Former French PM de Villepin Forms Party Ahead of 2027 Election
The new party, Humanist France, will seek to bring voters from across the political spectrum to defend social justice and order, de Villepin, 71, told French daily Le Parisien. The former premier said he was returning to the forefront so that the French weren't trapped between radical political extremes.
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Forbes
a minute ago
- Forbes
HOW TRUMP'S TARIFFS THREATEN ITALY'S BELOVED WINES
Nobody wanted a trade war, but the price to avoid it is too high anyway. For everybody. The recent agreement reached by European Commission President Ursula van der Leyen and the US President Donald Trump has halved the proposed 30% tariffs on all European products, but it leaves a bitter taste in the mouths of all European manufacturers. For Italy the U.S. remains the single largest export market, accounting for 24% of its total export value in wine. In 2024, the annual turnover of Italian wine exports was approximately $9.15 billion. Once the agreement was announced, reactions were not long in Dissatisfaction Of The Wine Producers And The Minister's Concern According to the secretary general of Unione Italiana Vini Paolo Castelletti, even if a 15% tariff is lower than the proposed 30%, this kind of deal cannot be satisfying for anybody because it's extremely higher than the pre-tariff rate, which was almost zero. For a country like Italy, which prioritizes value for money, this is a devastating blow. The president of Consorzio Tutela Vini Valpolicella Christian Marchesini is of the same opinion. "Any duty or barrier on wine trade causes extremely significant damage to the European and Italian wine industry and to Valpolicella as well – claimed Marchesini - Pending the final negotiations, the 15% duty projected in the medium and long term would have a very serious economic impact. At present, we can say that, according to today's leaks, the uncertainty that will affect us until next autumn is just as serious." The Italian Minister of Agriculture Francesco Lollobrigida has always shown optimism about the deal, but now he admits: 'Wine is what concerns us most.' Meanwhile, the deadline of the 1st of August, when the tariffs should have been effective, has been delayed up to the 7th, although the 15% remains. Tariffs and Dollar Weakness Are A Dangerous Combination Recent studies by Confindustria, the main association representing Italian manufacturing and service companies, show that imposing US 15% tariffs on all Italian goods imported in America could cause Italy to lose €22.6 billion in exports (approximately $24.6 billion). The wine sector only would lose $520 million. The tariffs are not the only obstacle however, the dollar devaluation also complicates things. These two factors combined can make Italian wines less competitive than others in the US markets. Unione Italiana Vini (UIV), the Italian wine companies association, has recently raised the alarm: 15% tariffs penalize at least 80% of the sector. If in January 2025 (pre-tariff) the markup from the winery to the retailer was 123%, with the new tariff regime soars to 186%. As a result, American consumers ultimately pay almost twice the tariff rate in increased prices due to the compounding markup structure throughout the distribution chain. Not All The Wines Are Created Equal The Italian wines most affected by the new tariffs are those with the highest US market exposure: Moscato d'Asti from Piedmont (60% export) and red wines from this region (31%), Pinot Grigio (48%), Chianti Classico (46%) and other Tuscan DOC reds (35%), Prosecco (27%). Overall the new tariff regime will mostly affect the most popular wines, which are affordable to almost every pocket, more than the premium ones. Wines such as Brunello di Montalcino, Barolo, Amarone della Valpolicella, and Super Tuscans are already expensive to begin with, and therefore intended for high-spending consumers. Indeed, in this case, a bottle that was pre-tariffed and cost $25 ex-cellar, $55.75 on the retail shelf, and $150.00 at the restaurant, would now cost $71.50 in the wine shop and $195.00 at the restaurant. If you're a rich person, spending an extra $45 on an excellent Italian wine won't break the bank. Who Wins And Who Loses What has been reported so far are estimates data on behalf Italian wine producers. But what about their overseas trading partners? According to the UIV president Lamberto Frescobaldi, they and their customers could be the ones who will lose the most: 'The tariffs will not only affect consumption, but will also have a severe impact on the US economy, with total damages amounting to $25 billion' he said. This estimate was calculated by the UIV Observatory and is based on the direct, indirect, and induced impact of all wine in the US in the distribution, retail, and transportation phases alone. Wine America quantified this impact at $144.4 billion in its 'United States 2025 Economic Impact Study.' This figure includes not only sales revenues but also the value generated along the distribution chain, the positive effects of wages and the resulting purchasing power, and the increase in demand for goods and services in other related sectors. A significant effect, but one that would lose $25 billion with tariffs on wines at 15%. And things could even get worse: if nothing changes, the revenue loss could reach almost $1.7 billion in the next 12 months. At the time this article was written, there had not been a joint final statement yet, and the details of the deal remain unclear and subject to ratification. In short, the uncertainty keeps on reigning supreme. However, this can mean that perhaps there is still room for further negotiations. Any manufacturer in Europe is crossing their fingers and hoping for the best. With the current deal, it seems that the EU and the US have avoided a trade war, but despite the appearance, the price they could pay is significant for both.
CNN
a minute ago
- CNN
How should Democrats respond to Trump's agenda.
By: Jorge Mitssunaga Rahm Emanuel, the former Ambassador to Japan and Chicago Mayor, weighs in on how Democrats should attack President Trump's policies.
Yahoo
29 minutes ago
- Yahoo
A half-million young Catholics invade Rome, awaiting Pope Leo XIV at Holy Year youth festival
Italy Youths Jubilee ROME (AP) — Hundreds of thousands of young Catholics poured into a vast field on Rome's outskirts Saturday for the weekend highlight of the Vatican's 2025 Holy Year: an evening vigil, outdoor slumber party and morning Mass celebrated by Pope Leo XIV that marks his first big encounter with the next generation of Catholics. Leo will surely like what he sees: For the past week, bands of young Catholics from around the world have invaded the area around St. Peter's Square for their special Jubilee celebration, in this Holy Year in which 32 million people are expected to descend on Rome to participate in a centuries-old pilgrimage to the seat of Catholicism. The young people have been traipsing through cobblestoned streets in color-coordinated t-shirts, praying the Rosary and singing hymns with guitars, bongo drums and tambourines shimmying alongside. Using their flags as tarps to shield them from the sun, they have taken over entire piazzas for Christian rock concerts and inspirational talks, and stood for hours at the Circus Maximus to confess their sins to 1,000 priests offering the sacrament in a dozen different languages. On Saturday, they began arriving at the Tor Vergata field on the eastern flank of Rome for the culmination of their Jubilee celebration — the encounter with Leo. After walking five kilometers (three miles) from the nearest subway station, they passed through security checks, picked up their boxed meals and set up camp, backpacks and sleeping bags at the ready and umbrellas planted to give them shade. Leo, who was elected in May as the first American pope, was flying in by helicopter Saturday evening to preside over the vigil and a question-and-answer session. He was then returning to the Vatican for the night and coming back for a popemobile romp and Mass on Sunday morning. A mini World Youth Day, 25 years later It all has the vibe of a World Youth Day, the Catholic Woodstock festival that St. John Paul II inaugurated and made famous in 2000 in Rome at the very same Tor Vergata field. Then, before an estimated 2 million people, John Paul told the young pilgrims they were the 'sentinels of the morning' at the dawn of the third millennium. Officials had initially expected 500,000 youngsters this weekend, but Leo hinted the number might reach 1 million. 'It's a bit messed up, but this is what is nice about the Jubilee,' said Chloe Jobbour, a 19-year-old Lebanese Catholic who was in Rome with a group of more than 200 young members of the Community of the Beatitudes, a France-based charismatic group. She said, for example, it had taken two hours to get dinner Friday night, as the KFC was overwhelmed by orders. The Salesian school that offered her group housing is an hour away by bus. But Jobbour, like many here this week, didn't mind the discomfort: It's all part of the experience. 'I don't expect it to be better than that. I expected it this way,' she said, as members of her group gathered on church steps near the Vatican to sing and pray before heading out to Tor Vergata. There was already one tragedy before the vigil began: The Vatican confirmed that an Egyptian 18-year-old, identified as Pascale Rafic, had died while on the pilgrimage. Leo met Saturday with the group she was traveling with and extended his condolences to her family. The weather has largely cooperated: While Italian civil protection crews had prepared for temperatures that could have reached 34C (93F) or higher this week, the mercury hasn't surpassed 30C (85F) and isn't expected to. Romans inconvenienced, but tolerant Those Romans who didn't flee the onslaught have been inconvenienced by the additional hordes on the city's notoriously insufficient public transport system. Residents are sharing social media posts of outbursts by Romans angered by kids flooding subway platforms and crowding bus stops that have complicated their commutes to work. But other Romans have welcomed the enthusiasm the youngsters have brought. Premier Giorgia Meloni offered a video welcome, marveling at the 'extraordinary festival of faith, joy and hope' that the young people had brought to the Eternal City. 'I think it's marvelous,' said Rome hairdresser Rina Verdone, who lives near the Tor Vergata field and woke up Saturday to find a gaggle of police congregating outside her home as part of the massive, 4,000-strong operation mounted to keep the peace. 'You think the faith, the religion is in difficulty, but this is proof that it's not so.' Verdone had already made plans to take an alternate route home Saturday afternoon, that would require an extra kilometer (half-mile) walk, because she feared the 'invasion' of kids in her neighborhood would disrupt her usual bus route. But she said she was more than happy to make the sacrifice. 'You think of invasion as something negative. But this is a positive invasion,' she said. ___ Associated Press religion coverage receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. Solve the daily Crossword
