Trump gambles with reindustrializing the US
The agreement unveiled on Sunday, July 27, with the European Union includes an additional $600 billion in investments to be made in the US. A few days earlier, Japan committed to invest $550 billion in the US as part of its agreement signed with Washington. These commitments, however, remain vague – both in terms of the time frame and the sectors involved.
In recent weeks, several major European groups have announced plans to build factories in the US, raising concerns over reduced activities in Europe and even an increase in offshoring to the US. On July 24, Bernard Arnault, the founder and CEO of the luxury group LVMH, announced that Louis Vuitton would open a fourth manufacturing site across the Atlantic. "For our American customers, buying a Louis Vuitton product 'made in USA' poses (…) no problem at all," Arnault argued in the French newspaper Le Figaro on July 24.
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France 24
14 minutes ago
- France 24
Medvedev vs Trump: Russia's ex-president becomes Putin's provocateur-in-chief
Russia 's ex-president Dmitri Medvedev found his way back into the headlines when his belligerent social media exchange with US President Donald Trump led to the repositioning on August 1 of two US nuclear submarines to what Trump called 'appropriate regions'. Medvedev has recently become an ultra-nationalist provocateur on social media, especially since Russia began its large-scale invasion of Ukraine in February 2022. It's a major metamorphosis for a politician who during his time as president, from 2008 to 2012, embodied the liberal face of Russia. Accustomed to outrageous statements 'Words are very important, and can often lead to unintended consequences,' Trump posted on his Truth Social platform after announcing his decision to re-deploy two submarines. Medvedev had taken exception to Trump imposing a new 10-day deadline for Russia to end its war in Ukraine, and posted that Trump was "playing the ultimatum game with Russia… Each new ultimatum is a threat and a step towards war." On X, the former Russian president raised the prospect of a third World War if Trump persisted in trying to force Russian President Vladimir Putin to engage in peace negotiations with Ukraine. On Telegram, Medvedev referred to "Dead Hand' – the Soviet Union's system for launching a nuclear strike. Trump seems to have decided that he had had enough. But given Medvedev's long history of sabre rattling, Trump's reaction of 'taking the bait' instead of ignoring the posts is a bit puzzling, says Stephen Hall, a specialist in Russian politics at the University of Bath. Medvedev is a 'loose cannon ... trying to make himself relevant,' says Jenny Mathers, a specialist in Russian security issues at Aberystwyth University in the UK. If you want to know what Putin is thinking and above all 'what he wants to the world to hear', it's not Medvedev you should be listening to, but rather Foreign Minister Sergei Lavrov, Mathers says. Medvedev has made a habit of making outrageous statements in recent years, following his term as president and then as prime minister from 2012 to 2020. Medvedev has 1.7 million subscribers on Telegram, where he his posts tend to be aggressively nationalistic. He describes Ursula von der Leyen, the German President of the European Commission, as a 'crazy old lady'. France is accused of being nostalgic for the Vichy regime, while the Baltic states are simply described as 'wretched'. These insults are from recent posts seen by more than three million Telegram users. Why so much animosity? Medvedev boasts that 'hatred is the most important weapon' in the battle against what he calls European 'Russophobia'. He has always embodied a more extreme version of the image that Putin wanted to project to the world, Mathers says. 'So when Putin was being slightly liberal, Medvedev was quite a bit more so,' she says. The two faces of Dmitri Medvedev When Medvedev was designated to take over as Russian president in 2008, Putin had decided it was time for a rapprochement with the US and then president Barack Obama. 'His presidency was about wanting to reach out to the US, wanting to strike deals and have good relations,' Mathers says. Kremlin strategists successfully portrayed Medvedev as embodying a more modern Russia in tune with the West, someone who 'knew how to use Twitter and an iPad', Hall says. In Putin's eyes, Medvedev also had another advantage: he did not belong to the circle of ' siloviki ', agents of the Russian police and intelligence services. 'He's a lawyer by training, so he probably is a moderniser by the standards of Russia, or at least of the current Russian regime,' Hall says. 01:46 Putin's return as Russian president in 2012 marked the beginning of a more authoritarian and imperialist turn for Russia. Since then, Medvedev has discarded any semblance of moderation. 'He now says things that are much more extreme than what Putin says," Mathers says. For Hall, his nationalistic stance is partly a question of 'political survival". Medvedev's career has followed a downward trajectory since 2012. After his term as president, he was named Putin's prime minister, only to end up as deputy chairman of Russia's Security Council. Though he has been sidelined, he at least has 'an official position that allows him to speak out on matters of national security', says Mathers. Given his current job, his responsibilities are limited, says Hall. 'As deputy of the Security Council he is possibly very good at pushing paper around and setting up meetings' and having tea with officials like Nikolai Patrushev and Sergei Shoigu, the two secretaries-general of the Security Council. 'But other than that, he doesn't play a huge role." To provoke is to win? By being strident, Medvedev hopes to prove that he is still someone who counts in politics and that he can be useful. 'I think at the moment Medvedev is taking the Zhirinovsky role,' says Hall, referring to late ultra-nationalist politician Vladimir Zhirinovsky, whoseextremist and provocative declarations served as a way for the Kremlin to gauge what viewpoints might be accepted by the public. On the international stage, the Kremlin can let its new provocateur-in-chief Medvedev act without too much risk. After all, he doesn't hold a very important position, says Mathers. So if one of his statements goes too far, 'Putin can either ignore what he says' or indicate that it does not reflect the official position of Russia. The Kremlin can also hope that Medvedev's bellicose outbursts will prompt the West or a Western country to limit its support for Ukraine – better safe than sorry. Moscow knows that Western democracies cannot afford to completely ignore Medvedev's threats, even if 99 percent of the time, talk of nuclear Armageddon is just bluster, notes Hall. Western governments cannot totally rule out the possibility that Russia will "actually use nuclear weapons", he says. Has Medvedev managed to permanently antagonise Trump? That remains to be seen. The US president has for some time stepped up his rhetoric and threatened more concrete action against Russia. But Trump could hardly attack Putin directly, says Hall, because in order to end the war in Ukraine, 'he needs Putin to negotiate". In this respect, Medvedev appeared to be an ideal target for Trump's anger. He has the advantage of being a former president, notes Hall – and so has the stature to be an interlocutor in diplomatic exchanges with Trump via social media.
Fashion Network
an hour ago
- Fashion Network
Zalando's Q2 GMV and revenue rise, e-tailer ups guidance after About You buy
That was helped by continued investment in customer experience and it expects this week's launch of its AI-driven discovery feed that it says will 'deliver even more personalised inspiration and boost organic customer engagement' to help it further in Q3. B2C growth in the second quarter was also supported by strong progress in its two other growth pillars, which are 'differentiation through quality and lifestyle expansion'. Its upgraded loyalty programme reached more than 10 million customers at the end of the quarter as it rolled out to more markets. It also delivered 'over proportional growth' in its Lounge, Designer, and Beauty propositions, 'making progress on building out more areas that address more lifestyle needs of customers, thus enabling Zalando to capture a higher share of customers' wallets'. Meanwhile Business-to-Business (B2B) maintained 'strong momentum, driven by double-digit growth in ZEOS Fulfilment'. The launch of a new Shopify application that connects Shopify merchants directly to the ZEOS platform was also key. B2B revenues increased 12.2% to €262 million. Adjusted EBIT was €11 million, with the margin increasing by 1.3 percentage points to 4.3%. And there's plenty of potential for this to rise. UK retailer Next is now leveraging Zalando's fulfilment infrastructure for its largest mainland Europe market, Germany, after already using ZFS for the majority of its Zalando-based business. In the second half, it will expand the collaboration to include its own webshop and additional European marketplace business. Finally, following the About You acquisition in July, the company has issued its first full-year 2025 guidance for the combined group. It expects annual GMV of €17.2 billion-€17.6 billion, revenue of €12.1 billion-€12.4 billion, and adjusted EBIT of €550 million-€600 million. Forecast GMV volumes up by 12%-15% will be a big step forward from the previously expected range of 4%-9%.
France 24
2 hours ago
- France 24
US trade gap shrinks on imports retreat as tariffs fuel worries
The overall trade deficit in the world's biggest economy narrowed by 16 percent to $60.2 billion, down from a revised $71.7 billion figure in May, the Department of Commerce said. The narrowing was more than analysts expected but largely reflected a drop in goods imports -- including consumer goods as Trump's wide-ranging tariffs added to businesses' costs of bringing in foreign products. In April, Trump imposed a 10-percent duty on most US trading partners and he has also slapped much steeper tariffs on steel, aluminum and autos. This baseline tariff is set to rise to varying levels for dozens of economies including Japan and the European Union come Thursday. Given that plans have been set out for higher rates to take effect, policy uncertainty has eased somewhat, said Nationwide financial markets economist Oren Klachkin. "But businesses hoping tariffs were just threats must now adjust to the reality they are here to stay," he added in a note. "We think the negative impact of high tariff rates will outweigh any positives from lower policy uncertainty," Klachkin said. The June deficit narrowed on the back of a fall in imports, by 3.7 percent to $337.5 billion, while exports also dropped by 0.5 percent to $277.3 billion. The drop in imports came as those of consumer goods decreased $8.4 billion, while those of industrial supplies and materials fell by $2.7 billion. Imports of autos and parts also dropped by $1.3 billion. The retreat in exports, meanwhile, came as goods exports declined by $1.3 billion, with decreases seen in industrial supplies as well. The goods deficit with China dropped by $4.6 billion, to $9.4 billion in June. Washington and Beijing slapped escalating tariffs on each other's products in April, reaching prohibitive triple-digit levels and snarling supply lines between the world's two biggest economies. But in May, the countries reached a temporary agreement to bring these duties to a lower level until August 12.
