Russian War Casualties Top One Million as Ukraine Strikes Deep Into Russia
In a statement posted on June 12, Zelenskyy described the figure as 'the price Putin is willing to pay for his sick geopolitical fantasies,' underscoring the staggering human cost of Russia's invasion, which began on February 24, 2022.
The figure is in line with estimates from Western defense officials. The U.K. Ministry of Defence and the Associated Press both reported that Russia has suffered over one million casualties, including roughly 250,000 deaths.
Zelenskyy also touted a recent covert operation, codenamed SpiderWeb, which damaged 41 Russian aircraft—worth an estimated $7 billion—at airbases deep inside Russian territory. According to the report, the attack hit bombers and surveillance planes used in missile strikes.
The Ukrainian president urged Western nations to tighten sanctions on Russian oil exports, backing a European Union proposal to lower the oil price cap from $60 to $45 per barrel. Ukraine's government claims Russia lost $4 billion in oil revenue in early 2025 alone.
Framing the war as a global security issue, Zelenskyy called for more military aid and stronger partnerships with NATO and the EU.
'No country can afford to stay behind in defense tech,' he said.
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Yahoo
7 minutes ago
- Yahoo
Trump tariffs live updates: US, EU rush to finalize deal as 90-day extension of China trade truce likely
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
USA Today
8 minutes ago
- USA Today
Trump's trade talks intensify with tariff deadline fast approaching
TACO or tariffs? An August 1 deadline looms after the European Union became the latest of the top US trading partners to reach a deal with Trump. WASHINGTON — With President Donald Trump's Aug. 1 tariff deadline fast approaching, countries whose exports are facing stiff fees have been in a scramble to ink trade deals with the United States that preserve as much access as possible to American markets. The European Union and its 27 member nation bloc became the latest of the United States' top trading partners to come to an agreement with Trump over the weekend, joining the Philippines, Japan and Indonesia in announcing deals during July. The United Kingdom and Vietnam have also reached agreements with Trump. Canadian Prime Minister Mark Carney said this week that his country was in the "intense phase" of the complex negotiations, as it sought to avert a promised 35% tariff on imports that fall outside of an existing trade pact with the United States. More: Trump's trade deal with the EU: What it means for your wallet "There is a landing zone that's possible but we have to get there. We'll see what happens," Carney told reporters during a July 28 news conference. 'No more extensions,' Trump administration warns A baseline tariff of 10% is currently in place for most countries, some two dozen of which received letters from Trump this month informing them that higher rates are on the way. They include Brazil, which Trump says he'll hit with a 50% tariff, and India, which he said he'll apply a 26% rate to, as well as Canada, at 35%, and Mexico, which faces a 30% tariff. Mexico, Canada and EU are the the largest exporters of goods to the United States along with China, which is in separate trade talks with the Trump administration and faces a later deadline in August. First announced on April 2 by Trump in the Rose Garden, the implementation of the so-called 'reciprocal tariffs' were twice extended to stabilize the markets and give the president's team more time to conduct negotiations. The constant deadline shifting has given birth to an acronym: TACO, for Trump Always Chickens Out, mocking the second-term president's on-again-off-again tariff policies. More: Trump threatens 35% tariff for Canada amid flurry of letters threatening hikes But countries hoping for another reprieve won't be so fortunate, Commerce Secretary Howard Lutnick said on July 27. '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,' Lutnick said on 'Fox News Sunday.' EU latest to strike trade deal with Trump Just ahead of the deadline, on July 27, the European Union struck a deal with Trump. European Commission President Ursula von der Leyen and Trump finalized the agreement in person while the U.S. president was in Scotland. The deal includes a 15% tariff on most European exports to the United States, a reduction from the 30% Trump threatened to impose earlier in July. 'We just had a very big trade deal, the biggest of them all yesterday,' Trump said during a bilateral meeting in Scotland on July 28 with U.K. Prime Minister Kier Starmer at Trump Turnberry golf course. The agreement includes $600 billion in EU investments in the U.S. and the purchase of $750 billion worth of U.S. energy. Tariffs on steel and aluminum will remain at 50%. On July 22, Trump also announced a 'massive deal' with Japan under which the United States would impose a 15% tariff on Japanese imports. Trump had previously threatened a 24% tariff on Japan. He said Japan would invest $550 billion in the United States and America would receive 90% of the profits, without offering any details. Trump's announcement also said Japan had agreed to open its markets to imports of vehicles, rice and other agricultural products from the United States. The U.K. was the first country to reach a trade agreement with the United States in May. A reciprocal tariff of 10% remains in effect, in keeping with the baseline tariff rate. More: Trump considers 'rebates' to US taxpayers from tariff income Under the deal, the first 100,000 vehicles imported into the U.S. by U.K. car manufacturers each year are subject to the reciprocal rate of 10% and any additional vehicles each year are subject to 25% rates, the White House says. The U.K is one of the only countries with whom the U.S. has a trade surplus. Trump has also announced deals with Indonesia, Vietnam and the Philippines. 'We've made the big ones,' says Trump Pakistan's foreign minister said on July 25 after a meeting with Secretary of State Marco Rubio that his country was "very close" to reaching a deal with the United States and one could emerge in days. South Korean officials were also in Washington on July 25, for negotiations with Lutnick and other Trump administration officials. Trump signaled during his meeting with Starmer on July 28 that he'd landed most of the deals he expected to and his patience was waning for individual talks. "We're going to be setting a tariff for essentially the rest of the world and that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals," Trump declared. "But we've made the big ones." One of the last outstanding agreements of significance is an unfinished deal with China. After rounds of tit-for-tat tariffs that saw the U.S. hike fees on imports to 145% and China put tariffs of 125% on U.S. goods, the nations two called a truce in May, agreeing to a 90-day suspension of the levies. Negotiators from both countries met in Stockholm on July 28 for another round of discussions, with the clock ticking toward the Aug. 12 expiration of the temporary truce between the top economies. "We have a good relationship with China, but China is tough," Trump during his meeting with Starmer in Scotland.
Yahoo
34 minutes ago
- Yahoo
EU-US Trade Deal Draws Mixed Reviews from Bloc's Leaders
Following President Donald Trump and European Commission President Ursula von der Leyen's announcement Sunday that the U.S. and the European Union had negotiated a trade deal (which will see EU countries subject to 15-percent tariffs), EU leaders have started weighing in on the new way forward for the transatlantic trade agreement. While von der Leyen praised the trade agreement sitting alongside Trump in Scotland, other leaders seem to have a less rosy outlook. More from Sourcing Journal EU-Funded Project Makes Lignin Breakthrough in Biobased Research EU Regulators Accuse Temu of Allowing Sale of Illegal Products US Reaches Trade Truce With EU, May Extend China Tariff Pause François Bayrou, France's prime minister, expressed his disappointment for the trade agreement. 'It is a dark day when an alliance of free peoples, united to affirm their values and defend their interests, resolves to submission,' Bayrou wrote on his X account. Still, other major leaders said the agreement helped divert what could have been a much more serious threat to countries in the 27-member bloc and their respective businesses. Giorgia Meloni, Italy's prime minister, told reporters Sunday at a press briefing in Ethiopia that while she still needed to 'study the details' of Trump and von der Leyen's deal, it's promising that the two nations came to an agreement, noting that 'trade escalation between Europe and the United States would have had unpredictable and potentially devastating consequences.' German Chancellor Friedrich Merz shared a similar sentiment. 'This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy hard,' he said in a statement. Trump had previously threatened a 30-percent tariff on goods inbound to the U.S. from EU countries; last week, he stated that the U.S. had 'a 50-50 chance of making a deal with the EU.' That von der Leyen—who had originally fought to see a 10-percent flat tariff rate on most EU goods—kept up negotiations with a frustrated Trump can be considered a win, some EU leaders, including Portuguese Prime Minister Luís Montenegro, believe. 'The EU-U.S. trade agreement brings predictability and stability, vital for Portuguese companies and the economy. It avoids escalation but places new demands on the pursuit of more trade agreements, the reduction of barriers, and the transformative agenda of simplification and cost reduction,' Montenegro wrote in an X post. Maroš Šefčovič, EU trade commissioner, called on both parties to 'keep strengthening our transatlantic ties,' thanking U.S. Trade Representative Jamieson Greer and U.S. Secretary of Commerce Howard Lutnick for their collaboration on the newfound agreement. Some leaders in the EU continue to focus their attention on a free trade environment. Bart De Wever, prime minister of Belgium, called Sunday's understanding 'a moment of relief but not of celebration.' 'I sincerely hope the United States will, in due course, turn away again from the delusion of protectionism and once again embrace the value of free trade—a cornerstone of shared prosperity,' he wrote in an X post. Petteri Orpo, prime minister of Finland, said this agreement should not mark the end of future trade discussions between the bloc and the U.S. 'Work must continue to dismantle trade barriers. Only free transatlantic trade benefits both sides the most,' Orpo wrote in a translated X post. The Trump administration doesn't appear amenable to the prospect of free trade with almost any country across the globe. Much of the president's economic strategy has been built around negotiating new trade deals that guarantee U.S. access to other markets, and bolstering American manufacturing across a variety of industries he sees as key to the country's future success. While Trump heralded last week's deal with Japan as 'the largest deal ever made,' the agreement with the EU has the propensity to impact myriad industries, including fashion and apparel. A lower-than-threatened tariff will see U.S. companies importing European goods—like luxury apparel, footwear and leather—paying less than some may have expected. Still, any increase in cost per unit could deal a blow to companies already struggling to reach price-conscious consumers. According to data from 7thonline, U.S. retailers have shown anxiety about their ability to absorb price hikes brought on by tariffs. Just over one-third of retailers said the only way they could avoid price hikes is with a 0-percent tariff increase, and a further 43 percent said the highest tariff increase they could afford to absorb was 25 percent. Sign in to access your portfolio
