Low-cost airline Ryanair cancels flights to Israel until August
Low-cost airline Ryanair said it was "forced to cancel flights" to Israel until at least the beginning of August, citing reasons "beyond our control" on Wednesday.
Opposition head MK Yair Lapid stated that the cancellations "could have been prevented if the government had worked in an orderly manner and offered airlines insurance reimbursement," adding that it had been done in the past.
Earlier this week, British Airways delayed flights to Israel as well, citing concerns regarding the security situation in Israel.
The Lufthansa Group, consisting of an alliance of airlines, including Lufthansa Airlines, Austrian Airlines, Brussels Airlines, Discover Airlines, Eurowings, ITA Airways, and Swiss International Air Lines, has delayed flights to Israel until at least June 15.
Multiple airlines canceled flights to Israel following a Houthi missile striking the area of Ben-Gurion Airport in April due to a technical error.
American carriers United and Delta—both of which had only recently resumed flights to Israel—have also canceled their flights, along with France's Transavia and its Air France, Air Canada, Japan's Nippon Airways, and Spain's Air Europa.
This incident was considered one of the most serious failures in Israel's missile defense system.
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Yahoo
5 minutes ago
- Yahoo
Trump is winning his trade war … but Americans will pay the price
President Donald Trump nabbed a major win over the weekend when he announced a trade agreement with the European Union that would slash the rate of tariffs down to 15 percent. While not the fabled '90 deals in 90 days' that his trade adviser Peter Navarro had pledged when Trump initially paused his 'reciprocal tariffs,' it was still a fairly big deal given that the European Union is the biggest trading partner of the United States. And last week, Trump announced the 'largest TRADE DEAL in history' with Japan. And a few months ago, he announced a multibillion-dollar deal with the United Kingdom. All of these countries or blocs are massive trading partners. But it didn't lead to the euphoria on Wall Street that Trump likely wanted. As of the stock market's closing bell on Monday afternoon, the S&P 500 barely budged and the Dow Jones Industrial Average dipped slightly. It might be because Americans will continue to pay more for products than they did before the deal. But one economist had another thought about the 'biggest deal ever,' as Trump alternately put it, landing with a thud. 'I also think that the markets have taken TACO a bit too seriously,' Tara Hoops, director of economic analysis at the Chamber of Progress, told The Independent. Referencing the acronym for 'Trump Always Chickens Out' — where he has gained a reputation for talking a big game regarding imposing tariffs, or in demanding ceasefires in Ukraine and Gaza, and then backing down hours or days later — Hoops said, Wall Street is in a mode 'where no one is actually believing the frameworks that are coming out.' For all of Trump's talk about how the reciprocal tariffs might lead to a renaissance of American manufacturing, Hoops flagged a fatal flaw: American auto manufacturers will pay 50 percent tariffs on steel and an additional 25 percent on other automobile parts. 'Meanwhile, the same people could just go to the EU and pass on to the consumer,' Hoops said. ' So the only person who is winning here might be Trump, because it seems to him that he has a deal, but the consumers are the ones who have to pay more for these goods.' Trump has said that the United Kingdom will know 'pretty soon' if it will face 50-percent tariffs, but that will likely be cold comfort. And the 50-percent tariffs on European aluminum and steel will remain. Stan Veuger, a senior fellow at the conservative American Enterprise Institute, said that the European Commission started with far too much optimism about the contours of a trade deal with the United States, where they hoped there would be zero tariffs on either sides. 'I think that was really a complete misread of what the Trump administration was going to do on trade,' he told The Independent. 'It might not have been driven by naiveté but rather fear about whether the United States would uphold commitments in Ukraine and NATO. 'I think the combination of those two — just really a misread of Trump's attitudes on trade combined with those concerns about security relationships — made them not retaliate, not respond aggressively, make them not try to build an alliance with Canada and South Korea, other major American trading partners,' he added. Veuger noted that in recent months, even as Trump has paused his tariffs, the value of the dollar has gone down. 'But it's certainly not comprehensive, and also really doesn't resolve all of the trade issues that exist between the US and the EU, for example,' he said. Another unintended consequence may be that Americans might have to replace products they purchase from other countries with lower-quality products made in the United States. And Trump's rupture on tariffs means that other countries will not necessarily trust the word of an American president — because they can simply retract it the way Trump has. So far, Commerce Secretary Howard Lutnick has said that this Friday is the drop-dead date for tariffs. But this week will also show some critical tests for whether Trump puts the foot on the gas for tariffs. On Wednesday, the quarterly GDP report will drop, which will show how much the U.S. economy grew. It will be a helpful barometer because it will simultaneously show how markets reacted to the 'Liberation Day' announcements as well as the pause. That same day, the Federal Reserve will meet and make its announcement on interest rates. Trump has not been happy with Fed Chairman Jerome Powell's decision not to cut rates and he likely will keep them the same this go around as the market absorbs the rates. Lastly, on Friday, the Bureau of Labor Statistics will release its jobs report, which will again be another measurement of the health of the economy since Trump's announcement. If any of these indicators are weak, cause the stock market to nosedive or the cost of U.S. bonds to spike again, it might be time to fire up some tortillas and get ready for a fresh batch of TACO.
Yahoo
5 minutes ago
- Yahoo
Trump is getting the world economy he wants — but the risk to growth could spoil his victory lap
WASHINGTON (AP) — President Donald Trump is getting his way with the world economy. Trading partners from the European Union to Japan to Vietnam appear to be acceding to the president's demands to accept higher costs — in the form of high tariffs — for the privilege of selling their wares to the United States. For Donald Trump, the agreements, driven by a mix of threats and cajoling, are a fulfillment of a decades-long belief in protectionism and a massive gamble that it will pay off politically and economically with American consumers. On Sunday, the United States and the 27-member state European Union announced that they had reached a trade framework agreement: The EU agreed to accept 15% U.S. tariffs on most of its goods, easing fears of a catastrophic trans-Atlantic trade war. There were also commitments by the EU to buy $750 billion in U.S. energy products and make $600 billion in new investments through 2028, according to the White House. 'We just signed a very big trade deal, the biggest of them all,' Trump said Monday. But there's no guarantee that Trump's radical overhaul of U.S. trade policy will deliver the happy ending he's promised. The framework agreement was exceedingly sparse on details. Most trade deals require months and even years of painstaking negotiation that rise and fall on granular details. High-stakes negotiations break Trump's way Financial markets, at first panicked by the president's protectionist agenda, seem to have acquiesced to a world in which U.S. import taxes — tariffs — are at the highest rates they've been in roughly 90 years. Several billion in new revenues from his levies on foreign goods are pouring into the U.S. Treasury and could somewhat offset the massive tax cuts he signed into law on July 4. Outside economists say that high tariffs are still likely to raise prices for American consumers, dampen the Federal Reserve's ability to lower interest rates, and make the U.S. economy less efficient over time. Democrats say the middle class and poor will ultimately pay for the tariffs. 'It's pretty striking that it's seen as a sigh of relief moment,' said Daniel Hornung, a former Biden White House economic official who now holds fellowships at Housing Finance Policy Center and the Massachusetts Institute of Technology. 'But if the new baseline across all trading partners is 15%, that is a meaningful drag on growth that increases recession risks, while simultaneously making it harder for the Fed to cut.' The EU agreement came just four days after Japan also agreed to 15% U.S. tariffs and to invest in the United States. Earlier, the United States reached deals that raised tariffs on imports from Vietnam, Indonesia, the Philippines and the United Kingdom considerably from where they'd been before Trump returned to the White House. More one-sided trade deals are likely as countries try to beat a Friday deadline, after which Trump will impose even higher tariffs on countries that refuse to make concessions. Trump's long-held theory now faces reality The U.S. president has long claimed that America erred by not taking advantage of its clout as the world's biggest economy and erecting a wall of tariffs, in effect making other countries ante up for access to America's massive consumer market. To his closest aides, Trump's use of tariffs has validated their trust in his skills as a negotiator and their belief that the economists who warned of downturns and inflation were wrong. The S&P 500 stock index was basically flat on Monday, but stocks have more than recovered from the tariff-induced selloff in April. 'Where are the 'experts' now?' Commerce Secretary Howard Lutnick posted on X. But the story is not over. For one thing, many of the details of Trump's trade deals remain somewhat hazy and have not been captured in writing. The U.S. and Japan, for instance, have offered differing descriptions of Japan's agreement to invest $550 billion in the United States. 'The trade deals do seem to count as a qualified win for Trump, with other countries giving the U.S. favorable trade terms while accepting U.S. tariffs,' said Eswar Prasad, a Cornell University economist. "However, certain terms of the deals, such as other countries' investments in the U.S., seem more promising in the abstract than they might prove in reality over time.'' Trump is also facing a court challenge from states and businesses arguing that the president overstepped his authority by declaring national emergencies to justify the tariffs on most of the world's economies. In May, a federal court struck down those tariffs. And an appeals court, which agreed to let the government continue collecting the tariffs for now, will hear oral arguments in the case Thursday. And he's yet to reach an accord with China — which has deftly used the threat of retaliatory tariffs and withholding exports of rare earth minerals that are desperately needed for electric vehicles, computer chips and wind turbines to avoid caving in to Trump's demands. The U.S. and China are talking this week in Stockholm, Sweden. Economists remain skeptical of the impacts on US consumers There is also skepticism that tariffs will produce the economic boom claimed by Trump. Analysts at Morgan Stanley said 'the most likely outcome is slow growth and firm inflation,' but not a recession. After all, the 15% tariffs on the EU and Japan are a slight increase from the 10% rate that Trump began charging in April during a negotiation period. While autos made in the EU and Japan will no longer face the 25% tariffs Trump had imposed, they will still face a 15% tax that has yet to appear in prices at U.S. dealerships. The administration has said the lack of auto price increases suggests that foreign producers are absorbing the costs, but it might ultimately just reflect the buildup of auto inventories to front-run the import taxes. 'Dealers built stocks ahead of tariff implementation, damping the immediate impact on retail prices. That cushion is starting to wear thin,' Morgan Stanley said in a separate note. 'Our Japan auto analyst notes that as pre-tariff inventory clears, replacement vehicles will likely carry higher price tags.' Economist Mary Lovely of the Peterson Institute for International Economics warned of a 'slow-burn efficiency loss'' as U.S. companies scramble to adjust to Trump's new world. For decades, American companies have mostly paid the same tariffs – and often none at all – on imported machinery and raw materials from all over the world. Now, as a result of Trump's trade deals, tariffs vary by country. 'U.S. firms have to change their designs and get inputs from different places based on these variable tariff rates,'' she said. 'It's an incredible administrative burden. There's all these things that are acting as longer-term drags on economy, but their effect will show up only slowly.'' Mark Zandi, chief economist at Moody's Analytics, said that the United States' effective tariff rate has risen to 17.5% from around 2.5% at the start of the year. 'I wouldn't take a victory lap,'' Zandi said. 'The economic damage caused by the higher tariffs will mount in the coming months.'' ___ 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
Newsweek
32 minutes ago
- Newsweek
Trump's 'Big, Beautiful Bill' 'A Gift' for Democrats, James Carville Says
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Veteran Democratic strategist James Carville on Monday said that the Donald Trump-backed "big, beautiful bill" is "a gift" for the Democratic Party. Why It Matters The One Big Beautiful Bill Act passed Congress earlier this month and aims to deliver on Trump's biggest legislative priorities: cementing the sweeping tax cuts, which disproportionately benefit wealthy Americans, enacted during his first term, and substantially increasing funds for border security and immigration enforcement. The Republican-passed bill pays for the tax cuts and increased border security with deep spending reductions in critical social safety net programs like Medicaid and food assistance. The nonpartisan Congressional Budget Office has estimated that the bill could result in 11.8 million more uninsured Americans by 2034 and add nearly $3.4 trillion to the federal deficit over the next decade. James Carville is pictured at Politicon in Pasadena, California, on June 25, 2016. James Carville is pictured at Politicon in Pasadena, California, on June 25, 2016. Colin Young-Wolff/Invision/AP What To Know Carville made his remarks during an appearance on Fox News, telling host Martha MacCallum that the massive spending package should be the Democratic Party's main messaging focus. "James, you've talked about, you know, them wasting time on some of these issues around trans sports and all this stuff," MacCallum said. "What substantive thing would you like to see them focus on? Because perhaps immigration is the one, and in what way?" "The 'big, beautiful bill,'" Carville responded. "Cutting veterans' benefits, closing rural hospitals, raising $3.4 trillion on our national debt. I mean, when you have something simple in a gift like this to contrast yourself, you would be stupid to talk about immigration, or talk about bathrooms, or track meets or anything else." He added: "Just define yourself that we don't think this is going in the right direction for the United States and the numbers overwhelmingly would support that! But if we keep talking about this other nonsense, we're going to lose our focus." House Minority Leader Hakeem Jeffries gave a marathon speech railing against the bill, which lasted eight hours and 44 minutes. "Republicans are trying to jam this one, big, ugly bill down the throats of the American people," Jeffries said during his "magic minute" speech. "Leadership requires courage, conviction, compassion—and yet what we have seen from this administration and co-conspirators on the Republican side of the aisle is cruelty, chaos and corruption," he said, adding that the bill was "an extraordinary assault on the health care of the American people." Other Democratic lawmakers also made headlines for their stinging rebukes of the megabill. "This bill will kill good, blue-collar manufacturing jobs that we need to rebuild the economy in this country," Democratic Representative Josh Riley of New York said during a floor debate. "It closes rural hospitals. It defunds health care. All to give trillions of dollars in tax cuts to your cronies." "Don't tell me you give a s*** about the middle class when all you are doing is s******* on the middle class," Riley added. Representative Alexandria Ocasio-Cortez, another Democrat from New York and one of the most progressive members of Congress, described the bill as a "deal with the devil" in an impassioned speech on the House floor. Democratic Massachusetts Representative Jim McGovern mocked Republicans for behaving like they were in a "cult" because of their support for the Trump-backed bill, despite recent polling data showing that it's broadly opposed by Americans. Several Republican senators have also faced scrutiny over comments they delivered regarding the cuts to Medicaid. Senator Joni Ernst of Iowa made headlines in May when she responded to people protesting Medicaid cuts by saying, "Well, we are all going to die." Kentucky Senator Mitch McConnell, former Senate majority leader, also told Republicans during a closed-door lunch in June: "I know a lot of us are hearing from people back home about Medicaid. But they'll get over it." What Happens Next Trump administration officials have continued touting the law since Trump signed it earlier this month as part of an effort to sell it to voters. "It is time for you to have a government that works for you instead of against you for the next 3 1/2 years," Vice President JD Vance told voters in his home state of Ohio on Monday. "The Trump administration promises that is exactly what we're going to do."
