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CTV News
9 hours ago
- CTV News
Qatari plane that could be new Air Force One will be ‘unconditional' gift to the Pentagon, agreement says
A 13-year-old private Boeing aircraft that U.S. President Donald Trump toured on July 26 to check out new hardware and technology features, and highlight the aircraft maker's delay in delivering updated versions of the Air Force One presidential aircraft. Ben Curtis/AP/FILE via CNN Newsource U.S. Defense Secretary Pete Hegseth and his Qatari counterpart have signed an agreement outlining the terms of Qatar's 'unconditional donation' of a Boeing jet to the Pentagon, confirming that the U.S. will pay nothing for the plane, according to a copy of the memorandum of understanding reviewed by CNN. The agreement, signed by Hegseth and Qatar's deputy prime minister and minister of state for defense affairs, Saoud bin Abdulrahman Al-Thani, on July 7, says the plane — which is expected to be used by President Donald Trump as Air Force One once it is upgraded — is a 'bona fide gift' to the Defense Department. 'This donation is made in good faith and in the spirit of cooperation and mutual support between the parties,' the document says. 'Nothing in this MoU is, or shall be interpreted or construed as, an offer, promise, or acceptance of any form of bribery, undue influence, or corrupt practice.' The memorandum, while signed by both parties, could still be tweaked ahead of a formal announcement, a source familiar with the matter said. The aircraft is parked in San Antonio awaiting upgrades, CNN has reported. CNN has reached out to the Office of the Secretary of Defense, the Air Force and the Qatari Embassy for comment. The MOU was first reported by The Washington Post. The transfer of the jet from Qatar to the Trump administration sparked a political firestorm in the spring as Democrats and several influential Republicans, including supporters of the president, said they opposed the potential deal on ethics grounds. It also caught Air Force officials off guard, CNN has reported. While the Air Force was exploring options for getting a replacement plane for Air Force One faster than Boeing could deliver the new jets it had been contracted to build, the Air Force was initially under the impression that any transaction with the Qataris would involve a sale of the plane — not a donation, defense officials said. But after news of the U.S.-Qatar discussions became public, Trump repeatedly described the plane as a 'GIFT, FREE OF CHARGE.' The memorandum signed by Hegseth and Al-Thani emphasizes the transfer of the plane is 'unconditional' and that it is 'not connected or otherwise related to any governmental decision and, as such, is not made, offered, promised or accepted because of any past, present or future official act or decision and is not intended to obtain or retain any improper advantage or to influence any official decision.' But beyond the ethical and legal questions, retrofitting and installing the required security and communications equipment on a second-hand plane from another government, even a friendly one, is a monumental task. To fund the upgrades, the Air Force has sought to transfer hundreds of millions of dollars from the vastly overbudget Sentinel program to an unspecified classified project, according to sources familiar with a congressional notification about the transfer. Sentinel is a land-based intercontinental ballistic missile system that is being developed to replace the U.S.' aging Minuteman III missiles. Officially, the price tag to retrofit the Qatari plane for use by the president is classified, the Air Force previously told CNN. Air Force Secretary Troy Meink told lawmakers last month that it will 'probably' cost less than $400 million. An addendum to the Defense Department-Qatar agreement reviewed by CNN says the Air Force 'is in the process of finalizing the transfer of registration and will immediately begin execution of the required modifications.'
CTV News
10 hours ago
- CTV News
U.S.-EU deal sets a 15% tariff on most goods and averts the threat of a trade war with a global shock
U.S. President Donald Trump and European Commission President Ursula von der Leyen shake hands after reaching a trade deal at the Trump Turnberry golf course in Turnberry, Scotland Sunday, July 27, 2025. (AP Photo/Jacquelyn Martin) EDINBURGH, Scotland — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off -- at least for now -- far higher imports on both sides that might have sent shockwaves through economies around the globe. The sweeping announcement came after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland. Their private sit-down culminated months of bargaining, with the White House deadline Friday nearing for imposing punishing tariffs on the EU's 27-member countries. 'It was a very interesting negotiation. I think it's going to be great for both parties,' Trump said. The agreement, he said, was 'a good deal for everybody' and 'a giant deal with lots of countries.' Von der Leyen said the deal 'will bring stability, it will bring predictability, that's very important for our businesses on both sides of the Atlantic.' Many facets will require more work As with other, recent tariff agreements that Trump announced with countries including Japan and the United Kingdom, some major details remain pending in this one. Trump said the EU had agreed to buy some $750 billion worth of U.S. energy and invest $600 billion more than it already is in America -- as well as make a major military equipment purchase. He said tariffs 'for automobiles and everything else will be a straight across tariff of 15%' and meant that U.S. exporters 'have the opening up of all of the European countries.' Von der Leyen said the 15% tariffs were 'across the board, all inclusive' and that 'indeed, basically the European market is open.' At a later news conference away from Turnberry, she said that the $750 billion in additional U.S. energy purchases was actually over the next three years -- and would help ease the dependance on natural gas from Russia among the bloc's countries. 'When the European union and the United States work together as partners, the benefits are tangible,' Von der Leyen said, noting that the agreement 'stabilized on a single, 15% tariff rate for the vast majority of EU exports' including cars, semiconductors and pharmaceuticals. '15% is a clear ceiling,' she said. But von der Leyen also clarified that such a rate wouldn't apply to everything, saying that both sides agreed on 'zero for zero tariffs on a number of strategic products,' like all aircraft and component parts, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources and critical raw materials. It is unclear if alcohol will be included in that list. 'And we will keep working to add more products to this list,' she said, while also stressing that the 'framework means the figures we have just explained to the public, but, of course, details have to be sorted out. And that will happen over the next weeks' Further EU approval needed In the meantime, there will be work to do on other fronts. Von der Leyen had a mandate to negotiate because the European Commission handles trade for member countries. But the Commission should now present the deal to member states and EU lawmakers -- who will ultimately decide whether or not to approve it. Before their meeting began, Trump pledged to change what he characterized as 'a very one-sided transaction, very unfair to the United States.' 'I think both sides want to see fairness,' the Republican president told reporters. Von der Leyen said the U.S. and EU combined have the world's largest trade volume, encompassing hundreds of millions of people and trillions of dollars and added that Trump was 'known as a tough negotiator and dealmaker.' 'But fair,' Trump said. Trump has spent months threatening most of the world with large tariffs in hopes of shrinking major U.S. trade deficits with many key trading partners. More recently, he had hinted that any deal with the EU would have to 'buy down' a tariff rate of 30% that had been set to take effect. But during his comments before the agreement was announced, the president was sked if he'd be willing to accept tariff rates lower than 15%, and said 'no.' First golf, then trade talk Their meeting came after Trump played golf for the second straight day at Turnberry, this time with a group that included sons Eric and Donald Jr. In addition to negotiating deals, Trump's five-day visit to Scotland is built around golf and promoting properties bearing his name. A small group of demonstrators at the course waved American flags and raised a sign criticizing British Prime Minister Keir Starmer, who plans his own Turnberry meeting with Trump on Monday. Other voices could be heard cheering and chanting 'Trump! Trump!' as he played nearby. On Tuesday, Trump will be in Aberdeen, in northeastern Scotland, where his family has another golf course and is opening a third next month. The president and his sons plan to help cut the ribbon on the new course. The U.S. and EU seemed close to a deal earlier this month, but Trump instead threatened the 30% tariff rate. The deadline for the Trump administration to begin imposing tariffs has shifted in recent weeks but is now firm and coming Friday, the administration insists. 'No extensions, no more grace periods. Aug. 1, the tariffs are set, they'll go into place, Customs will start collecting the money and off we go,' U.S. Commerce Secretary Howard Lutnick told 'Fox News Sunday' before the EU deal was announced. He added, however, that even after that 'people can still talk to President Trump. I mean, he's always willing to listen.' Without an agreement, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. If Trump eventually followed through on his threat of tariffs against Europe, meanwhile, it could have made everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the United States. 'I think it's great that we made a deal today, instead of playing games and maybe not making a deal at all,' Trump said. 'I think it's the biggest deal ever made.' Will Weissert, The Associated Press Associated Press writers Seung Min Kim in Cincinnati and Samuel Petrequin in London contributed to this report.
Globe and Mail
12 hours ago
- Globe and Mail
Financial crime loopholes in U.S. stablecoin law offer a cautionary tale for Canada
Hoopla over America's new stablecoin law is fuelling fears that Canada is missing out on the latest cryptocurrency boom. The Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the Genius Act, was signed into law by President Donald Trump last week, creating a regulatory framework for stablecoins pegged to the U.S. dollar. (Stablecoins are cryptocurrencies that have values tied to another form of currency or financial asset to maintain steady prices.) A related bill, the Digital Asset Market Clarity Act, advanced to the U.S. Senate. The Clarity Act for short, it proposes to divvy up regulatory oversight for virtual assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The crypto irony: Trump's new laws for stablecoins will only reinforce U.S. dollar dominance At first blush, the U.S. government's 'crypto week' was a resounding success because those two pieces of legislation are helping digital assets go mainstream south of the border. But anti-corruption groups, including Transparency International U.S., are warning the Genius Act and the Clarity Act include loopholes for money laundering and sanctions evasion, a forewarning for other countries, including Canada, as they vie for leadership in the US$5.7-billion global digital asset economy. 'To other countries, I would encourage lawmakers to actually take a risk-based approach and take into consideration that we have a global economy,' said Gary Kalman, executive director of Transparency International U.S., in an interview on Thursday. As Mr. Kalman points out, crypto is not a typical brick-and-mortar business and it carries a higher risk for illicit finance. That's because it is relatively easy to set up offshore crypto-issuing companies that sell into other countries without having a physical presence in those jurisdictions, he said. 'That is the type of risk analysis we would urge other countries to consider when moving forward with legislation,' he added. Transparency International U.S., the Free Russia Foundation, the Financial Accountability and Corporate Transparency Coalition and the Hudson Institute's Kleptocracy Initiative offer a sobering analysis of America's signature stablecoin legislation. 'The risks are real and urgent. Iran, North Korea and Russia have turned to cryptocurrency and stablecoins to bypass international sanctions and move illicit funds,' the anti-corruption groups state in a joint letter to top U.S. congressional leaders, including the Speaker of the House of Representatives Mike Johnson. 'If the U.S. does not close the loopholes that can be exploited by these actors, the financial architecture advanced in GENIUS and CLARITY will further accelerate the growth of opaque and lawless financial networks.' Specifically, the groups outlined four key problems with the two pieces of legislation. The first involves the Genius Act's differential treatment of stablecoin issuers registered in the United States versus those based in foreign or offshore jurisdictions. Under the law, foreign stablecoin issuers, such as Tether, the world's largest stablecoin, are able to participate in U.S. markets via decentralized exchanges and peer-to-peer transfers even if they don't register, the groups say. The U.S. Treasury, meanwhile, has the latitude to provide exemptions to foreign issuers, allowing them to participate in centralized exchanges after the expiration of a three-year grace period. As a result, foreign issuers will not receive proper regulatory oversight. A second problem involves the Genius Act's failure to impose anti-money-laundering (AML) and anti-terrorist-financing obligations on secondary-market participants, including digital asset exchanges, custodians and brokers. 'The result is a bill that affirms the status quo while ignoring how kleptocrats, terrorists and other criminal actors access and move digital assets,' states the letter. 'Further, GENIUS weakens compliance by stating that issuers must follow AML rules, only 'as applicable' – a vague and unenforceable standard.' A third weakness involves glaring gaps in sanctions enforcement. Notably, the Genius Act does not apply to anonymizing technologies, such as mixers, and other intermediaries that obscure funding sources, the groups say. The Clarity Act, meanwhile, overlooks sanctions evasion entirely even though digital assets have become a favoured tool of criminals to sidestep economic restrictions. Lastly, exemptions for decentralized services and platforms under the Genius Act, coupled with the Clarity Act's failure to require ownership disclosures from all market participants, will frustrate enforcement of those laws, according to the groups. We won't let Americans buy our biggest bank. Why let them buy our biggest crypto firm? Canada, meanwhile, is facing mounting calls to create its own comprehensive national strategy for crypto, including stablecoins. 'Stablecoins are reshaping global finance, but Canada is still on the sidelines,' states a new report by Western University's Ivey Business School. 'While other countries use them to strengthen payments and attract investment, Canada lacks a homegrown alternative tied to its currency.' The report rightly urges Canada to create a 'unified regulatory framework' for digital assets, noting oversight is currently split among regulators including the Canada Revenue Agency, the Canadian Securities Administrators, the Financial Transactions and Reports Analysis Centre of Canada and provincial agencies. Creating a national regulatory framework should indeed be a priority because businesses need a consistent set of rules. But in doing so, the federal government must draw lessons from America's legislative missteps on financial crime. Canada is already being marketed abroad as a secrecy jurisdiction that can be readily exploited by kleptocrats, money launderers, sanctions evaders and other crooks. In the rush to catch up on crypto, Ottawa cannot afford to replicate Washington's mistakes.
