France Rebukes E.U.'s Trade Deal With Trump
'It is a dark day when an alliance of free peoples, gathered to affirm their values and defend their interests, resolves to submit,' Prime Minister François Bayrou wrote on X about the deal, which imposes 15 percent tariffs on European imports to the United States, but lowers barriers in European countries for American imports.
France had been leading a charge in Europe to retaliate against the United States ahead of the deal, after an earlier threat by Mr. Trump to impose a punishing 30 percent tariff on the Europeans. Mr. Trump's on-again, off-again tariff threats had galvanized President Emmanuel Macron in particular, who said the European Union had no choice but to present a show of force.
Mr. Macron has yet to comment on the trade deal, but the sharpened attacks by a phalanx of his closest cabinet members were in line with his increasingly confrontational position toward Mr. Trump on key trans-Atlantic issues. Last week, Mr. Macron said his government would recognize a Palestinian state, setting France apart from the United States and most of its close allies, and risking friction with Mr. Trump.
With the outlines of a trade deal now clearer, Mr. Macron's government has doubled down. Benjamin Haddad, France's minister in charge of European affairs, suggested that Mr. Trump's trade deal amounted to a predatory tactic and called for Europe to activate an anti-coercion instrument to tax U.S. digital services, or to exclude American tech companies from public contracts in Europe.
'The free trade that has brought shared prosperity to both sides of the Atlantic since the end of the Second World War is now being rejected by the United States, which has opted for economic coercion and complete disregard for W.T.O. rules,' Mr. Haddad wrote on Monday. 'We must quickly draw the necessary conclusions or risk being wiped out.'
Want all of The Times? Subscribe.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Why Shopify Stock Is Rising Today
Key Points Investors may be responding to the fact that the E.U. said it won't increase tariffs on the U.S. just yet. But slowing job growth and uncertainty around tariffs could eventually weigh on the economy. Shopify investors should keep a close watch on the company's upcoming quarterly results. 10 stocks we like better than Shopify › Shares of the e-commerce platform company Shopify (NASDAQ: SHOP) were rebounding today after stumbling on Friday after a weaker-than-expected jobs report. Investors regained some of their optimism for the company today, as the European Union says it's delaying some retaliatory tariffs on the U.S. for six months. Shopify investors are closely watching for any positive economic news as they prepare for the company's Q2 earnings report due out on Wednesday. Shopify stock was up by more than 5% this morning and had gained 4.8% as of 11:29 a.m. ET. Some positive news ahead of Shopify's upcoming earnings report Profit growth has been slowing for Shopify, and investors will get more details on which direction it's currently headed when the company reports second-quarter results on Wednesday. In the meantime, investors were responding positively to the E.U.'s announcement that it will hold off on any retaliatory tariffs against the U.S., as it tries to strike a trade deal. Investors were spooked on Friday by a weak jobs report for June and significantly revised jobs numbers for May, which caused a sell-off among many stocks on Friday. So any news that the U.S. isn't entering a new stage of a trade war with the E.U. caused investors to respond positively. Shopify's growth is dependent on how well companies are growing in the U.S. and how many new businesses are started. So any slowdown in the economy will weigh down the company's sales and earnings. The latest job data wasn't a good sign, but with today's gains, it appears investors aren't yet sold on the idea that the U.S. economy is slowing down. Shopify investors will know more very soon Wednesday's Q2 report will prove whether investors' optimism is misplaced or not. It's certainly not time to panic about the economy, but there are significant uncertainties right now as hiring slows down and the dust settles on new tariffs. It could take months for both to work their way through the economy, which means the next few quarters will be especially important to watch for Shopify investors. Should you invest $1,000 in Shopify right now? Before you buy stock in Shopify, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Shopify wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $624,823!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,820!* Now, it's worth noting Stock Advisor's total average return is 1,019% — a market-crushing outperformance compared to 178% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025 Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy. Why Shopify Stock Is Rising Today was originally published by The Motley Fool
Yahoo
24 minutes ago
- Yahoo
Over 3,000 Boeing defense workers are on strike: What to know
Roughly 3,000 Boeing (BA) defense workers are on strike after the union rejected the company's contract. Yahoo Finance Senior Transportation Reporter Pras Subramanian breaks down the latest. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts. Boeing, um, some of its employees poised for a strike, the second latest strike that we've seen in less than a year. Yeah. Um, what do we, who does this affect, what do we know about it? How likely is it to actually happen? So, you're right, the defense unit is their workers are striking about 3,200 workers or so, uh, as compared to the, you know, 50,000 or so that they're working in the commercial unit, right? So, uh, they make the F-15 fighter jet, they're supposed to make the new upcoming next generation fighter, which is a big deal that Boeing won a contract for. Um, the defense business is profitable, um, which is more than you can say about the commercial business unit right now, but it's much smaller in terms of revenue. Boeing made about 22.6 billion last quarter, uh, but 6.6 of that was with the defense business. So it's a, you know, it's a nice chunk, but it's not the lion's share there. Uh, CEO Kelly Ortberg said during their earnings call that he said did not to worry about this strike, it was coming, they perhaps expected it, and he said it wouldn't have a significant impact on their business, uh, and that they probably see a resolution coming in the next month or so, but we'll see, you never know these things can extend. The last, apparently, the last strike for Boeing's defense workers was, I think, around 90 days, uh, um, maybe like 30 years ago. So, uh, it's a little rare. Right. but And the shares are not that much changed today, so it sounds like investors are, you know, they are reassured by what Ortberg has said. All right, thanks, Pras. Appreciate it. Yeah. Related Videos Boeing Defense Union Strikes for First Time Since 1996 Lamborghini's new $380K hybrid supercar redefines luxury tech Ford posts Q2 beat, but warns of tariff impact Lucid teams up with Timothée Chalamet Sign in to access your portfolio
Yahoo
24 minutes ago
- Yahoo
Cocoa Prices Pressured as Supply Concerns Ease
September ICE NY cocoa (CCU25) today is -49 (-0.60%), and September ICE London cocoa #7 (CAU25) is down -111 (-2.02%). Cocoa prices are sliding today, with NY cocoa posting a 2-week low and London cocoa posting a 1-week low. Cocoa prices are under pressure on speculation that cocoa will be exempt from President Trump's tariffs, which would ease supply concerns. US Commerce Secretary Lutnick noted last week that goods not produced in the US could be exempted from tariffs. More News from Barchart Is the Corn Market Undervalued? Below-Average Rain in Brazil Supports Coffee Prices Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Last week, cocoa prices rallied to 1-month highs on concern that the slowdown in the pace of Ivory Coast cocoa exports could tighten global supplies. Today's government data showed that Ivory Coast farmers shipped 1.76 MMT of cocoa to ports this marketing year from October 1 to August 3, up +6% from last year but down from the much larger +35% increase seen in December. Concerns about dry weather in West Africa are also bullish for cocoa prices. According to the European Centre for Medium-Range Weather Forecasts, rainfall in the Ivory Coast and Ghana this season remains below the 30-year average, and combined with high temperatures, risks hurting cocoa pod development for the main crop harvest that starts in October. Concerns over tepid chocolate demand are bearish for cocoa prices. Last month, chocolate maker Lindt & Spruengli AG lowered its margin guidance for the year due to a larger-than-expected decline in first-half chocolate sales. Also, chocolate maker Barry Callebaut AG reduced its sales volume guidance earlier this month for a second time in three months, citing persistently high cocoa prices. The company projects a decline in full-year sales volume and reported a -9.5% drop in its sales volume for the March-May period, the largest quarterly decline in a decade. Cocoa prices sold off last month, with NY cocoa sinking to an 8.5-month nearest-futures low and London cocoa slumping to a 17-month nearest-futures low. Weakness in global cocoa demand has hammered prices. The European Cocoa Association reported on July 17 that Q2 European cocoa grindings fell by -7.2% y/y to 331,762 MT, a bigger decline than expectations of -5% y/y. Also, the Cocoa Association of Asia reported that Q2 Asian cocoa grindings fell -16.3% y/y to 176,644 MT, the smallest amount for a Q2 in 8 years. North American Q2 cocoa grindings fell -2.8% y/y to 101,865 MT, which was a smaller decline than the declines seen in Asia and Europe. In a bearish development, ICE-monitored cocoa inventories held in US ports reached a 10.5-month high of 2,368,141 bags on July 22. Higher cocoa production by Ghana is bearish for cocoa prices. On July 1, the Ghana Cocoa Board projected the 2025/26 Ghana cocoa crop would increase by +8.3% y/y to 650,000 from 600,000 MT in 2024/25. Ghana is the world's second-largest cocoa producer. Cocoa prices have support from quality concerns regarding the Ivory Coast's mid-crop cocoa, which is currently being harvested through September. Cocoa processors are complaining about the quality of the crop and have rejected truckloads of Ivory Coast cocoa beans. Processors reported that about 5% to 6% of the mid-crop cocoa in each truckload is of poor quality, compared with 1% during the main crop. According to Rabobank, the poor quality of the Ivory Coast's mid-crop is partly attributed to late-arriving rain in the region, which limited crop growth. The mid-crop is the smaller of the two annual cocoa harvests, which typically starts in April. The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, down -9% from last year's 440,000 MT. Another supportive factor for cocoa is smaller cocoa production in Nigeria, the world's fifth-largest cocoa producer. Nigeria's Cocoa Association projects Nigeria's 2025/25 cocoa production will fall -11% y/y to 305,000 MT from a projected 344,000 MT for the 2024/25 crop year. On May 30, the International Cocoa Organization (ICCO) revised its 2023/24 global cocoa deficit to -494,000 MT from a February estimate of -441,000 MT, the largest deficit in over 60 years. ICCO said 2023/24 cocoa production fell by 13.1% y/y to 4.380 MMT. ICCO stated that the 2023/24 global cocoa stocks-to-grindings ratio declined to a 46-year low of 27.0%. Looking ahead to 2024/25, ICCO on February 28 forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in four years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
