Trump stumbled on Epstein, and Rupert Murdoch has pounced
Murdoch also needs these viewers if he wants to remain such a rich and powerful political force in the US.
It means Murdoch has had to draw careful battle lines between his own media fiefdoms.
News Corp offered the full-throated defence of the WSJ story: 'We have full confidence in the rigor and accuracy of our reporting, and will vigorously defend against any lawsuit,' it said.
The WSJ doubled down, reporting that Attorney General Pam Bondi informed President Donald Trump in May that his name appeared multiple times in the government's files on Epstein.
The message from inside News Corp is Rupert and Lachlan Murdoch are determined not to cave in to Trump and will go to court if necessary.
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The Washington Post quoted Rupert telling associates: 'I'm 94 years old, and I will not be intimidated.'
Meanwhile at Fox, the lawsuit and allegations have warranted a tepid mention at best.
Australian columnist Miranda Divine, now at News Corp's Republican mouthpiece, the New York Post, described the WSJ reports as a 'nothingburger'.
And if this delicate dance can be maintained, it will be lucrative for Murdoch.
Both News Corp and Fox shares hit record highs in February, just weeks after Trump's inauguration.
And there was no hiding Trump's role in the success of Fox News – the most profitable Fox Corp business – when Lachlan presented its most recent quarterly results in May.
'Nowhere is Fox's leadership more evident than Fox News,' he told analysts and investors. Ratings were up 30 per cent for the network in April, and it clinched top spot on prime-time ratings last week over mainstream networks such as CBS and ABC.
This is a feat unheard of for a cable news network. 'The momentum that we're seeing within Fox News, obviously driven first by really sort of record-setting audience and share, that's flown through nicely to the revenue line,' Lachlan said.
The problem for Rupert is that pandering to his Fox audience means pandering to Trump, and he has never been a fan of Trump's political aspirations.
Murdoch publicly supported other candidates during the 2016 campaign before embracing Trump when his candidacy became inevitable.
He has tolerated Trump's White House, and maintained close ties, but quickly tried to move the Republican base on to fresh leadership after the 2020 election loss.
Murdoch said at the time: 'We want to make Trump a non-person.'
That manoeuvre ended badly when Fox's acceptance of the result led to viewers defecting in droves to channels more loyal to Trump's claims that the election was stolen.
It promised to be a financial disaster and Fox scrambled back into favour with an about-face supporting the stolen election theory. It is still counting the cost.
In 2023, Fox paid Dominion Voting Systems $US787 million to settle claims the network promoted lies about the 2020 presidential election.
It still faces a multibillion-dollar lawsuit from another voting systems provider, Smartmatic, which will go to court next year if Fox does not make an offer to settle.
For Murdoch, the Epstein scandal serves as another opportunity to test Trump's hold on the Republican Party, and it should not prove as costly as the $US10 billion Trump headline suggests.
A quick look at the details of his case reveals problems, starting with the fact that it appears to fall over at the first hurdle of failing to notify the WSJ of the lawsuit at least five days before filing it.
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But that is the least of Trump's issues.
'The complaint is full of sound and fury but lacks legal merit,' Leonard M. Niehoff, a University of Michigan law professor who specialises in media law, told The Washington Post.
'It shouldn't intimidate a news organisation with good lawyers. The Wall Street Journal has those.'
The high hurdles for Trump include having to meet the 'actual malice' standard which means proving the WSJ knew the information they published was false.
Ironically, this is what Fox was accused of doing in promoting Trump's stolen election claim in 2020.
That legal battle taught Murdoch a lesson on the damage that can be done by the legal discovery process, which produced embarrassing and costly revelations – including the contempt both Murdoch and Fox held for Trump's stolen election claims and the man himself.
A text surfaced from Tucker Carlson – a Fox network star at that time – referring to Trump saying, 'I hate him passionately'.
If Trump continues to pursue this case, the legal discovery process on his relationship with Epstein could further inflame his support base.
A clear opportunity to fatally damage Trump's political standing with the Epstein scandal could be the avenue Murdoch is looking to exploit.
And if it doesn't damage Trump? Both men are ruthlessly transactional and have made up before.
'We don't want to antagonise Trump further,' Murdoch said in a memo uncovered by the Dominion case.
Murdoch explained in a later deposition relating to that matter: 'He had a very large following, and they were probably mostly viewers of Fox, so it would have been stupid.'
And we know Trump's proven ability to chicken out and distract.
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As he posted to Truth Social followers this week, survival comes first.
'Winning is important, but survival is even more important. If you don't survive, you don't get to fight the next battle.'
Wise words for both sides as his latest battle with Murdoch gathers a head of steam.
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The Advertiser
13 minutes ago
- The Advertiser
Trump says main priority in Gaza is getting people fed
US President Donald Trump says the number one priority in the Gaza Strip is getting people fed, because "you have a lot of starving people," adding that he was not going to take a position on Palestinian statehood at the moment. Trump, speaking alongside UK Prime Minister Keir Starmer at his golf resort in Turnberry, Scotland, said the United States had provided $US60 million ($A92 million) for humanitarian aid and other countries would have to step up. He said he discussed the issue with European Commission President Ursula von der Leyen on Sunday, and she told him European countries would step up their assistance very substantially. He said he also planned to discuss the humanitarian situation with Starmer during his visit on Monday. "We're giving a lot of money and a lot of food, and other nations are now stepping up," Trump said. "It's a mess. They have to get food and safety right now." Starmer agreed, saying: "It's a humanitarian crisis, right? It's an absolute catastrophe .... I think people in Britain are revolted at seeing what they're seeing on their screen." Trump said he would not comment on a push by French President Emmanuel Macron to back Palestinian statehood. Trump also criticised the Hamas militant group for not agreeing to release more hostages, living and dead, and said he had told Israeli Prime Minister Benjamin Netanyahu that Israel's approach would likely have to change. "I told Bibi that you have to maybe do it a different way," Trump said, echoing similar comments made on Sunday. Asked if a ceasefire was still possible, Trump said, "Yeah, a ceasefire is possible but you have to get it, you have to end it." He did not elaborate on what he meant. Trump underscored the importance of securing the release of hostages held by Hamas in the Gaza Strip, saying the Palestinian group had changed its position and was refusing to release more hostages. Hamas has said it is willing to release hostages under a ceasefire agreement with Israel. It submitted its response to a US-backed ceasefire proposal on Thursday at talks in Doha. Hours later, Israel withdrew its delegation from the talks. On Sunday, Trump said Israel would have to make a decision on next steps, adding, "I know what I'd do but I don't think it's appropriate that I say it". Israel carried out an air drop and announced a series of measures over the weekend to improve access for aid, including daily humanitarian pauses in three areas of the Gaza Strip and new safe corridors for convoys. United Nations agencies say those moves are not yet sufficient to alleviate famine-like conditions facing the enclave's residents. On Monday, the Gaza health ministry said at least 14 people had died in the past 24 hours of starvation and malnutrition, bringing the war's death toll from hunger to 147, including 89 children, most in just the last few weeks. Israel cut off all supplies to the Gaza Strip from the start of March, reopening the territory with new restrictions in May. Israel says it abides by international law but must prevent aid from being diverted by militants, and blames Hamas for the suffering of the Gaza Strip's people. "Israel is presented as though we are applying a campaign of starvation in Gaza. What a bald-faced lie. There is no policy of starvation in Gaza, and there is no starvation in Gaza," Netanyahu said on Sunday. US President Donald Trump says the number one priority in the Gaza Strip is getting people fed, because "you have a lot of starving people," adding that he was not going to take a position on Palestinian statehood at the moment. Trump, speaking alongside UK Prime Minister Keir Starmer at his golf resort in Turnberry, Scotland, said the United States had provided $US60 million ($A92 million) for humanitarian aid and other countries would have to step up. He said he discussed the issue with European Commission President Ursula von der Leyen on Sunday, and she told him European countries would step up their assistance very substantially. He said he also planned to discuss the humanitarian situation with Starmer during his visit on Monday. "We're giving a lot of money and a lot of food, and other nations are now stepping up," Trump said. "It's a mess. They have to get food and safety right now." Starmer agreed, saying: "It's a humanitarian crisis, right? It's an absolute catastrophe .... I think people in Britain are revolted at seeing what they're seeing on their screen." Trump said he would not comment on a push by French President Emmanuel Macron to back Palestinian statehood. Trump also criticised the Hamas militant group for not agreeing to release more hostages, living and dead, and said he had told Israeli Prime Minister Benjamin Netanyahu that Israel's approach would likely have to change. "I told Bibi that you have to maybe do it a different way," Trump said, echoing similar comments made on Sunday. Asked if a ceasefire was still possible, Trump said, "Yeah, a ceasefire is possible but you have to get it, you have to end it." He did not elaborate on what he meant. Trump underscored the importance of securing the release of hostages held by Hamas in the Gaza Strip, saying the Palestinian group had changed its position and was refusing to release more hostages. Hamas has said it is willing to release hostages under a ceasefire agreement with Israel. It submitted its response to a US-backed ceasefire proposal on Thursday at talks in Doha. Hours later, Israel withdrew its delegation from the talks. On Sunday, Trump said Israel would have to make a decision on next steps, adding, "I know what I'd do but I don't think it's appropriate that I say it". Israel carried out an air drop and announced a series of measures over the weekend to improve access for aid, including daily humanitarian pauses in three areas of the Gaza Strip and new safe corridors for convoys. United Nations agencies say those moves are not yet sufficient to alleviate famine-like conditions facing the enclave's residents. On Monday, the Gaza health ministry said at least 14 people had died in the past 24 hours of starvation and malnutrition, bringing the war's death toll from hunger to 147, including 89 children, most in just the last few weeks. Israel cut off all supplies to the Gaza Strip from the start of March, reopening the territory with new restrictions in May. Israel says it abides by international law but must prevent aid from being diverted by militants, and blames Hamas for the suffering of the Gaza Strip's people. "Israel is presented as though we are applying a campaign of starvation in Gaza. What a bald-faced lie. There is no policy of starvation in Gaza, and there is no starvation in Gaza," Netanyahu said on Sunday. US President Donald Trump says the number one priority in the Gaza Strip is getting people fed, because "you have a lot of starving people," adding that he was not going to take a position on Palestinian statehood at the moment. Trump, speaking alongside UK Prime Minister Keir Starmer at his golf resort in Turnberry, Scotland, said the United States had provided $US60 million ($A92 million) for humanitarian aid and other countries would have to step up. He said he discussed the issue with European Commission President Ursula von der Leyen on Sunday, and she told him European countries would step up their assistance very substantially. He said he also planned to discuss the humanitarian situation with Starmer during his visit on Monday. "We're giving a lot of money and a lot of food, and other nations are now stepping up," Trump said. "It's a mess. They have to get food and safety right now." Starmer agreed, saying: "It's a humanitarian crisis, right? It's an absolute catastrophe .... I think people in Britain are revolted at seeing what they're seeing on their screen." Trump said he would not comment on a push by French President Emmanuel Macron to back Palestinian statehood. Trump also criticised the Hamas militant group for not agreeing to release more hostages, living and dead, and said he had told Israeli Prime Minister Benjamin Netanyahu that Israel's approach would likely have to change. "I told Bibi that you have to maybe do it a different way," Trump said, echoing similar comments made on Sunday. Asked if a ceasefire was still possible, Trump said, "Yeah, a ceasefire is possible but you have to get it, you have to end it." He did not elaborate on what he meant. Trump underscored the importance of securing the release of hostages held by Hamas in the Gaza Strip, saying the Palestinian group had changed its position and was refusing to release more hostages. Hamas has said it is willing to release hostages under a ceasefire agreement with Israel. It submitted its response to a US-backed ceasefire proposal on Thursday at talks in Doha. Hours later, Israel withdrew its delegation from the talks. On Sunday, Trump said Israel would have to make a decision on next steps, adding, "I know what I'd do but I don't think it's appropriate that I say it". Israel carried out an air drop and announced a series of measures over the weekend to improve access for aid, including daily humanitarian pauses in three areas of the Gaza Strip and new safe corridors for convoys. United Nations agencies say those moves are not yet sufficient to alleviate famine-like conditions facing the enclave's residents. On Monday, the Gaza health ministry said at least 14 people had died in the past 24 hours of starvation and malnutrition, bringing the war's death toll from hunger to 147, including 89 children, most in just the last few weeks. Israel cut off all supplies to the Gaza Strip from the start of March, reopening the territory with new restrictions in May. Israel says it abides by international law but must prevent aid from being diverted by militants, and blames Hamas for the suffering of the Gaza Strip's people. "Israel is presented as though we are applying a campaign of starvation in Gaza. What a bald-faced lie. There is no policy of starvation in Gaza, and there is no starvation in Gaza," Netanyahu said on Sunday. US President Donald Trump says the number one priority in the Gaza Strip is getting people fed, because "you have a lot of starving people," adding that he was not going to take a position on Palestinian statehood at the moment. Trump, speaking alongside UK Prime Minister Keir Starmer at his golf resort in Turnberry, Scotland, said the United States had provided $US60 million ($A92 million) for humanitarian aid and other countries would have to step up. He said he discussed the issue with European Commission President Ursula von der Leyen on Sunday, and she told him European countries would step up their assistance very substantially. He said he also planned to discuss the humanitarian situation with Starmer during his visit on Monday. "We're giving a lot of money and a lot of food, and other nations are now stepping up," Trump said. "It's a mess. They have to get food and safety right now." Starmer agreed, saying: "It's a humanitarian crisis, right? It's an absolute catastrophe .... I think people in Britain are revolted at seeing what they're seeing on their screen." Trump said he would not comment on a push by French President Emmanuel Macron to back Palestinian statehood. Trump also criticised the Hamas militant group for not agreeing to release more hostages, living and dead, and said he had told Israeli Prime Minister Benjamin Netanyahu that Israel's approach would likely have to change. "I told Bibi that you have to maybe do it a different way," Trump said, echoing similar comments made on Sunday. Asked if a ceasefire was still possible, Trump said, "Yeah, a ceasefire is possible but you have to get it, you have to end it." He did not elaborate on what he meant. Trump underscored the importance of securing the release of hostages held by Hamas in the Gaza Strip, saying the Palestinian group had changed its position and was refusing to release more hostages. Hamas has said it is willing to release hostages under a ceasefire agreement with Israel. It submitted its response to a US-backed ceasefire proposal on Thursday at talks in Doha. Hours later, Israel withdrew its delegation from the talks. On Sunday, Trump said Israel would have to make a decision on next steps, adding, "I know what I'd do but I don't think it's appropriate that I say it". Israel carried out an air drop and announced a series of measures over the weekend to improve access for aid, including daily humanitarian pauses in three areas of the Gaza Strip and new safe corridors for convoys. United Nations agencies say those moves are not yet sufficient to alleviate famine-like conditions facing the enclave's residents. On Monday, the Gaza health ministry said at least 14 people had died in the past 24 hours of starvation and malnutrition, bringing the war's death toll from hunger to 147, including 89 children, most in just the last few weeks. Israel cut off all supplies to the Gaza Strip from the start of March, reopening the territory with new restrictions in May. Israel says it abides by international law but must prevent aid from being diverted by militants, and blames Hamas for the suffering of the Gaza Strip's people. "Israel is presented as though we are applying a campaign of starvation in Gaza. What a bald-faced lie. There is no policy of starvation in Gaza, and there is no starvation in Gaza," Netanyahu said on Sunday.
The Australian
30 minutes ago
- The Australian
EU defends Trump trade deal facing backlash
The European Union on Monday vehemently defended its trade deal with President Donald Trump, with EU capitals and businesses sharply divided on an outcome some branded a "capitulation". "I'm 100 percent sure that this deal is better than a trade war with the United States," top EU trade negotiator Maros Sefcovic told journalists. European Commission President Ursula von der Leyen clinched the framework accord with Trump Sunday after dashing to Scotland as the August 1 deadline loomed for steep levies that threatened to cripple Europe's economy. EU exports are now set to face across-the-board tariffs of 15 percent -- higher than customs duties before Trump returned to the White House, but much lower than his threatened 30 percent. The 27-nation bloc also promised its companies would purchase energy worth $750 billion from the United States and make $600 billion in additional investments -- although it was not clear how binding those pledges would be. "This is clearly the best deal we could get under very difficult circumstances," Sefcovic said. Full details of the agreement -- and crucially which sectors could escape the 15-percent levy -- will be known in coming days, although the EU says it has avoided steeper tariffs on key exports including cars and medicines. But the reaction from European capitals -- which gave von der Leyen the mandate to negotiate -- ranged from muted to outright hostile. French Prime Minister Francois Bayrou said it was a "dark day" for Europe and said the accord was tantamount to "submission". Speaking for Europe's biggest economy, German Chancellor Friedrich Merz gave a warmer welcome to a deal he said had avoided "needless escalation". Industry groups in both countries made plain their disappointment however, with Germany's main auto sector body saying the 15-percent levy "burdens" carmakers while its VCI chemical trade association said the rates were "too high". Hungary's Prime Minister Viktor Orban attacked the deal in blunt terms, saying "Trump ate Ursula von der Leyen for breakfast". - 'Not only about trade' - "It looks a bit like a capitulation," said Alberto Rizzi of the European Council on Foreign Relations (ECFR). "The EU accepted a fairly unbalanced deal," he added, saying it delivered a "political victory for Trump". Von der Leyen had faced intense pressure from EU states to strike a deal quickly with the bloc's biggest partner and protect a $1.9-trillion trading relationship. Defending Brussels' approach, Sefcovic warned that a no-deal scenario -- meaning a 30-percent tariff and the prospect of further escalation -- would have risked up to five million jobs in Europe. Throughout the months-long talks, Brussels prioritised stability and maintaining good relations with Washington, over escalation. That line of thinking has support: Italian Prime Minister Giorgia Meloni, a Trump ally, said the deal had avoided "potentially devastating" consequences. Markets in Asia and Europe welcomed the certainty and rose following the announcement -- reflecting the 4.4 billion euros ($5.1 billion) worth of daily transatlantic goods and services trade that were at stake. Hanging over the negotiations was the risk to other areas of cooperation -- like Ukraine -- if the EU descended into a trade war with its closest security partner. "It's not only about the trade -- it's about security, it's about Ukraine," Sefcovic told reporters Monday. Jacob Funk Kirkegaard of the Peterson Institute for International Economics acknowledged it was "clearly an imbalanced deal" if judged purely on trade terms. "But if you're trying to avoid worse national security outcomes, well then maybe the deal is not so bad," he said. - Cautious approach - The EU had sought to ramp up the pressure in the final stretch of talks, fearing a bad deal and higher levies, with countries approving a $109-billion package of counter-tariffs at the last minute. And states led by France were pushing for a more robust response including the option to deploy the trade "bazooka" known as the anti-coercion instrument. But the threat of retaliation was consistently framed by Brussels as a last resort should talks fail, and experts suggested the hardening stance may have come too late to make a real difference. "If the EU had played hardball at the very beginning, it probably could have got a better deal," ECFR's Rizzi told AFP. raz/ec/rl
The Advertiser
38 minutes ago
- The Advertiser
Europe reacts with relief and concern to US trade deal
European governments and companies are reacting with both relief and concern to the framework trade deal struck with US President Donald Trump, acknowledging what is seen as an unbalanced deal but one that avoids a deeper trade war. The agreement, announced on Sunday between two economies that account for almost a third of global trade, will see the US impose a 15 per cent import tariff on most EU goods - half the threatened rate but much more than what Europeans hoped for. Many of the specifics of the deal were not immediately known, however. "As we await full details of the new EU–US trade agreement, one thing is clear: this is a moment of relief but not of celebration," Belgian Prime Minister Bart De Wever wrote on X. "Tariffs will increase in several areas and some key questions remain unresolved." Trump said the deal, including an investment pledge topping the $US550 billion ($A843 billion) deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of US exporters. It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15 per cent baseline tariff, while an improvement on the threatened rate of 30 per cent, compares with an average US import tariff rate of about 2.5 per cent in 2024 before Trump's return to the White House. European Commission chief Von der Leyen, describing Trump as a tough negotiator, told reporters on Sunday that it was "the best we could get". European stocks opened up on Monday, with the STOXX 600 at a four-month high and all other major bourses also in the green, with tech and healthcare stocks leading the way. German Chancellor Friedrich Merz welcomed the deal, saying it averted a trade conflict that would have hit Germany's export-driven economy and its large auto sector hard. French government ministers said on Monday that the deal had some merits - such as exemptions they hoped to see for some key French business sectors such as spirits - but was nevertheless not balanced. Industry minister Marc Ferracci stressed more talks - potentially lasting weeks or months - would be needed before the deal could be formally concluded. "This is not the end of the story," he told RTL radio. European companies were left wondering whether to cheer or lament the accord. "Those who expect a hurricane are grateful for a storm," said Wolfgang Grosse Entrup, head of the German Chemical Industry Association VCI. "Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. US customers are paying the tariffs," he said. Among the many questions that remain to be answered, however, is how the EU's promise to invest hundreds of billions of dollars in the US and steeply increase energy purchases can be turned into reality. It was not immediately clear if specific pledges of increased investments were made or whether the details still must be hammered out. And while the EU pledged to make $US750 billion in strategic purchases over the next three years, including oil, liquefied natural gas and nuclear fuel, the US will struggle to produce enough to meet that demand. While US LNG production capacity is due to almost double during the next four years it will still not be enough to ramp up supplies to Europe, and oil production is expected to be lower than previously forecast in 2025. European governments and companies are reacting with both relief and concern to the framework trade deal struck with US President Donald Trump, acknowledging what is seen as an unbalanced deal but one that avoids a deeper trade war. The agreement, announced on Sunday between two economies that account for almost a third of global trade, will see the US impose a 15 per cent import tariff on most EU goods - half the threatened rate but much more than what Europeans hoped for. Many of the specifics of the deal were not immediately known, however. "As we await full details of the new EU–US trade agreement, one thing is clear: this is a moment of relief but not of celebration," Belgian Prime Minister Bart De Wever wrote on X. "Tariffs will increase in several areas and some key questions remain unresolved." Trump said the deal, including an investment pledge topping the $US550 billion ($A843 billion) deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of US exporters. It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15 per cent baseline tariff, while an improvement on the threatened rate of 30 per cent, compares with an average US import tariff rate of about 2.5 per cent in 2024 before Trump's return to the White House. European Commission chief Von der Leyen, describing Trump as a tough negotiator, told reporters on Sunday that it was "the best we could get". European stocks opened up on Monday, with the STOXX 600 at a four-month high and all other major bourses also in the green, with tech and healthcare stocks leading the way. German Chancellor Friedrich Merz welcomed the deal, saying it averted a trade conflict that would have hit Germany's export-driven economy and its large auto sector hard. French government ministers said on Monday that the deal had some merits - such as exemptions they hoped to see for some key French business sectors such as spirits - but was nevertheless not balanced. Industry minister Marc Ferracci stressed more talks - potentially lasting weeks or months - would be needed before the deal could be formally concluded. "This is not the end of the story," he told RTL radio. European companies were left wondering whether to cheer or lament the accord. "Those who expect a hurricane are grateful for a storm," said Wolfgang Grosse Entrup, head of the German Chemical Industry Association VCI. "Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. US customers are paying the tariffs," he said. Among the many questions that remain to be answered, however, is how the EU's promise to invest hundreds of billions of dollars in the US and steeply increase energy purchases can be turned into reality. It was not immediately clear if specific pledges of increased investments were made or whether the details still must be hammered out. And while the EU pledged to make $US750 billion in strategic purchases over the next three years, including oil, liquefied natural gas and nuclear fuel, the US will struggle to produce enough to meet that demand. While US LNG production capacity is due to almost double during the next four years it will still not be enough to ramp up supplies to Europe, and oil production is expected to be lower than previously forecast in 2025. European governments and companies are reacting with both relief and concern to the framework trade deal struck with US President Donald Trump, acknowledging what is seen as an unbalanced deal but one that avoids a deeper trade war. The agreement, announced on Sunday between two economies that account for almost a third of global trade, will see the US impose a 15 per cent import tariff on most EU goods - half the threatened rate but much more than what Europeans hoped for. Many of the specifics of the deal were not immediately known, however. "As we await full details of the new EU–US trade agreement, one thing is clear: this is a moment of relief but not of celebration," Belgian Prime Minister Bart De Wever wrote on X. "Tariffs will increase in several areas and some key questions remain unresolved." Trump said the deal, including an investment pledge topping the $US550 billion ($A843 billion) deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of US exporters. It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15 per cent baseline tariff, while an improvement on the threatened rate of 30 per cent, compares with an average US import tariff rate of about 2.5 per cent in 2024 before Trump's return to the White House. European Commission chief Von der Leyen, describing Trump as a tough negotiator, told reporters on Sunday that it was "the best we could get". European stocks opened up on Monday, with the STOXX 600 at a four-month high and all other major bourses also in the green, with tech and healthcare stocks leading the way. German Chancellor Friedrich Merz welcomed the deal, saying it averted a trade conflict that would have hit Germany's export-driven economy and its large auto sector hard. French government ministers said on Monday that the deal had some merits - such as exemptions they hoped to see for some key French business sectors such as spirits - but was nevertheless not balanced. Industry minister Marc Ferracci stressed more talks - potentially lasting weeks or months - would be needed before the deal could be formally concluded. "This is not the end of the story," he told RTL radio. European companies were left wondering whether to cheer or lament the accord. "Those who expect a hurricane are grateful for a storm," said Wolfgang Grosse Entrup, head of the German Chemical Industry Association VCI. "Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. US customers are paying the tariffs," he said. Among the many questions that remain to be answered, however, is how the EU's promise to invest hundreds of billions of dollars in the US and steeply increase energy purchases can be turned into reality. It was not immediately clear if specific pledges of increased investments were made or whether the details still must be hammered out. And while the EU pledged to make $US750 billion in strategic purchases over the next three years, including oil, liquefied natural gas and nuclear fuel, the US will struggle to produce enough to meet that demand. While US LNG production capacity is due to almost double during the next four years it will still not be enough to ramp up supplies to Europe, and oil production is expected to be lower than previously forecast in 2025. European governments and companies are reacting with both relief and concern to the framework trade deal struck with US President Donald Trump, acknowledging what is seen as an unbalanced deal but one that avoids a deeper trade war. The agreement, announced on Sunday between two economies that account for almost a third of global trade, will see the US impose a 15 per cent import tariff on most EU goods - half the threatened rate but much more than what Europeans hoped for. Many of the specifics of the deal were not immediately known, however. "As we await full details of the new EU–US trade agreement, one thing is clear: this is a moment of relief but not of celebration," Belgian Prime Minister Bart De Wever wrote on X. "Tariffs will increase in several areas and some key questions remain unresolved." Trump said the deal, including an investment pledge topping the $US550 billion ($A843 billion) deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of US exporters. It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15 per cent baseline tariff, while an improvement on the threatened rate of 30 per cent, compares with an average US import tariff rate of about 2.5 per cent in 2024 before Trump's return to the White House. European Commission chief Von der Leyen, describing Trump as a tough negotiator, told reporters on Sunday that it was "the best we could get". European stocks opened up on Monday, with the STOXX 600 at a four-month high and all other major bourses also in the green, with tech and healthcare stocks leading the way. German Chancellor Friedrich Merz welcomed the deal, saying it averted a trade conflict that would have hit Germany's export-driven economy and its large auto sector hard. French government ministers said on Monday that the deal had some merits - such as exemptions they hoped to see for some key French business sectors such as spirits - but was nevertheless not balanced. Industry minister Marc Ferracci stressed more talks - potentially lasting weeks or months - would be needed before the deal could be formally concluded. "This is not the end of the story," he told RTL radio. European companies were left wondering whether to cheer or lament the accord. "Those who expect a hurricane are grateful for a storm," said Wolfgang Grosse Entrup, head of the German Chemical Industry Association VCI. "Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. US customers are paying the tariffs," he said. Among the many questions that remain to be answered, however, is how the EU's promise to invest hundreds of billions of dollars in the US and steeply increase energy purchases can be turned into reality. It was not immediately clear if specific pledges of increased investments were made or whether the details still must be hammered out. And while the EU pledged to make $US750 billion in strategic purchases over the next three years, including oil, liquefied natural gas and nuclear fuel, the US will struggle to produce enough to meet that demand. While US LNG production capacity is due to almost double during the next four years it will still not be enough to ramp up supplies to Europe, and oil production is expected to be lower than previously forecast in 2025.
