariff on their exports to the US, that's significantly lower than the tariffs Trump is imposing on other countries.) However, if Trump isn't happy with the concessions on offer (as in the cases of India, Taiwan, and Switzerland), or if he is mad at countries for some other reason (like with Canada, South Africa, and Brazil), he tries to squeeze them, slapping on big tariffs in hopes they cave. Most of those big tariffs are set to go into effect on August 7, meaning there are a few days left for further negotiation. (Canada's 35 percent tariff went into effect today — sorry, Canada.) Finally, two other countries have gotten a sort of special 'kids gloves' treatment from Trump. China has actually won significant policy concessions from the US in recent weeks, while Mexico scored a 90-day extension on its trade deal deadline. What China and Mexico have in common is that they both have leverage over Trump. China's restrictions of rare earths exports earlier this year struck terror into the hearts of Trump officials, who faced the prospect of US auto manufacturing plants closing as a result. Mexico, for its part, has major influence on how many migrants make it to the US's southern border — and if they let up on enforcement, Trump could face a flood of new migrants. So, he's been treading more carefully with both of late. Trump's tariffs remain plagued with legal and economic uncertainty In narrow terms, Trump's negotiating strategy on tariffs has been surprisingly successful. He correctly perceived that he had the opportunity to shake down US trading partners and that most countries would simply roll over and take it to avoid being hit with exorbitant tariffs. One potential flaw in his plan, though, is that his tariffs could well be thrown out by the courts. Trump officials have insisted that a 1977 law gives the president broad powers to impose tariffs of his choosing so long as he declares there's a national 'emergency.' But judges have been deeply skeptical so far, viewing this as a usurpation of Congress's power — and an appellate court hearing Thursday reportedly did not go well for the president. This will eventually end up at the Supreme Court, and it's possible the Court's conservative majority will blanche at the prospect of overturning Trump's entire trade policy agenda and humiliating him on the world stage. Then again, perhaps they will rule on the law without regards to politics. Anything's possible, right? Separately, newly revised jobs numbers released by the Department of Labor Friday found that jobs growth was far smaller than previously thought in May and June. This could point to economic trouble — trouble that Trump's tariffs would deepen, since they make imports more expensive and slow economic growth.

Car and Driver
34 minutes ago
- Car and Driver
JLR CEO Adrian Mardell to Step Down After 35 Years with the Brand
Adrian Mardell will retire as the CEO of JLR after three years in the position and 35 years with the company, a spokesperson confirmed to Car and Driver. In his three years as CEO, Mardell took the company from taking heavy financial losses to achieving its best profits in years. His successor will be announced "in due course," according to the company. After three years in the role and 35 years at the company, Adrian Mardell announced his intention to retire as CEO of JLR, Autocar reported on July 31. Mardell was appointed to the role in 2023 following the abrupt departure of Thierry Bolloré. He took the position amidst heavy financial headwinds, with the automaker in the throes of a post-pandemic slump. "Adrian Mardell has expressed his desire to retire from JLR after three years as CEO and 35 years with the company," a spokesperson said in a statement to Car and Driver. In his three years as CEO, Mardell helped right the ship, taking JLR from struggling with debt to now posting 10 consecutive profitable quarters, according to Automotive News. Despite his work to turn the business around, Mardell's legacy will almost surely be shaped by the dramatic rebranding of the Jaguar and Land Rover nameplates. View Photos Jaguar Mardell oversaw the reveal of the infinitely controversial Jaguar Type 00 Concept in late 2024, which aims to take Jaguar from competing in the luxury segment against the likes of Mercedes-Benz and Lexus, to the rarified air of competing against ultra-luxury competitors such as Bentley and Rolls-Royce. Mardell will officially retire on December 31 of this year. At this point, the company hasn't confirmed if the search for his successor will be limited to an insider or if the company will look outside the company. "His successor will be announced in due course," a spokesperson confirmed. Jack Fitzgerald Associate News Editor Jack Fitzgerald's love for cars stems from his as yet unshakable addiction to Formula 1. After a brief stint as a detailer for a local dealership group in college, he knew he needed a more permanent way to drive all the new cars he couldn't afford and decided to pursue a career in auto writing. By hounding his college professors at the University of Wisconsin-Milwaukee, he was able to travel Wisconsin seeking out stories in the auto world before landing his dream job at Car and Driver. His new goal is to delay the inevitable demise of his 2010 Volkswagen Golf. Read full bio