How Bulgaria Got to Join the Euro, and What It Means
The southeast European country would become only the second nation to join the euro in the past decade, after Croatia. Successive Bulgarian governments have overseen preparations for the change in the hope it will narrow a wide income gap with wealthier member states.
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Yahoo
42 minutes ago
- Yahoo
Europe's Clash With Musk's xAI Escalates on Grok's Rants
(Bloomberg) — The clash between Elon Musk's xAI ( empire and European officials is intensifying with leaders in Poland and Germany calling for more aggressive action against the company. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Are Tourists Ruining Europe? How Locals Are Pushing Back Can Americans Just Stop Building New Highways? Denver City Hall Takes a Page From NASA Philadelphia Trash Piles Up as Garbage Workers' Strike Drags On German lawmaker Ralf Stegner, responding to antisemitic comments that xAI's chatbot Grok made Tuesday on X, said the posts 'must not be tolerated under any circumstances' and called for sanctions in an interview with the German newspaper Handelsblatt. Poland's government separately urged the European Union to investigate and possibly fine xAI following lewd comments made by Grok about the country's politicians. The EU is already investigating Musk's social media platform under a relatively new content-moderation policy known as the Digital Services Act and had been weighing a fine ahead of its summer recess in August. Bloomberg has reported that the regulator is considering calculating the fine by including revenue from Elon Musk's other businesses, including Space Exploration Technologies Corp. and Neuralink Corp., an approach that would significantly increase the potential penalties. A review specifically targeting Grok would expand the EU's actions against X and threaten to ratchet up tension between Europe and US President Donald Trump, who has repeatedly blasted the region for going after US tech companies. xAI didn't respond to requests for comment. The company said Tuesday that it was working to remove inappropriate posts on X after the antisemitic Grok comments drew widespread condemnation. 'Since being made aware of the content, xAI has taken action to ban hate speech before Grok posts on X,' the chatbot's account posted. Thomas Regnier, the EU spokesperson for digital affairs, said X is obliged to 'assess and mitigate any potential risks' stemming from Grok, which is integrated into its online platform. 'We follow developments closely, like with any other platform, and cannot speculate on potential next steps,' he said Wednesday in an interview with Bloomberg News. Musk announced in March that his xAI startup had taken over his social-media platform X, formerly known as Twitter. On Wednesday, X Chief Executive Officer Linda Yaccarino announced she was stepping down after two years on the job. Yaccarino was responsible for reversing an advertiser exodus from the platform, triggered in part by Musk's own erratic content moderation decisions and posts. She repeatedly had to defend her boss and the platform from critics who've pointed to a rise in violent content, antisemitism and misinformation on X. Johannes Schätzl, a lawmaker from Germany's junior coalition partner, called on the EU to finish its review of X's alleged violations under the Digital Services Act as quickly as possible, and in an interview with Handelsblatt accused Musk of using Grok 'to spread politically extreme content.' Poland's deputy prime minister Krzysztof Gawkowski said that, if X fails to stop the chatbot-fueled 'hate speech,' the bloc should have the option of disabling it for residents. 'We are entering a higher level of hate speech which is controlled by algorithms,' Gawkowski told the Polish radio station RMF FM. 'Turning a blind eye to this matter today, or not noticing it, or laughing about it — and I saw politicians laughing at it — is a mistake that may cost mankind,' he said. Grok drew specific criticism in Poland this week after it responded to user questions about the country's politicians with profanity-laced remarks about their personal life and appearances. Screenshots of the comments quickly spread on social media, fanning a public debate about the dangers of such content. Grok also stoked controversy in Turkey after targeting the nation's president, Recep Tayyip Erdogan, in posts. Turkey's transport and infrastructure minister, Abdulkadir Uraloglu, told Bloomberg Wednesday that the comments by Grok were unacceptable. Turkey will ban X 'if necessary,' he said, unless steps are taken to prevent such content. Turkey wouldn't be the first. Brazil briefly took down X last year over hate speech and fake news. Bloomberg reported in February that European governments, reeling from Musk's political attacks, were comparing notes with Brazil President Luiz Inacio Lula da Silva. —With assistance from Konrad Krasuski, Patrick Donahue, Maxim Edwards and Gian Volpicelli. (Updates with comments from European Commission spokesperson in the sixth paragraph.) Will Trade War Make South India the Next Manufacturing Hub? 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate 'Telecom Is the New Tequila': Behind the Celebrity Wireless Boom SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Trump promised 200 deals by now. He's gotten 3, and 1 more is getting very close
At the conclusion of his first 100 days in office in late April, President Donald Trump made a stunning statement about his progress on tariff negotiations: He had completed trade deals with 200 countries. More than two months later, Trump has announced just three of those agreements – with China, the United Kingdom and Vietnam. So what happened? Wednesday marks the day that Trump had set three months ago as a deadline for all countries to reach a deal or face higher 'reciprocal' tariffs. Trump has since publicly acknowledged that pausing those 'Liberation Day' tariffs until July 9 left insufficient time to negotiate with practically every country around the world. Trump had initially expected to complete more trade deals by Wednesday's deadline, but in recent weeks he's been convinced that landing those deals can't happen more swiftly, sources familiar with the matter tell CNN. That's why his public rhetoric has shifted in recent weeks to saying he would send out letters that set higher tariffs on America's trading partners, effectively getting results on the board while talks continue. So Trump agreed to push the deadline back to August 1 to give countries that are close to a deal a little more time for talks – particularly the European Union, which is on the verge of announcing a trade deal with the United States. EU and US trade negotiators are nearing a framework agreement that would set in place 10% tariffs and lay out the parameters for extensive trade discussions going forward, according to three officials familiar with the matter. The progress in negotiations with the EU, in particular, was a key consideration in extending the deadline beyond July 9. Treasury Secretary Scott Bessent pointed to the EU talks, as well as the view that several other key negotiations were in their final stages, as he advocated for more time, according to two people familiar with the matter. Trump still needs to sign off on any final agreement and talks between the two sides are ongoing, but the officials said the agreement would be announced before the end of the week. Olof Gill, trade spokesperson for the European Commission, confirmed in a press briefing Wednesday that EU trade negotiators are in active discussions with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer and that a deal is expected to be announced in the coming days. The progress marks a dramatic turn in Trump's long-standing, long-public disdain for the EU, a view that served as the backdrop to months of frustrating and intractable trade discussions this year. But Trump's tone – and behind the scenes, the tenor and tempo of the negotiations – shifted dramatically in the weeks since he threatened 50% tariffs on the EU in a morning social media post in late May. That unexpected and dramatic threat sparked an immediate response from the EU and set the stage for an urgent effort to reach some form of an agreement before Trump's 'reciprocal' tariffs snapped into place. EU officials have been in the midst of briefing member countries about the framework and proposed negotiating process, one of the EU officials said, adding that despite the often-divergent equities of the bloc's nations, the deal has been presented as the best and likely only way to avoid a dramatic escalation in tariffs on August 1. Trump's negotiators have maintained a hardline on the EU's push for exemptions to sectoral tariffs already in place or forthcoming, the officials said. For instance, a push to reduce Trump's 25% tariff on autos is a central late-stage focus of the discussions, as has an effort to cut the 50% levies on steel. US negotiators have indicated some willingness to consider key EU industries and products for possible rate reductions, including airplanes, alcoholic beverages and some agricultural products. But it would require Trump's final sign-off, the officials said. EU officials have also pledged to significantly increase purchases of US energy and defense sector goods. If a deal can't be reached, the EU has vowed to introduce countermeasures targeting billions of dollars' worth of US exports to the bloc. Those retaliatory steps have been due to come into force on July 14. It is not yet clear if the EU will push back that date to account for Trump's extension of his 'reciprocal' tariffs deadline to August 1. 'If no agreement is reached by the stated deadline, the EU is prepared to activate targeted and proportionate countermeasures in defense of its legitimate interest,' Marie Bjerre, Denmark's minister of European affairs, reminded the European Parliament Wednesday, noting that there are limits to the bloc's patience. Trump has been frustrated by a lack of progress on trade. During a cabinet meeting Tuesday, he said his tariff threats have successfully brought trading partners to the table – but the deals other countries have offered the United States are unacceptable. 'They say … 'We will give you total access, and you don't have to pay any tariffs, but please don't charge us tariffs,' and we don't like that deal,' Trump said. 'We're not hard-line, but it's about time the United States of America started collecting money from countries that were ripping us off – ripping us off – and laughing behind our back at how stupid we were.' Trump this week has sent out several letters setting new tariffs, including 25% tariffs on Japan and South Korea. Other letters are expected to be publicized Wednesday. Other deals have been harder to come by. India has long been viewed as the most likely major partner to sign onto a framework with the US. But Indian trade negotiators have hardened their positions in recent days, according to US officials. India is also a member of the BRICS group, so it's unclear what Trump's 10% tariff threat on BRICS countries Sunday means for trade negotiations. South Korea had also been viewed for weeks as likely to reach an agreement, though Trump's auto tariffs remain a key sticking point in those talks, and Trump's letter on Monday may have thrown a wrench in those gears. Japan steadily moved further away from an outcome in recent weeks, and Trump cast significant doubt on talks that once seemed on a path to a certain agreement. Japanese trade negotiators, who just weeks ago were scrambling to lay the groundwork for an announcement by last month's Group of Seven summit, have delivered far more pessimistic messages in their public statements in recent days. Japan's Prime Minister Shigeru Ishiba said Tuesday that despite 'earnest and sincere discussions,' Japan has been unable to reach a deal, according to remarks translated by CNN. 'We deeply regret that the US government has imposed additional tariffs and announced plans to raise tariff rates,' Ishiba said. Indonesia, Cambodia and Thailand have all delivered substantial offers to their US counterparts in the last two weeks in an effort to move to the front of the line for an agreement and are likely candidates for any near-term deal in the next few days, US officials said. Brazil has ramped up its efforts to secure an agreement, including bilateral talks at the end of last week designed to expand on an earlier offer to sharply reduce tariffs on certain US products, American administration officials said. The most prevalent point of contention among foreign trade teams has been a lack of clarity on what their US counterparts envision for any final agreement. But the biggest roadblock in the more expansive negotiations has been the existence – or promised imposition – of Trump's sectoral tariffs on autos, steel and pharmaceuticals, US officials said. CNN's Alayna Treene, James Frater and Anna Cooban contributed to this report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
Achtung! Germany's Mercedes, Porsche stung by Trump's auto tariffs
German luxury stalwarts Mercedes-Benz (MBGAF) and Porsche ( usually count on the US for a sizable portion of their sales — approximately 25% for both automakers. But those days could be over, at least for the time being. Earlier this week, Mercedes reported second quarter global car sales fell 9% to 453,700 units, with US sales down 12% compared to a year ago. "Deliveries to dealerships were carefully calibrated to navigate new global tariff policies, impacting sales of Mercedes-Benz Cars in the U.S. and China in particular," Mercedes said in a statement. The Trump administration implemented 25% auto sector tariffs on all imports starting in early April. Interestingly, sales in Germany and Europe at large climbed 7% and 1%, respectively, with "rest of world," encompassing regions like the Middle East, Africa, and South America, jumping 24%. The company's crosstown Stuttgart rival, Porsche, also reported sliding sales, with global deliveries down 6% to 146,391 units. Porsche noted that US sales actually climbed 10% in the quarter, but there was a big caveat: "The increase is mainly due to higher product availability in the market and the price protection offered in the first half of the year due to increased import tariffs," Porsche said in a statement. Essentially, Porsche is admitting that it relied on pre-tariff inventory to boost sales and subsequently ate into its profit margins by price-protecting its customers — at least for now. Read more: How to find the best luxury car insurance Porsche is in a uniquely troubling situation as its production is all done in Germany and EU countries like Slovenia. Mercedes's exposure is not as acute, as the automaker has a major factory in Tuscaloosa, Ala., where the automaker makes its SUVs and some EVs. As for Porsche, company CEO Oliver Blume (who is also CEO of Volkswagen Group) said Porsche will likely pass tariff costs on to its customers, but he did not say when. Mercedes said this spring that it would price-protect and absorb "some" tariff costs for 2025 models, at least for now. One way automakers can maintain current pricing but pass on tariff costs to buyers is by, for example, eliminating certain incentives. Spokespeople for Mercedes and Porsche did not immediately respond when reached for comment on US pricing. Germany's auto sector represents a big portion of the country's economy, and Germany as a whole is one of the key cogs in the EU's total industrial production. That's why the EU is feverishly negotiating with US negotiators to strike a deal. Politico reported that the US offered the EU a 10% tariff deal — similar to the one struck with the UK — though major caveats remain. Time is of the essence for the EU to strike a deal for the German luxury brands because pre-tariff inventory is likely exhausted, and eating into shrinking profit margins can only last so long. And it's not just Germany's luxury names that are suffering — its biggest automaker is hurting too. Germany's Volkswagen, the world's No. 2 automaker by volume, also reported global sales climbed 1.2% in Q2 but dropped 29% in the US compared to a year ago. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
