‘We're a young, agile business'– Sculpted by Aimee's founder confident despite tariff threat
The Sculpted By Aimee brand, which is stocked in 700 outlets worldwide including in Europe, Australia and the Middle East, was launched by Ms Connolly in 2016 after she saved €10,000 by working as a freelance make-up artist.
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Reuters
44 minutes ago
- Reuters
For Europe, 30% US tariff would hammer trade, force export model rethink
BRUSSELS, July 15 (Reuters) - The 30% tariff on European goods threatened by U.S. President Donald Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model. European ministers meeting in Brussels on Monday remained convinced they can bring Trump back from the brink before his Aug. 1 deadline and reach a deal that would keep the $1.7 trillion two-way trading relationship broadly intact. But the wild swings in Trump's mood towards the European Union - which he has sometimes labelled as friendly and at other times accused of being set up specifically to destroy the United States - keep the 30% threat very much alive for now. "It will be almost impossible to continue the trading as we are used to in a transatlantic relationship," EU trade chief Maros Sefcovic said of the 30% rate before meeting ministers and officials of the 27 EU capitals to give them an update. "Practically it prohibits the trade." EU officials had been hoping they could limit the damage by agreeing a baseline tariff around 10% - the one currently in place - with additional carve-outs for key sectors like autos. Last year the United States accounted for a fifth of all EU exports - its largest partner. Trump's bugbear is the $235 billion U.S. deficit generated by the goods component of that trade, even though the U.S. earns a surplus on services. The impact of making European exports - from pharmaceuticals to autos, machinery or wine - too expensive to be viable for American consumers would be instantly tangible. Economists at Barclays estimate an average tariff rate on EU goods of 35% including both reciprocal and sectoral duties combined with a 10% retaliation from Brussels would shave 0.7 percentage points off euro zone output. This would eat up most of the euro zone's already meagre growth and likely lead the European Central Bank to cut its 2% deposit rate further. "Inflation would likely undershoot the 2% target more deeply, and for longer, prompting a more accommodative monetary policy stance – with the deposit rate potentially reaching 1% by (March 2026)," the Barclays economists said. An earlier estimate by German economic institute IW found tariffs of 20% to 50% would cost Germany's 4.3 trillion euro economy more than 200 billion euros between now and 2028. While arguably small in percentage terms, that lost activity could still upend Chancellor Friedrich Merz's plans to push through tax cuts and spend more on renewing the country's long neglected infrastructure. "We would have to postpone large parts of our economic policy efforts because it would interfere with everything and hit the German export industry to the core," Merz said at the weekend of a 30% rate. Further down the line, it raises bigger questions over how Europe recoups the lost activity to generate the tax revenues and jobs needed to fund ambitions ranging from caring for ageing populations to military rearmament. Under its existing policy of trade diversification, the EU has done well in striking preliminary deals with new partners but - as the continued delay over completion of the giant EU-Mercosur trade pact shows - it has struggled to get them fully signed and sealed. "The EU does not have different markets to pull up to and sell into," Varg Folkman, policy analyst at the European Policy Centre think tank said of the long and complex timelines involved in classic free trade deals. Some observers have argued the stand-off with Trump is what the EU needs to complete long-delayed reforms of its single market, boosting domestic demand and rebalancing its economy away from the exports which account for around half of output. The International Monetary Fund has estimated the EU's own internal barriers to the free flow of activity are the equivalent of tariffs of 44% for goods and 110% for services. Mooted reforms such as creating freer cross-border capital markets have made little headway in more than a decade. "It is easier said than done. There isn't an agreement to deepen. The barriers are imposed by the EU members themselves to benefit their own," Folkman said of the web of national regulations. How all this plays into the EU's negotiating strategy in the less than three weeks ahead remains to be seen - but for now, the bloc has stuck to its line of being open to talks while readying retaliatory measures if they break down. One thing that might persuade Trump to reach a deal, some European observers suggest, is that the lingering uncertainty may by itself push back the timing of the Federal Reserve interest rate cut the U.S. president so desires. "The latest developments on the trade war suggest that it will take more time to get a sense of the 'landing zone' on of course raises uncertainty for everyone, including the Fed," AXA chief economist Gilles Moec said. "With this new for cutting quickly get even harder to justify."
The Sun
an hour ago
- The Sun
Mystery Bitcoin investor has $30.5BN fortune making them 15x richer than King Charles as crypto value hits all-time high
A MYSTERY Bitcoin investor has seen their wealth swell to a staggering $30.5 billion as the cryptocurrency's value continues to soar. The investor's stunning fortune puts them firmly among the world's richest people - and 15 times richer than King Charles. 3 3 3 It comes as the cryptocurrency's value surged past $120,000 per Bitcoin for the first time, Forbes has reported. Bitcoin's value has doubled since Donald Trump won his return to the White House last November. Trump had vowed to make America "the crypto capital of the planet" during his run for office. The unidentified investor has seen their fortune reach astronomical heights amid this boom. Already holding the largest known Bitcoin wallet, their $30.5 billion wealth would put them firmly in the top 100 richest people on the planet based on Forbes' list. They would now stand at 65th on the list, based on available information at time of writing. Their record fortune has been steadily climbing over the past few months - and has now soared past the astonishing $30 billion mark. BitInfoCharts. However, the investor's identity remains a mystery - and they are only known by an address name of seemingly random numbers and letters. The Sun previously reported on the anonymous investor's fortune, which flew past $20 billion in November following Donald Trump's election victory. Inside France's brutal crypto crime wave with chopped off fingers, delivery van street kidnaps & £10million ransoms Back then, their wealth would have put them 99th on the rich list. Bitcoin's surge in value has been, in part, put down to Donald Trump's support for the cryptocurrency sector, Forbes has reported. Other cryptocurrencies have also seen a boost. The US House of Representatives is set to debate bills that would provide regulatory framework for the sector. Lawmakers are poised to vote on the Genius Act, which would establish federal rules for stablecoins. Coinbase CEO Brian Armstrong celebrated Trump's election win back in November. He said: "Tonight the crypto voter has spoken decisively — across party lines and in key races across the country. "Americans disproportionately care about crypto and want clear rules of the road for digital assets. "We look forward to working with the new Congress to deliver it." The dangers of crypto Despite the recent price rise, there are dangers to buying crypto currencies. Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses. Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market. Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products. Marketing materials: Firms may overstate the returns of products or understate the risks involved.
The Guardian
an hour ago
- The Guardian
Trump does deal with Nato allies to arm Ukraine and warns Russia of severe sanctions
Donald Trump said he has sealed an agreement with Nato allies that will lead to large-scale arms deliveries to Ukraine, including Patriot missiles, and warned Russia that it will face severe sanctions if Moscow does not make peace within 50 days. After a meeting with the Nato secretary general, Mark Rutte, Trump said they had agreed 'a very big deal', in which 'billions of dollars' worth of military equipment is going to be purchased from the United States, going to Nato … And that's going to be quickly distributed to the battlefield.' Speaking in the White House alongside a clearly delighted Rutte, the US president said the arms deliveries would be comprehensive and would include the Patriot missile batteries that Ukraine desperately needs for its air defences against a daily Russian aerial onslaught. 'It's everything: it's Patriots. It's all of them. It's a full complement, with the batteries,' Trump said. He did not go into any more detail, but made clear the weapons would be entirely paid for by Washington's European allies, and that initial missile deliveries would come 'within days' from European stocks, on the understanding they would be replenished with US supplies. At a White House lunch with religious leaders later in the day, Trump said the deal was 'fully approved, fully done'. 'We'll send them a lot of weapons of all kinds and they're going to deliver those weapons immediately … and they're going to pay,' he said. At his meeting with Trump, Rutte said there was a significant number of Nato allies – including Germany, Finland, Denmark, Sweden, Norway, the Netherlands and Canada – ready to rearm Ukraine as part of the deal. 'They all want to be part of this. And this is only the first wave. There will be more,' he said. The German chancellor, Friedrich Merz, said last week that Berlin was ready to acquire additional Patriot systems. Trump claimed there was one country, which he did not name, but which had '17 Patriots getting ready to be shipped'. Monday's deal would include that stockpile, or 'a big portion of the 17', he said. Such an arms delivery would represent a significant reinforcement of Ukraine's air defences. Kyiv is currently thought to have only six Patriot batteries, at a time when it is coming under frequent and intense Russian drone and missile bombardments. At the same time, Trump expressed increased frustration with Vladimir Putin, whom he accused of giving the impression of pursuing peace while intensifying attacks on Ukrainian cities. He gave the Russian president a new deadline of 50 days to end the fighting or face 100% tariffs on Russian goods, and more importantly, sweeping 'secondary tariffs', suggesting trade sanctions would be imposed on countries who continue to pay for Russian oil and other commodities. 'The secondary tariffs are very, very powerful,' the president said. The announcement marked a dramatic change for the administration, both in substance and tone. The Trump White House had not only made clear it would continue its predecessor's policy of continuing to supply Ukraine out of US stocks, but the president and his top officials have been derisive about Kyiv's chances of prevailing. On Monday, Trump delivered his most admiring language on Ukraine and its European backers to date, with Rutte on one side and the US vice-president, JD Vance, the administration's biggest sceptic on US involvement in Europe, on the other. 'They fought with tremendous courage, and they continue to fight with tremendous courage,' Trump said of the Ukrainians. 'Europe has a lot of spirit for this war,' he said, suggesting he had been taken by surprise by the level of commitment shown by European allies at the Nato summit in The Hague last month. 'The level of esprit de corps spirit that they have is amazing,' he said. 'They really think it's very, very important. 'Having a strong Europe is a very good thing. It's a very good thing. So I'm okay with it,' he said. Trump described his deepening disillusion with Putin, and suggested his wife, Melania, may have played a role in pointing out the Russian leader's duplicity in talks over a peace deal. 'My conversations with him are always very pleasant. I say, isn't that a very lovely conversation? And then the missiles go off that night,' Trump said. 'I go home, I tell the first lady: I spoke with Vladimir today. We had a wonderful conversation. She said: Really? Another city was just hit.' Ukrainian regional officials reported at least six civilians killed and 30 injured by Russian bombing in the past 24 hours. The country's air force said Moscow had attacked with 136 drones and four S-300 or S-400 missiles. 'Look, I don't want to say he's an assassin, but he's a tough guy. It's been proven over the years. He's fooled a lot of people,' Trump said, listing his predecessors in the White House. 'He didn't fool me. But what I do say is that at a certain point, ultimately talk doesn't talk. It's got to be action,' he said. The best public interest journalism relies on first-hand accounts from people in the know. If you have something to share on this subject you can contact us confidentially using the following methods. Secure Messaging in the Guardian app The Guardian app has a tool to send tips about stories. Messages are end to end encrypted and concealed within the routine activity that every Guardian mobile app performs. This prevents an observer from knowing that you are communicating with us at all, let alone what is being said. If you don't already have the Guardian app, download it (iOS/Android) and go to the menu. Select 'Secure Messaging'. SecureDrop, instant messengers, email, telephone and post See our guide at for alternative methods and the pros and cons of each. Russian officials and pro-war bloggers on Monday largely shrugged off Trump's announcement, declaring it to be less significant than anticipated. Konstantin Kosachev, a senior Russian lawmaker, wrote on Telegram that it amounted to 'hot air'. It was broadly welcomed in Kyiv, where there has been longstanding and deep anxiety about Trump's intentions. Andrii Kovalenko, a member of Ukraine's national security and defence council, posted a one-word response: 'Cool.' There was still scepticism however, over whether even the promise of new weaponry for Ukraine combined with the threat of trade sanctions would be enough to halt Russia's offensive. Illia Ponomarenko, a Ukrainian journalist and blogger wrote: 'How many Ukrainian lives could have been saved if, from the very beginning, Trump had listened to wise and honest people about helping Ukraine, instead of the artful lies of that cannibal Putin on the phone?'.
