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Toronto Sun
11 minutes ago
- Toronto Sun
Trump says he'll reduce 50-day truce deadline he gave Putin
Published Jul 28, 2025 • 2 minute read President Donald Trump at Trump Turnberry golf club on July 28, Photo by Andrew Harnik / Photographer: Andrew Harnik/Gett (Bloomberg) — US President Donald Trump said he would reduce the 50-day deadline he gave Russian leader Vladimir Putin to reach a truce with Ukraine. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 'I'm disappointed in President Putin, very disappointed in him. So we're going to have to look and I'm going to reduce that 50 days that I gave him to a lesser number,' Trump told reporters in Scotland on Monday as he welcomed UK Prime Minister Keir Starmer for a meeting. 'I think I already know the answer, what's going to happen,' Trump said, indicating further skepticism that Putin would come to the negotiating table and commit to a ceasefire. Trump earlier this month issued the 50-day deadline and threatened to impose stiff economic penalties on Russia if it does not end hostilities with Ukraine. Trump has said he would impose 100% tariffs, which officials have cast as secondary levies that would fall on countries who buy Russian exports such as oil. Washington and other capitals allied with Kyiv view such oil purchases as a form of tacit support for Russia, helping to bolster its economy and undercut sanctions. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Trump's threat marked a major shift in tone for the US president, who returned to office vowing to quickly end Russia's war in Ukraine, citing his relationship with Putin. Those efforts have failed to materialize with Moscow only responding with maximalist demands for Ukrainian territory and declining calls for face-to-face talks between Putin and his counterpart, Ukrainian leader Volodymyr Zelenskiy. Since Trump's renewed sanctions threat, Russia has continued to launch blistering missile and drone attacks on Ukrainian cities. Trump, who initially focused his ire on Zelenskiy as an obstacle to peace, in recent weeks has signalled growing impatience, accusing Putin of not being sincere about wanting to end the war despite multiple calls and months of diplomacy. This advertisement has not loaded yet, but your article continues below. NATO allies are also moving to ramp up pressure on Putin, with Germany in advanced talks with the US and other allies to help deliver additional Patriot air-defence systems to Ukraine. Zelenskiy's government has made air defence a top priority as weeks of Russian attacks take their toll on Ukrainian cities. While May and June talks between Ukraine and Russia in Istanbul led to prisoner exchanges, there has been no progress on ending the conflict sparked by a Russian invasion in February 2022. Trump's sanctions threats also echo legislation in Congress that would impose 500% tariffs on countries that buy Russian oil and gas such as China and India. The president has threatened economic pressure against Putin in the past but has held off, suggesting that he wanted to preserve negotiations. Canada Editorial Cartoons Sunshine Girls Relationships Editorials
CTV News
11 minutes ago
- CTV News
U.S. tariffs will be test of luxury brands' pricing power
PARIS/NEW YORK — Luxury goods companies were spared their worst case scenario in Sunday's EU-U.S. trade deal but they face a delicate balancing act as already weak consumer demand tests their ability to raise prices further. Big labels like Chanel and LVMH's Louis Vuitton and Dior have relied on dramatic price increases in recent years to drive a chunk of their profit growth. Jacques Roizen, managing director, China, at Digital Luxury Group, said the deal struck by U.S. President Donald Trump and European Commission President Ursula von der Leyen on Sunday, imposing a 15 per cent tariff on EU goods, brings much needed certainty to luxury's key U.S. market. Yet, 'brands are treading carefully with further price hikes to avoid alienating younger and occasional shoppers,' he said. Although baseline duties are below a hefty 30 per cent levy that Trump had threatened just a couple of weeks ago, they are a far cry from the zero-for-zero tariff deal Brussels was hoping to clinch. Fresh tariffs also come as the luxury goods industry is counting on the U.S. as former growth engine China sputters and sales globally are in decline. 'Tariffs are definitely going to affect my buying behavior, depending on the rate of the tariff. I would think twice before I just pick things up,' said Abida Taher, a 53-year-old physician who was out shopping at Saks Fifth Avenue in New York City last week and likes Valentino among other Italian and French brands. Bernard Arnault, chairman and CEO of French luxury giant LVMH, embarked on an intense lobbying campaign with EU leaders to ease tensions with the Trump administration and last week announced plans for a new Louis Vuitton factory in Texas. Such a move, however, would be too complicated and costly for most European brands - involving the transfer of local skills that take years to build up, industry experts caution. Some high end labels say they will be able to draw on pricing power to offset the cost of tariffs, but analysts and industry practitioners warn some players have limited wiggle room after a series of outsized price tag hikes. Big luxury companies profited from a rebound of consumer demand after the pandemic, hiking prices by 33 per cent on average between 2019 and 2023, according to RBC estimates. The price tag of Chanel's classic quilted flap bag more than tripled between 2015 and 2024, while the Lady Dior bag and Louis Vuitton Keepall travel bag more than doubled, according to UBS analysts. Luxury disconnect Half of the luxury industry's sales growth came from price hikes in the four years from 2019, compared to a third between 2016 and 2023, UBS analysts said. Yet the sector lost 50 million customers last year, according to consultancy Bain, as economic pressures and price fatigue dampened appetite for designer clothing and handbags. Brands that got the pricing balance wrong are the ones struggling more today, said Flavio Cereda, who manages GAM's Luxury Brands investment strategy. 'The significant deceleration in momentum, uneven as it was, is a natural consequence of a period of excess,' said Cereda. Hermes which notably held back on large price increases during the post pandemic boom, has outpaced rivals and analysts forecast a 10 per cent rise in second quarter sales when it reports on Wednesday. UBS estimates that a 15 per cent tariff on exports to the United States will require luxury brands on average to raise prices by around two per cent in the United States, or around one per cent globally if they want to avoid widening regional price gaps – or face an impact of around three per cent on earnings before interest and tax. Such hikes may prove challenging while the latest round of luxury players' earnings shows little sign of a rebound. LVMH's second quarter sales missed expectations, weighed down by weakening sales at flagship brands Louis Vuitton and Dior, while outerwear specialist Moncler's sales contracted by one per cent and Kering-owned Gucci is expected to continue to struggle. Caroline Reyl, head of premium brands at Pictet Asset Management, said there has been a 'disconnect' between the prices of certain luxury items and their perceived quality and creativity in the past four years. Precious Buckner, a 37-year old clinical therapist from North Carolina, was looking at a Chanel classic flap bag at Saks Fifth Avenue in Manhattan last week but said if it goes up in price because of tariffs it would no longer be worth it. 'I'm going to these stores to see the size, the fit, how I like it, so I can get it on resale,' Buckner said, noting she would be willing to pay $8,000 for a bag on a resale platform like The RealReal or Fashionphile rather than pay $12,000 in a department store. Bain forecasts worldwide luxury goods sales will fall by between two per cent and five per cent in 2025 after a one per cent decline last year, the biggest contraction in 15 years excluding COVID. To counter the downtrend, the industry has embarked on a recruitment drive, with new designers at Chanel, Gucci, LVMH labels Dior, Celine, Givenchy and Loewe, and Versace. Yet, renewing styles to find a better alignment between prices and product value will take time. 'You can't snap your fingers and do it in a couple of weeks,' said Reyl. (Reporting by Mimosa Spencer and Sami Marshak; Editing by Lisa Jucca and Susan Fenton)
Toronto Star
24 minutes ago
- Toronto Star
Britain's prime minister presses Trump on ‘desperate' situation in Gaza during meeting in Scotland
EDINBURGH, Scotland (AP) — U.S. President Donald Trump met on Monday at one of his Scottish golf courses with British Prime Minister Keir Starmer, who pressed him on the U.S. taking a larger role in helping quell a growing food crisis in Gaza amid Israel's ongoing war with Hamas in the territory. Starmer and his wife, Victoria, arrived at Trump's Turnberry course on the southern coast, and the Republican president spent several minutes chatting with them and proudly pointing out key aspects of the property. But the prime minister didn't wait until they were inside to insist that Gaza would be a key topic in their meeting, calling what's occurring there 'a desperate situation.'
