EU Launches Investigation Into Adnoc's $13.7 Billion Acquisition of Covestro
The executive arm of the European Union said Monday that the possible foreign subsidies include an unlimited guarantee from the UAE, as well as a committed capital increase by the state-owned oil and gas producer into the German chemicals company.
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The US and EU are racing to lock in the final details of their major new trade deal before Friday's deadline. But critics say its a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying, while France's Bayrou dubbed the EU's 'submission' a 'dark day'. President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US. Trump, called the deal 'the biggest of them all,' while von der Leyen said that "15% is not to be underestimated, but it is the best we could get." EU reaction to the agreement was decidedly mixed, with Germany and France offering perhaps the strongest criticism. Trump also confirmed on Monday that 15% represents the new standard for tariff negotiations. 'For the world, I would say it'll be somewhere in the 15% to 20% range,' Trump said in Scotland as he met with UK Prime Minister Keir Starmer. Meanwhile, another round of US-China talks kicked off this week, with markets hoping for another extension of the countries' trade truce. The South China Morning Post, a Hong Kong-based English-language newspaper, reported that is seen as the likely outcome. This was confirmed by Commerce Secretary Howard Lutnick who said a 90-day China trade truce extension is likely. Last week, Trump said that letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners. Trump said the US hasn't had a "lot of luck" with Canada and suggested he may impose threatened 35% levies on goods not covered by the US-Canada-Mexico trade agreement. Trump also touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. Japan said Tuesday its trade deal with the US eased policy uncertainty but warned US trade actions could still weigh on its economy. Meanwhile, US Trade Representative Jamison Greer said "more negotiations" would be needed with India, just days before the Aug. 1 deadline. 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. Germany's Merz says he did not expect better EU-US trade deal, German economy will suffer Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here. What's in the US-EU preliminary trade agreement? On Sunday, President Trump and European Commission President Ursula von der Leyen announced a preliminary trade agreement, avoiding an all-out trade war. Here's what we know about the terms the two sides agreed to, per Reuters: Several questions still remain unresolved, however. Here's what remains to be seen when the US and EU reveal a joint statement on Aug. 1: Read more here. Trump official: More talks needed to clinch India deal The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Rating firms say US tariffs alone will not trigger EU sovereign downgrades Reuters reports: Read more here. US trade deal eases tariff uncertainties, but risks remain: Japan Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Philips soars after lifting margin outlook on softer tariff hit Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Stellantis warns of $1.7B US tariff impact in 2025 Reuters reports: Read more here. Carney says US trade talks in 'intense phase' The Canadian Press reports: Read more here. Analysts say EU-US trade deal could add up to $19 billion in pharma industry costs The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. Analysis: US tariffs will be test of luxury brands' pricing power Luxury goods companies have been spared the worst case scenario in Sunday's EU-US trade deal. But the worst is not over yet, they still face a balancing act as already weak consumer demand prevents them from raising prices further. Reuters reports: Read more here. Markets hope for one thing from US-China tariff talks: Another 90-day extension US and Chinese trade negotiators are meeting this week for at least two days of trade talks as markets continue to focus on relations between the two superpowers and whether stiff tariff rates will be delayed again. Yahoo Finance's Ben Werschkul reports on what to expect: Read more here. Analysis: Out-gunned Europe accepts least-worst US trade deal Reuters reports: Read more here. Clock is ticking for a US-China trade deal. Negotiators are meeting to buy more time CNN reports: Read more here. 'Donald Trump ate Ursula von der Leyen for breakfast': How EU leaders are reacting to the US trade deal Europe's reaction to its trade deal with the US is decidedly mixed so far. As we detailed earlier, the deal represents the "least-worst" option for Europe, which was facing 30% duties on its imports to the US. So EU leaders have put on a brave face, saying that they hope this breakthrough is but the first step toward a more favorable, longer-term agreement. Bloomberg rounded up some initial reaction. One that stood out: Hungarian Prime Minister Viktor Orban, a Trump ally: From the German chancellor: Italian Prime Minister Giorgia Meloni called the agreement "sustainable": France took a more hawkish approach: Finally, from Slovakia: Read more here. Why Big Alcohol needs US tariff relief in five charts European Union wine and spirits producers could emerge as one of the few winners in the US-EU trade deal which was agreed on Sunday. Reuters reports: Shares in Pernod, Diageo and Campari initially rose in early trade. But they stood 1.3%, 0.4% and 0.3% lower by 0707 GMT. Shares in Remy fell 2.2%. Alcohol is among the EU's top exports to the United States, worth about $10.5 billion in 2024, according to Eurostat data, with certain products like Remy Martin cognac and champagne required to be produced in specific European regions. The United States accounts for about 18% of exports for another exclusively French product, champagne. For cognac makers, the U.S. tariffs represent a fresh challenge after producers of the drink managed this month to avert the threat of duties of up to around 35% from China. For Spanish and Italian wines, around 14% and 24% of total exports, respectively, are sold in the United States. Stock in focus after US/EU trade deal: ASML Semiconductor play ASML (ASML) getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares are up nearly 5% in pre-market trading. I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that. Here's what JP Morgan had to say this morning: "ASML had indicated in its Q2 results that it saw hesitation (and thus lack of orders) from customers to order tools for their new US fabs due to the risk of tariffs on semiconductor equipment. If this information from the US on zero tariffs on semiconductor equipment is correct then this would be very positive for ASML in particular, but also for VAT. Other semiconductor equipment companies in Europe, such as ASM International ( manufacture their tools outside the EU and thus deals with countries such as Singapore, Malaysia and the US will be important for those companies." Donald Trump freezes export controls to secure trade deal with China The FT reported on Monday that President Donald Trump has frozen restrictions on technology exports to China in order to avoid hurting trade talks with Beijing and to help secure a meeting between Trump and President Xi Jinping this year, according to people familiar with the matter. The US Commerce Department's Bureau of Industry and Security, which is in charge of export controls, has been advised to avoid tough moves on China, according to eight people, including current and former US officials. The US and China are due to meet in Stockholm on Monday for a third round of trade talks following previous meetings in Geneva and London. The FT reports: Read more here (subscription required). Heineken cheers EU-US trade deal as tariff problems grow Dutch brewer Heineken (HKHHY, said on Monday that it welcomed the trade deal between the European Union and the US and that it was weighing all options to deal with growing tariff challenges in the long term, including shifting manufacturing. Reuters reports: Read more here. Japan expects 1%-2% of $550 billion US fund to be investment Japan confirmed that only a small part, just 1% to 2%, of the $550 billion deal with the US will be actual investment. Most of the money will be in the form of loans, according to Japan's trade negotiator Ryosei Akazawa. Akazawa said that Tokyo will save roughly $68 billion through lower tariff rates in its deal with the US. The details revealed by Akazawa on Saturday via an interview with public broadcaster NHK, suggest the Japanese may end up giving up much less than at first glance. The $550 billion investment framework combines loans, investments and loan guarantees provided by financial institutions backed by the Japanese government. Bloomberg News reports: Read more here. VW's Audi cuts full-year outlook, citing tariffs and restructuring Following Volkswagen's ( VWAGY) guidance cut last week, the German carmakers premium brand Audi has also cut its full-year guidance, citing the impact of higher US import tariffs and restructuring expenses. Reuters reports: Read more here. Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here. On Sunday, President Trump and European Commission President Ursula von der Leyen announced a preliminary trade agreement, avoiding an all-out trade war. Here's what we know about the terms the two sides agreed to, per Reuters: Several questions still remain unresolved, however. Here's what remains to be seen when the US and EU reveal a joint statement on Aug. 1: Read more here. Trump official: More talks needed to clinch India deal The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Rating firms say US tariffs alone will not trigger EU sovereign downgrades Reuters reports: Read more here. Reuters reports: Read more here. US trade deal eases tariff uncertainties, but risks remain: Japan Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Philips soars after lifting margin outlook on softer tariff hit Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Stellantis warns of $1.7B US tariff impact in 2025 Reuters reports: Read more here. Reuters reports: Read more here. Carney says US trade talks in 'intense phase' The Canadian Press reports: Read more here. The Canadian Press reports: Read more here. Analysts say EU-US trade deal could add up to $19 billion in pharma industry costs The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. Analysis: US tariffs will be test of luxury brands' pricing power Luxury goods companies have been spared the worst case scenario in Sunday's EU-US trade deal. But the worst is not over yet, they still face a balancing act as already weak consumer demand prevents them from raising prices further. Reuters reports: Read more here. Luxury goods companies have been spared the worst case scenario in Sunday's EU-US trade deal. But the worst is not over yet, they still face a balancing act as already weak consumer demand prevents them from raising prices further. Reuters reports: Read more here. Markets hope for one thing from US-China tariff talks: Another 90-day extension US and Chinese trade negotiators are meeting this week for at least two days of trade talks as markets continue to focus on relations between the two superpowers and whether stiff tariff rates will be delayed again. Yahoo Finance's Ben Werschkul reports on what to expect: Read more here. US and Chinese trade negotiators are meeting this week for at least two days of trade talks as markets continue to focus on relations between the two superpowers and whether stiff tariff rates will be delayed again. Yahoo Finance's Ben Werschkul reports on what to expect: Read more here. Analysis: Out-gunned Europe accepts least-worst US trade deal Reuters reports: Read more here. Reuters reports: Read more here. Clock is ticking for a US-China trade deal. Negotiators are meeting to buy more time CNN reports: Read more here. CNN reports: Read more here. 'Donald Trump ate Ursula von der Leyen for breakfast': How EU leaders are reacting to the US trade deal Europe's reaction to its trade deal with the US is decidedly mixed so far. As we detailed earlier, the deal represents the "least-worst" option for Europe, which was facing 30% duties on its imports to the US. So EU leaders have put on a brave face, saying that they hope this breakthrough is but the first step toward a more favorable, longer-term agreement. Bloomberg rounded up some initial reaction. One that stood out: Hungarian Prime Minister Viktor Orban, a Trump ally: From the German chancellor: Italian Prime Minister Giorgia Meloni called the agreement "sustainable": France took a more hawkish approach: Finally, from Slovakia: Read more here. Europe's reaction to its trade deal with the US is decidedly mixed so far. As we detailed earlier, the deal represents the "least-worst" option for Europe, which was facing 30% duties on its imports to the US. So EU leaders have put on a brave face, saying that they hope this breakthrough is but the first step toward a more favorable, longer-term agreement. Bloomberg rounded up some initial reaction. One that stood out: Hungarian Prime Minister Viktor Orban, a Trump ally: From the German chancellor: Italian Prime Minister Giorgia Meloni called the agreement "sustainable": France took a more hawkish approach: Finally, from Slovakia: Read more here. Why Big Alcohol needs US tariff relief in five charts European Union wine and spirits producers could emerge as one of the few winners in the US-EU trade deal which was agreed on Sunday. Reuters reports: Shares in Pernod, Diageo and Campari initially rose in early trade. But they stood 1.3%, 0.4% and 0.3% lower by 0707 GMT. Shares in Remy fell 2.2%. Alcohol is among the EU's top exports to the United States, worth about $10.5 billion in 2024, according to Eurostat data, with certain products like Remy Martin cognac and champagne required to be produced in specific European regions. The United States accounts for about 18% of exports for another exclusively French product, champagne. For cognac makers, the U.S. tariffs represent a fresh challenge after producers of the drink managed this month to avert the threat of duties of up to around 35% from China. For Spanish and Italian wines, around 14% and 24% of total exports, respectively, are sold in the United States. European Union wine and spirits producers could emerge as one of the few winners in the US-EU trade deal which was agreed on Sunday. Reuters reports: Shares in Pernod, Diageo and Campari initially rose in early trade. But they stood 1.3%, 0.4% and 0.3% lower by 0707 GMT. Shares in Remy fell 2.2%. Alcohol is among the EU's top exports to the United States, worth about $10.5 billion in 2024, according to Eurostat data, with certain products like Remy Martin cognac and champagne required to be produced in specific European regions. The United States accounts for about 18% of exports for another exclusively French product, champagne. For cognac makers, the U.S. tariffs represent a fresh challenge after producers of the drink managed this month to avert the threat of duties of up to around 35% from China. For Spanish and Italian wines, around 14% and 24% of total exports, respectively, are sold in the United States. Stock in focus after US/EU trade deal: ASML Semiconductor play ASML (ASML) getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares are up nearly 5% in pre-market trading. I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that. Here's what JP Morgan had to say this morning: "ASML had indicated in its Q2 results that it saw hesitation (and thus lack of orders) from customers to order tools for their new US fabs due to the risk of tariffs on semiconductor equipment. If this information from the US on zero tariffs on semiconductor equipment is correct then this would be very positive for ASML in particular, but also for VAT. Other semiconductor equipment companies in Europe, such as ASM International ( manufacture their tools outside the EU and thus deals with countries such as Singapore, Malaysia and the US will be important for those companies." Semiconductor play ASML (ASML) getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares are up nearly 5% in pre-market trading. I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that. Here's what JP Morgan had to say this morning: "ASML had indicated in its Q2 results that it saw hesitation (and thus lack of orders) from customers to order tools for their new US fabs due to the risk of tariffs on semiconductor equipment. If this information from the US on zero tariffs on semiconductor equipment is correct then this would be very positive for ASML in particular, but also for VAT. Other semiconductor equipment companies in Europe, such as ASM International ( manufacture their tools outside the EU and thus deals with countries such as Singapore, Malaysia and the US will be important for those companies." Donald Trump freezes export controls to secure trade deal with China The FT reported on Monday that President Donald Trump has frozen restrictions on technology exports to China in order to avoid hurting trade talks with Beijing and to help secure a meeting between Trump and President Xi Jinping this year, according to people familiar with the matter. The US Commerce Department's Bureau of Industry and Security, which is in charge of export controls, has been advised to avoid tough moves on China, according to eight people, including current and former US officials. The US and China are due to meet in Stockholm on Monday for a third round of trade talks following previous meetings in Geneva and London. The FT reports: Read more here (subscription required). The FT reported on Monday that President Donald Trump has frozen restrictions on technology exports to China in order to avoid hurting trade talks with Beijing and to help secure a meeting between Trump and President Xi Jinping this year, according to people familiar with the matter. The US Commerce Department's Bureau of Industry and Security, which is in charge of export controls, has been advised to avoid tough moves on China, according to eight people, including current and former US officials. The US and China are due to meet in Stockholm on Monday for a third round of trade talks following previous meetings in Geneva and London. The FT reports: Read more here (subscription required). Heineken cheers EU-US trade deal as tariff problems grow Dutch brewer Heineken (HKHHY, said on Monday that it welcomed the trade deal between the European Union and the US and that it was weighing all options to deal with growing tariff challenges in the long term, including shifting manufacturing. Reuters reports: Read more here. Dutch brewer Heineken (HKHHY, said on Monday that it welcomed the trade deal between the European Union and the US and that it was weighing all options to deal with growing tariff challenges in the long term, including shifting manufacturing. Reuters reports: Read more here. Japan expects 1%-2% of $550 billion US fund to be investment Japan confirmed that only a small part, just 1% to 2%, of the $550 billion deal with the US will be actual investment. Most of the money will be in the form of loans, according to Japan's trade negotiator Ryosei Akazawa. Akazawa said that Tokyo will save roughly $68 billion through lower tariff rates in its deal with the US. The details revealed by Akazawa on Saturday via an interview with public broadcaster NHK, suggest the Japanese may end up giving up much less than at first glance. The $550 billion investment framework combines loans, investments and loan guarantees provided by financial institutions backed by the Japanese government. Bloomberg News reports: Read more here. Japan confirmed that only a small part, just 1% to 2%, of the $550 billion deal with the US will be actual investment. Most of the money will be in the form of loans, according to Japan's trade negotiator Ryosei Akazawa. Akazawa said that Tokyo will save roughly $68 billion through lower tariff rates in its deal with the US. The details revealed by Akazawa on Saturday via an interview with public broadcaster NHK, suggest the Japanese may end up giving up much less than at first glance. The $550 billion investment framework combines loans, investments and loan guarantees provided by financial institutions backed by the Japanese government. Bloomberg News reports: Read more here. VW's Audi cuts full-year outlook, citing tariffs and restructuring Following Volkswagen's ( VWAGY) guidance cut last week, the German carmakers premium brand Audi has also cut its full-year guidance, citing the impact of higher US import tariffs and restructuring expenses. Reuters reports: Read more here. Following Volkswagen's ( VWAGY) guidance cut last week, the German carmakers premium brand Audi has also cut its full-year guidance, citing the impact of higher US import tariffs and restructuring expenses. Reuters reports: Read more here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
