
ECB's Schnabel Calls Bar for Another Cut Very High: Econostream
In an interview with Econostream, Schnabel said interest rates are 'in a good place,' with disinflation proceeding broadly as expected and the 20-nation economy proving resilient.
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New York Times
25 minutes ago
- New York Times
How Much Military Aid Has the U.S. Given to Ukraine? Here's What to Know.
When President Trump returned to office, he declined to announce new aid to Ukraine, and showed outright hostility to the country's president in a televised appearance at the White House. But Mr. Trump signaled a major shift this week when he announced a plan to sell weapons to NATO countries, which would then pass them along to Ukraine in its war against Russian forces. After Russia launched the war in 2022, the Biden administration sent Ukraine $33.8 billion worth of weapons from the Pentagon's stockpile, and another $33.2 billion in funds to help the country buy additional arms and hardware from the American defense industry. But the United States began sending military support to Ukraine even before that. What are the different types of military aid? To get U.S. arms to Ukraine quickly, the Pentagon has taken them out of its own stockpile and transported them to the country's border under a program called the presidential drawdown authority. Congress funds that effort by giving the Pentagon money to purchase replacements. On a slightly longer timeline, the Ukraine Security Assistance Initiative sends U.S. taxpayer money to Kyiv so that it can purchase goods directly from American defense firms. Those orders can take months or even years to be delivered, and are intended to offer a reliable supply of certain munitions into the future. Mr. Trump announced a third way this week: The United States would sell arms to European nations, which would ship them to Ukraine or use them to replace weapons they send to the country from their existing stocks. Want all of The Times? Subscribe.

Wall Street Journal
26 minutes ago
- Wall Street Journal
Trump Tariffs Hit Consumer Prices
President Trump insists there is 'no inflation' as he bludgeons the Federal Reserve to cut interest rates. But denying inflation reality won't make it go away. His tariffs are making it harder for the central bank to do what he wants, as last month's rise in the consumer-price index shows. The Labor Department's consumer-price report Tuesday showed inflation ticked up in June to 0.3% or 2.7% in the last year. Real average hourly earnings fell 0.1% as inflation eroded wage gains. Real average weekly earnings fell 0.4% and 0.6% for production-level workers as hours of work declined, perhaps because of a slowing economy and labor market.
Yahoo
36 minutes ago
- Yahoo
Trump Announces 30 Percent Duties on EU, Mexico
U.S. President Donald Trump revealed he isn't taking the weekend off as he released two open letters to prominent American trading partners informing them of steep new duty rates. On Saturday, the commander in chief took to Truth Social to post his missives to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, telling both that the countries they represent will face 30 percent duties on goods across the board beginning Aug. 1. More from WWD Oleksandr Usyk Readies for Daniel Dubois Fight With Aid From Ukrainian Designer US-Brazil Trade Battle Puts Shoe Firms in the Middle of the Crossfire Brunello Cucinelli Expects Modest Profit Growth in 2025, Sees Sales Up 10 Percent in 2026 After Positive H1 In his letter to Sheinbaum, Trump reinvigorated earlier claims that Mexico has aided in the 'pouring' of drugs like fentanyl into the U.S. market and failed to control the activities of criminal cartels. 'Mexico has been helping me secure the border, but, what Mexico has done, is not enough,' he wrote. The colloquial style of the communication underscored Trump's familiar relationship with Sheinbaum, with whom he has been negotiating for months. As in previous letters, Trump stated that the new duty rate excludes already established sectoral tariffs, and he wrote that transshipment or retaliatory duties will result in stacked taxes to Mexican imports. The letter did not mention whether U.S.-Mexico-Canada Agreement-covered products would be exempt from the new tariffs, though a White House spokesperson told Politico Friday that Canada's USMCA-compliant products would remain duty-free under the trade agreement, which is due to be revisited in July 2026. The tenor of Trump's letter to von der Leyen was different, belying a frustration that the 27-member European trade bloc and the U.S. have not been able to reach a consensus about the future of their trade relationship. 'We have had years to discuss our trading relationship with the European Union, and have concluded that we must move away from these long-term, large, and persistent, trade deficits, engendered by your tariff, and non-tariff, policies and trade barriers,' the president wrote. He struck a more threatening tone as he addressed the European leader, declaring, 'The European Union will allow complete, open market access to the United States, with no tariff being charged to us, in an attempt to reduce the large trade deficit.' As in previous communications with world leaders, Trump emphasized that if the trade bloc retaliates with its own duties, its tariff rate only stands to grow. The 30 percent tariff comes as a surprise given that American officials, like U.S. Trade Representative Ambassador Jamieson Greer, have been negotiating ceaselessly in recent weeks with members of the European Commission. A principle agreement presented to Trump last week involved the levying of 10 percent duties, which the trade bloc said would cause major pain to exporters. Reportedly, von der Leyen was informed of the contents of the president's letter in advance of its social media debut. 'A 30 percent tariff on EU exports would hurt businesses, consumers and patients on both sides of the Atlantic,' she wrote on Twitter shortly after the announcement. 'We will continue working toward an agreement by Aug. 1. At the same time, we are ready to safeguard EU interests on the basis of proportionate countermeasures.' Best of WWD Pandemic Has Stoked Appetite for French Luxury, Survey Finds U.S. Sets Strategic Vision for China Trade Policy Furmark's Farm-to-Shopfloor Tracing Tags Set for International Debut 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