
EU Targets a New Emission-Slashing Stepping Stone
A record-breaking heatwave battering Europe shows just what's at stake for EU officials who are set to propose one of the bloc's most ambitious climate targets to date. As promised during Commission President Ursula von der Leyen's run for a second term, the EU's executive branch will today put forward a binding law to slash emissions by 90% until 2040 as a stepping stone to reach climate neutrality by the middle of the century. That doesn't mean securing support for it will be easy. Europe's leaders now have other priorities they deem more pressing, like scaling defense spending, fighting trade wars and bringing down energy costs for industry. And while they'll be offered sweeteners to agree — like using controversial international offsets — the stage is set for months of tense talks. The world will be watching to see if Europe is still willing to lead ahead of the COP30 climate summit in Brazil.
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New York Times
an hour ago
- New York Times
Thursday Briefing: Russia's Record Drone Attack
Russia escalated its war against Ukraine Russia launched a major drone and missile attack against Ukraine yesterday, soon after President Trump sharply criticized President Vladimir Putin for taking 'meaningless' steps toward peace. Ukraine's air force said that Russia launched 728 exploding drones and decoys, a barrage that set a single-night record and underscored Ukraine's need for weapons. Trump, who just last week paused arms shipments to Ukraine, said on Monday that the U.S. would resume them because the country was 'getting hit very hard.' Putin's calculation: Trump's newly harsh tone has had little effect on Russia's escalation. Kremlin sources say that Putin is convinced that Russia's battlefield superiority is growing and that Ukraine's defenses may collapse in the coming months. 'He will not sacrifice his goals in Ukraine for the sake of improving relations with Trump,' an expert said. Penalties: The top Senate Republican said that momentum was building toward a vote on a bill to impose sanctions on countries that purchase Russian oil. Want all of The Times? Subscribe.
Yahoo
an hour ago
- Yahoo
Car import quotas, export credits on table for EU-US trade talks, sources say
By Christoph Steitz, Julia Payne and David Lawder FRANKFURT/BRUSSELS/WASHINGTON (Reuters) -Brussels is discussing with U.S. counterparts a range of measures aimed at protecting the European Union's auto industry from steep U.S. import duties, including tariff cuts, import quotas and credits against the value of EU automakers' U.S. exports, industry sources and trade officials say. The talks are part of efforts by the European Commission, the bloc's executive branch, to reach a trade agreement outline with the United States in the coming days, ahead of the August 1 deadline set by U.S. President Donald Trump for broad tariff increases. Trump said on Tuesday he would "probably" tell the EU within two days what rate it could expect for its exports to the U.S., adding that the 27-nation bloc had become much more cooperative. EU negotiators have sought relief from tariffs in key sectors such as autos and aerospace. One EU diplomat previously said cars were a "red line" for the bloc, making a U.S. concession on cars a caveat of any deal. Since April, EU carmakers have incurred a 25% U.S. import tariff on top of the 2.5% already in place. The levy is separate from Trump's prior threatened 20% "reciprocal" tariff announced in April but dialed back to 10%. Discussions are ongoing and it is unclear if the U.S. administration will agree to all terms from its biggest bilateral trading partner, the sources said. The White House, the U.S. Trade Representative's Office and the Commerce Department did not immediately respond to requests for comment on the U.S.-EU negotiations. The European Commission also had no immediate comment for this story. EU trade chief Maros Sefcovic said on Wednesday the Commission has made good progress on a framework trade agreement with the United States and a deal may be possible in the coming days. The sources - two European industry sources, three European officials and three U.S. industry sources familiar with the talks - declined to be identified because the talks are confidential. EXPORT CREDITS A U.S. source and one European official said things are moving "fast" in the negotiations. On the table is a proposal that would provide some relief from import tariffs for carmakers that produce vehicles in the United States and export them to other countries, three of the sources said. Under that plan, carmakers that export vehicles from the U.S. would get credits for that export value, which could then be applied against the value of any imports from the EU into the U.S., the U.S. source said. That would allow companies to import that value of vehicle duty-free or at a reduced rate, while anything above it would be subject to the maximum tariff. Such a mechanism would benefit carmakers BMW and Mercedes-Benz, which both have major production hubs in the United States for sport-utility vehicles, with a significant share of their output exported. Two sources said the U.S. had offered some relief if a company agrees to make additional investment, a mechanism that would help Volkswagen, which barely exports out of U.S. plants but is weighing a local factory for its Audi brand. The terms are a delicate balancing act for Brussels as it tries to find concessions that are acceptable to carmakers such as BMW, Porsche, Volkswagen and Mercedes-Benz, as well as to the Trump administration, which wants to boost U.S. manufacturing and create jobs. TARIFF RATES, QUOTAS DISCUSSED Europe shipped nearly 758,000 cars worth 38.9 billion euros ($45.57 billion) to the U.S. in 2024, more than four times as many as in the other direction, according to data from European auto association ACEA. Two of the sources said the framework may be similar to the one agreed with Britain in May. In that deal, the U.S. cut tariffs on British-made cars to 10% and British carmakers received a import quota of 100,000 cars a year at the lower tariff rate, almost the total Britain exported last year. While the EU had proposed a similar tariff-rate quota with a certain number of vehicles imported, two U.S. industry sources said the Trump administration was leaning against this. Three sources said both sides have discussed cutting their respective auto import tariffs from current levels - 27.5% for imports into the U.S., and 10% for imports into the EU. Non-tariff elements such as standardising regulation, for example in the area of auto safety tests, are also being offered by the EU, one of the people said. ($1 = 0.8536 euros) 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


Boston Globe
an hour ago
- Boston Globe
Ship attacked by Yemen's Houthi rebels sinks in the Red Sea, 6 of 25 aboard rescued
Advertisement The attack on the Eternity C and the sinking of the bulk carrier Magic Seas in another attack Sunday raise new questions about the Red Sea's safety as ships had slowly begun returning to its waters. Meanwhile, a new possible cease-fire in the Israel-Hamas war — as well as the future of talks between the US and Iran over Tehran's battered nuclear program — remain in the balance. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'We are now with grave concern seeing an escalation in the Red Sea with attacks on two commercial ships earlier this week by Ansar Allah, resulting in civilian loss of life and casualties as well as the potential for environmental damage,' warned United Nations special envoy Hans Grundberg, using another name for the rebels. Advertisement A statement from the European Union naval mission in the Red Sea said the crew of the ship included 22 sailors, among them 21 Filipinos and one Russian, as well as a three-member security team. Those rescued were five Filipinos and one Indian. Three people also were killed during the hourslong attack on the ship, the EU force said, and their nationalities were not immediately known. The armed rebels had attacked the ship with rocket-propelled grenades and small arms, later using two drones and two drone boats carrying bombs to strike the vessel, the EU force said. The Eternity C sank at 7:50 a.m. Wednesday, it added. The ship, flagged out of Liberia but owned by a Greek firm, likely had been targeted like the Magic Seas over its firm doing business with Israel. Neither vessel apparently requested an escort from the EU force. The US military has two aircraft carriers in the Mideast, the USS Nimitz and the USS Carl Vinson, but both likely are in the Arabian Sea, far from the site of the attacks. There are two American destroyers believed to be operating in the Red Sea. However, the ships attacked had no US ties and a cease-fire between the Houthis and America announced after the bombing campaign earlier this year still appears to be holding. Brigadier General Yahya Saree, a Houthi military spokesperson, claimed the attack in a prerecorded message Wednesday night as the EU force acknowledged it was still searching for those onboard with private industry rescuers. The Houthis later released footage of them launching missiles at the Eternity C. The bridge appeared heavily damaged by the attack and oil leaked from the vessel. The ship took on water from holes along its waterline before sinking beneath the waves, the rebels chanting: 'God is the greatest; death to America; death to Israel; curse the Jews; victory to Islam.' Advertisement The Houthis released a similar video after their attack on the tanker Sounion in August 2024 and on Tuesday from their attack on the Magic Seas. The attacks on the ships drew immediate international condemnation. 'These attacks demonstrate the ongoing threat that Iran-backed Houthi rebels pose to freedom of navigation and to regional economic and maritime security,' US State Department spokesperson Tammy Bruce said. 'The United States has been clear: We will continue to take necessary action to protect freedom of navigation and commercial shipping from Houthi terrorist attacks.' The EU force earlier said one of the wounded crew lost his leg. Grundberg, the UN envoy, also decried the targeting of civilian infrastructure after Israel bombed three Houthi-controlled ports in Yemen over the weekend and hit a power station. 'Yemen must not be drawn deeper into regional crises that threaten to unravel the already extremely fragile situation in the country,' he warned during an address to the Security Council. Satellite images analyzed by The Associated Press showed new damage at Yemen's rebel-controlled port at Hodeida after it was targeted by the Israeli airstrikes. The images from Planet Labs PBC showed new portions of the pier at the port torn away by Israeli bombing, likely to affect the unloading of cargo there. In conducting the strikes, Israel said the Houthis used the port to smuggle military equipment into the country, a growing worry of analysts and Yemen watchers in recent years. Hodeida is the main entry point for food and other humanitarian aid for millions of Yemenis. Advertisement