Russia launches a major aerial attack on Kyiv
French Foreign Minister Jean-Noël Barrot, who arrived in Kyiv on Monday for talks with Zelensky, visited some of the damaged area.
Zelensky and Barrot spoke about expanding defense cooperation, including a decision by French companies to start manufacturing drones in Ukraine, and advancing Ukraine's path toward European Union membership, the Ukrainian leader said on social media.
The virtual meeting of high-level military officials was led by British Defense Secretary John Healey and his German counterpart Boris Pistorius.
Moscow has intensified
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Ukraine's new Defense Minister Denys Shmyhal urged allies to speed up deliveries of American air defense systems under the plan put forward by Trump.
'I request the US to make these weapons available for purchase, and our European partners to extend all the needed financing for their procurement,' Shmyhal, who until recently served as prime minister, told the meeting.
Trump's arms plan, announced a week ago, involves European nations sending American weapons, including Patriot air defense missile systems, to Ukraine via NATO — either from existing stockpiles or buying and donating new ones.
In an shift of tone toward Russia, Trump last week
At Monday's meeting, Healey was expected to urge Ukraine's Western partners to launch a '50-day drive' to get Kyiv the weapons it needs to fight Russia's bigger army and force Russian President Vladimir Putin to the negotiating table, the UK government said in a statement.
NATO's Grynkewich told The Associated Press on Thursday that 'preparations are underway' for weapons transfers to Ukraine while US Ambassador to NATO Matthew Whitaker said he couldn't give a time frame.
European Commissioner for Defense and Space Andrius Kubilius visited Washington on Monday ahead of talks with US officials about European defense and support for Ukraine.
Kubilius told reporters he welcomed Trump taking a harder line on Putin, calling it 'a new opening in how we can support Ukraine.'
'If you combine American economic power and European economic power, we are something like 20 times Russia's power,' he said. 'We need political will.'
Germany has said it offered to finance two new Patriot systems for Ukraine and raised the possibility of supplying systems it already owns and having them replaced by the US.
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But delivery could take time, German Chancellor Friedrich Merz suggested, because 'they have to be transported, they have to be set up; that is not a question of hours, it is a question of days, perhaps weeks.'
Other Patriot systems could come thanks to Switzerland, whose defense ministry said Thursday it was informed by the US Defense Department that it will 'reprioritize the delivery' of five previously ordered systems to support Ukraine.
While Ukraine waits for Patriots, a senior NATO official said the alliance is still coordinating the delivery of other military aid — such as ammunition and artillery rounds — which includes aid from the US that was briefly paused. The official spoke on condition of anonymity to discuss sensitive matters.
In a video address,
The previous negotiations were held in Istanbul, and Russian media reports said it would likely remain the host city. The talks in May and June led to a series of exchanges of prisoners of war but produced no other agreements.
The overnight Russian barrage of Kyiv began shortly after midnight and continued until around 6 a.m. Residents were kept awake by machine-gun fire, buzzing drone engines, and multiple loud explosions.
It was the first major attack on Kyiv since Trump's special envoy to Ukraine, Keith Kellogg, arrived in the city last Monday. Russia halted strikes during his visit.
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Russia's Ministry of Defense said its attack used drones and
Ukraine's air force said Russia launched 426 Shahed and decoy drones overnight and on Monday, as well as 24 missiles of various types. It said 200 drones were intercepted with 203 more jammed or lost from radars.
Ukraine, meanwhile, continued to deploy its domestically produced long-range drones. Russia's Ministry of Defense said its forces shot down 74 Ukrainian drones overnight, almost a third of them destroyed close to the Russian capital. Twenty-three drones were shot down in the Moscow region, the ministry said, 15 of which were intercepted over the city itself.
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21 minutes ago
- Yahoo
India-US interim trade deal prospects dim ahead of tariff deadline, sources say
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Yahoo
21 minutes ago
- Yahoo
Trump tariffs live updates: EU readies its reprisals as Trump pushes for higher tariffs; US-India deal stalls
The prospect of an interim trade deal between the US and India before the August 1 deadline have dimmed, according to sources. Talks remain deadlocked due to tariff cuts on key agricultural and dairy products. "An interim deal before August 1 looks difficult, though virtual discussions are ongoing," one of the Indian government sources said, adding a US delegation was expected to visit New Delhi soon to continue negotiations. Meanwhile, the European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as President Trump plays hardball and makes a no-deal outcome more likely. EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals, per Bloomberg. 'If they want war, they will get war,' a German official told the WSJ, while noting there was still time to hammer out a deal. 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On July 10, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as "the deals" themselves. Treasury Secretary Scott Bessent on Monday said the administration is "more concerned with high quality deals than getting these deals done by Aug. 1." Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Orange juice importer says Trump's Brazil tariffs will raise US prices Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration. Bloomberg reports: A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month. Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power. The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US. Read more here. Brazil acknowledges possibility of no US trade deal by August 1 President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time. Reuters reported: Read more here. US steelmaker Cleveland-Cliffs touts 'positive impact' of tariffs Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries. The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call. 'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs." Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient." Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30. Read more about how Cleveland-Cliffs' stock is trading. Bessent: Trump more concerned about quality of deals than making deals by Aug. 1 Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in. "We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview. More from Reuters: Read more here. More signs that Europe is hardening its stance We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. 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Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement. "These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation." President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. Lutnick said that was a hard deadline. "Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS. Read more here Trump's tariffs are already shaping the holiday shopping season NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices. But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises. 'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not." Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations. Read more here Hawaii coffee growers say Trump tariffs may curb demand (Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too. Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable. But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans. While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms. Read more here Trump pushes for 15%-20% minimum tariff on all EU goods President Trump appears to have settled on a tariff rate on all EU member countries, according to reports. Financial Times reports: Read more (subscription required). Battery materials stocks jump after US lays out 93.5% graphite duty Bloomberg reports: Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG) The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year. Read more here. China: Trade talks show there's no need for tariff war Reuters reports: Read more here. US set to impose 93.5% tariff on key battery material from China Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized. From Bloomberg: Read more here. Trump Tariff added $115M in aluminum costs for largest US producer The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2. Bloomberg reports: Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry. The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates. Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26. Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production. Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs. Read more here. Nordic finance heads urge EU to stand firm in US trade talks Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US. Bloomberg reports: Read more here. EU lines up tariffs on US digital services as retaliation: Sources The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times. The FT reports: Read more here. EU stalls probe into Musk's X amid US trade talks The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade. The Financial Times reports: Read more here. Volvo CEO wants EU to cut 'unnecessary' auto tariffs Reuters reports: Read more here. Trump eyes tariffs of 10% or 15% for the 150+ countries, muses on EU deal President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon. Bloomberg reports: Read more here. Orange juice importer says Trump's Brazil tariffs will raise US prices Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration. Bloomberg reports: A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month. Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power. The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US. Read more here. Orange juice prices join the list of products that could see price increases as a result of tariffs imposed by the Trump administration. Bloomberg reports: A US orange juice distributor is suing over President Donald Trump's move to impose a 50% tariff on Brazil starting next month. Johanna Foods Inc. is arguing that Trump's reasons for the levy increase — including support for Brazil's former right-wing President Jair Bolsonaro — don't present 'unusual and extraordinary' threats that give him emergency authority to circumvent Congress' taxing power. The New Jersey-based company estimates that the Brazil tariffs would increase its costs for not-from-concentrate orange juice from Brazil by $68 million over the next 12 months and raise retail costs for consumers between 20-25%. According to the complaint, Brazil supplies more than half of all orange juice sold in the US. Read more here. Brazil acknowledges possibility of no US trade deal by August 1 President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time. Reuters reported: Read more here. President Trump's August 1 tariff deadline is steadily approaching, and trading partners are preparing for multiple outcomes. Brazil, for example, is increasingly open to the possibility that a trade deal won't be reached in time. Reuters reported: Read more here. US steelmaker Cleveland-Cliffs touts 'positive impact' of tariffs Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries. The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call. 'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs." Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient." Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30. Read more about how Cleveland-Cliffs' stock is trading. Cleveland-Cliffs (CLF) CEO Lourenco Goncalves praised President Trump's protectionist policies on Monday, stating that the 25%-50% tariffs on foreign steel imports have had a "positive impact" on the US steel and automotive industries. The Section 232 steel tariffs "have played a significant role in supporting the domestic steel industry," Goncalves said during the company's earnings call. 'So far, there's no indication that the Section 232 tariffs will be used as a bargaining chip by the Trump administration as leverage in trade deals with other countries," Goncalves added. "We appreciate that and fully expect that the administration will keep in place and enforce these Section 232 tariffs." Goncalves said the only place where it's having a problem is with Stelco, the Canadian steel company it acquired in November 2024. The CEO urged Canadian Prime Minister Mark Carney to implement similar protectionist policies, saying that other efforts to curb unfair trade practices were "insufficient." Cleveland-Cliffs stock soared 11% in early trading Monday after the company reported record steel shipments of 4.3 million net tons for the three months ended June 30. Read more about how Cleveland-Cliffs' stock is trading. Bessent: Trump more concerned about quality of deals than making deals by Aug. 1 Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in. "We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview. More from Reuters: Read more here. Treasury Secretary Scott Bessent on Monday said the US wouldn't rush to make trade deals ahead of an Aug. 1 deadline for many of President Trump's sweeping tariffs to kick in. "We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview. More from Reuters: Read more here. More signs that Europe is hardening its stance We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more. The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline. That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations. 'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.' More from the report: Read more here. We detailed earlier (keep scrolling) how the EU is readying its plans for retaliation in case a trade deal with the US fails. The Wall Street Journal has a big report out today with some more details of those plans — and details on how delicate negotiations are on even thinner ice, as President Trump keeps wanting more. The report said the EU got a "surprise" when US officials said Trump would want a higher baseline tariff in any deal, likely north of 15%, after months of talks around a 10% baseline. That apparently prompted Germany, Europe's largest economy, to swing to more of an alignment with France, which has been pushing a harder line throughout the negotiations. 'All options are on the table,' a German official said. The official said there was still time to negotiate a deal but added, 'If they want war, they will get war.' More from the report: Read more here. Stellantis warns of $2.7B loss as tariffs bite Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs. The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan. Reuters reports: Read more here. Big Three automaker Stellantis (STLA) warned on Monday that it expects a 2.3 billion euro ($2.7 billion) net loss for the first half of 2025, hit by restructuring costs, ebbing sales, and an initial hit from US tariffs. The Chrysler maker's US-listed shares slipped nearly 2% in premarket, mirroring a drop in its stock in Milan. Reuters reports: Read more here. EU to prepare its retaliation plan as US hardens its stance on trade talks EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal. Bloomberg reports: Read more here. EU negotiators are scrambling to make a trade agreement with the US as the Aug. 1 tariff deadline closes in. But they are also stepping up preparations to strike back if the two sides fail to secure a deal. Bloomberg reports: Read more here. Lutnick 'confident' US will get tariffs deal done with EU before Aug. 1 deadline WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement. "These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation." President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. Lutnick said that was a hard deadline. "Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS. Read more here WASHINGTON (Reuters) -U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Lutnick said he had just gotten off the phone with European trade negotiators and there was "plenty of room" for agreement. "These are the two biggest trading partners in the world, talking to each other. We'll get a deal done. I am confident we'll get a deal done," Lutnick said in an interview with CBS' "Face the Nation." President Donald Trump threatened on July 12 to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. Lutnick said that was a hard deadline. "Nothing stops countries from talking to us after August 1, but they're going to start paying the tariffs on August 1," he said on CBS. Read more here Trump's tariffs are already shaping the holiday shopping season NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices. But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises. 'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not." Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations. Read more here NEW YORK (AP) — With summer in full swing in the United States, retail executives are sweating a different season. It's less than 22 weeks before Christmas, a time when businesses that make and sell consumer goods usually nail down their holiday orders and prices. But President Donald Trump's vacillating trade policies have complicated those end-of-year plans. Balsam Hill, which sells artificial trees and other decorations online, expects to publish fewer and thinner holiday catalogs because the featured products keep changing with the tariff rates the president sets, postpones and revises. 'The uncertainty has led us to spend all our time trying to rejigger what we're ordering, where we're bringing it in, when it's going to get here,' Mac Harman, CEO of Balsam Hill parent company Balsam Brands, said. 'We don't know which items we're going to have to put in the catalog or not." Months of confusion over which foreign countries' goods may become more expensive to import has left a question mark over the holiday shopping season. U.S. retailers often begin planning for the winter holidays in January and typically finalize the bulk of their orders by the end of June. The seesawing tariffs already have factored into their calculations. Read more here Hawaii coffee growers say Trump tariffs may curb demand (Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too. Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable. But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans. While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms. Read more here (Bloomberg) — Hawaiian coffee farmers have a message for President Donald Trump: Steep tariffs on major exporters such as Brazil will end up hurting them, too. Hawaii at first glance might seem the obvious beneficiary of tariffs on coffee. It is the only state in the country where the tropical goods grow, with the vast majority of java imbibed by Americans imported from South America and Vietnam. Higher priced foreign imports should, in theory, make the island state's products comparatively more affordable. But growers say the opposite is true: rising prices across the board will hit consumers already struggling with inflation, curbing demand on everything from popular everyday roasts available at grocery stores to luxury Kona beans. While the discourse around trade and Trump's 'Buy American' mantra could draw attention to Hawaiian goods, the upshot for the state's farmers is that 'tariffs will probably will hurt us as much as it would hurt the mainland roasters,' said Suzanne Shriner, the vice president of the Kona Coffee Farmers Association and the president of Lions Gate Farms. Read more here Trump pushes for 15%-20% minimum tariff on all EU goods President Trump appears to have settled on a tariff rate on all EU member countries, according to reports. Financial Times reports: Read more (subscription required). President Trump appears to have settled on a tariff rate on all EU member countries, according to reports. Financial Times reports: Read more (subscription required). Battery materials stocks jump after US lays out 93.5% graphite duty Bloomberg reports: Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG) The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year. Read more here. Bloomberg reports: Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG) The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year. Read more here. China: Trade talks show there's no need for tariff war Reuters reports: Read more here. Reuters reports: Read more here. US set to impose 93.5% tariff on key battery material from China Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized. From Bloomberg: Read more here. Bloomberg reports that the Commerce Department imposed preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, a key battery component, after concluding the materials had been unfairly subsidized. From Bloomberg: Read more here. Trump Tariff added $115M in aluminum costs for largest US producer The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2. Bloomberg reports: Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry. The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates. Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26. Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production. Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs. Read more here. The largest producer of aluminum in the US, Alcoa Corp., claims that tariffs cost it $115 million in Q2. Bloomberg reports: Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump's trade agenda has affected the industry. The company redirected Canadian produced aluminum to customers outside the US to mitigate additional tariff costs, it said Wednesday while reporting earnings that beat analyst estimates. Alcoa shares rose as much as 6.4% Thursday in New York, the biggest intraday increase since June 26. Metal producers are navigating the trade tumult Trump created after raising import tariffs on steel and aluminum, first to 25% in March and then to 50% in June, in an effort to revive domestic production. Alcoa's latest toll from tariffs is about six times more than in the first quarter when the Pittsburgh-based firm said the levies, which were then 25%, had cost it an additional $20 million. Mining giant Rio Tinto Group also revealed Wednesday that its Canada-made aluminum generated costs of more than $300 million in the first half due to the tariffs. Read more here. Nordic finance heads urge EU to stand firm in US trade talks Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US. Bloomberg reports: Read more here. Financial leaders in European Union member countries are clearly telling their peers to hold their ground and act fast in trade talks with the US. Bloomberg reports: Read more here. EU lines up tariffs on US digital services as retaliation: Sources The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times. The FT reports: Read more here. The European Commission is drawing up a list of measures against US services as part of its potential response to President Trump's 30% levies due to kick in on Aug. 1, sources told the Financial Times. The FT reports: Read more here. EU stalls probe into Musk's X amid US trade talks The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade. The Financial Times reports: Read more here. The EU seems to be treading carefully during negotiations to avoid a 30% tariff it sees as "prohibitive" to transatlantic trade. The Financial Times reports: Read more here. Volvo CEO wants EU to cut 'unnecessary' auto tariffs Reuters reports: Read more here. Reuters reports: Read more here. Trump eyes tariffs of 10% or 15% for the 150+ countries, muses on EU deal President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon. Bloomberg reports: Read more here. President Trump said the tariff rate could be 10% or 15% for the more than 150 countries he has promised will get a notification letter soon. Bloomberg reports: Read more here.
Boston Globe
22 minutes ago
- Boston Globe
UK, Canada, and 26 other countries say the war in Gaza ‘must end now'
'The Israeli government's aid delivery model is dangerous, fuels instability and deprives Gazans of human dignity,' the countries said. 'The Israeli government's denial of essential humanitarian assistance to the civilian population is unacceptable. Israel must comply with its obligations under international humanitarian law.' Israel and US reject the criticism Advertisement Israel's Foreign Ministry rejected the statement, saying it was 'disconnected from reality and sends the wrong message to Hamas.' It accused Hamas of prolonging the war by refusing to accept an Israeli-backed proposal for a temporary ceasefire and hostage release. 'Hamas is the sole party responsible for the continuation of the war and the suffering on both sides,' Foreign Ministry spokesperson Oren Marmorstein posted on X. U.S. Ambassador to Israel Mike Huckabee also rejected the statement from many of America's closest allies, calling it 'disgusting' in a post on X and saying they should instead pressure the 'savages of Hamas.' Germany was also notably absent from the statement. Advertisement German Foreign Minister Johann Wadephul wrote on X that he spoke with Israeli counterpart Gideon Saar on Monday and expressed the 'greatest concern about the catastrophic humanitarian situation' in Gaza as Israel's offensive widens. He called on Israel to implement agreements with the EU to enable more humanitarian aid. A worsening humanitarian crisis Gaza's population of more than 2 million Palestinians is in a catastrophic humanitarian crisis, now relying largely on the limited aid allowed into the territory. Israel's offensive has displaced some 90% of the population, with many forced to flee multiple times. Most of the food supplies Israel has allowed into Gaza go to the Gaza Humanitarian Foundation, an American group backed by Israel. Since its operations began in May, hundreds of Palestinians have been killed in shootings by Israeli soldiers while heading to the sites, according to witnesses and health officials. The Israeli military says it has only fired warning shots at those who approach its forces. Israel's 21 months of war with Hamas have pushed Gaza to the brink of famine, sparked worldwide protests and led to an International Criminal Court arrest warrant against Israel's Prime Minister Benjamin Netanyahu. Israel has brushed off previous criticism Allies' criticism about Israel's actions has had little clear effect. In May, Britain, France and Canada issued a joint statement urging Netanyahu's government to stop its military operations in Gaza and threatening 'concrete actions' if it didn't. Israel rejects criticism of its wartime conduct, saying its forces have acted lawfully and blaming civilian deaths on Hamas because the militants operate in populated areas. It says it has allowed enough food in to sustain Gaza and accuses Hamas of siphoning off much of it. The United Nations says there is no evidence for widespread diversion of humanitarian aid. Advertisement The new joint statement called for an immediate ceasefire, saying countries are prepared to take action to support a political pathway to peace in the region. Israel and Hamas have been engaged in ceasefire talks but there appears to be no breakthrough, and it's not clear whether any truce would bring the war to a lasting halt. Netanyahu has vowed to continue the war until all the hostages are returned and Hamas is defeated or disarmed. Speaking to Parliament, British Foreign Secretary David Lammy thanked the U.S., Qatar and Egypt for their diplomatic efforts to try to end the war. 'There is no military solution,' Lammy said. 'The next ceasefire must be the last ceasefire.' Australian Home Affairs Minister Tony Burke said Tuesday the hostages needed to be released and the war must end, but the images of destruction and killing coming out of Gaza were 'indefensible.' 'We're all hoping that there'll be something that will break this,' Burke told Australian Broadcasting Corp. Hamas triggered the war when militants stormed into southern Israel on Oct. 7, 2023, killing around 1,200 people and taking 251 others hostage. Fifty hostages remain in Gaza, but fewer than half are thought to be alive. Israel's military offensive has killed more than 59,000 Palestinians, according to Gaza's Health Ministry. Its count doesn't distinguish between militants and civilians, but the ministry says more than half of the dead are women and children. The ministry is part of the Hamas government, but the U.N. and other international organizations see it as the most reliable source of data on casualties. Associated Press writers Geir Moulson in Berlin and Joseph Krauss in Ottawa, Ontario, contributed to this story. Advertisement
