Iran will respond in whatever way they can, says Lt. Gen. H.R. McMaster
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CNBC
13 hours ago
- CNBC
Trump's tariffs deadline is looming for Europe. Here's where things stand
All eyes are on talks between the U.S. and the European Union, which have yet to strike a trade deal with just days to go before Washington's tariffs come into full effect. Should the trading partners fail to reach an agreement by July 9 — when a 90-day reprieve on U.S. President Donald Trump's so-called reciprocal tariffs ends — EU goods imported to the U.S. could be hit by duties of up to 50%. Retaliatory measures from the EU targeting a wide range of U.S. goods, which have also been temporarily put on hold, could then follow shortly afterward. The U.S.-EU trade relationship is one of the most important in the world, accounting for around 30% of global goods trading according to the European Council. Medicinal and pharma products, road vehicles and petroleum products are some of the top traded goods. In 2024, trade between the two transatlantic partners was valued at around 1.68 trillion euros ($1.98 trillion) when taking into account both goods and services, the European Council said. The EU recorded a surplus of 198 billion euros, when it comes to goods, but logged a deficit of around 148 billion euro in the trading of services — meaning the bloc overall had a trade surplus of around 50 billion euros in 2024. Trump has repeatedly taken issue with the trade relationship between Washington and Brussels, suggesting it is unfair and accusing the EU of taking advantage of the U.S. U.S.-EU negotiations have appeared to be difficult and slow to gain ground. Sources told CNBC earlier this week that a bare-bones political deal that is light on details may be the EU's best hope. European Commission President Ursula von der Leyen seemed to echo the view on Thursday. "What we are aiming at is an agreement in principle," she said, adding that a detailed agreement was "impossible" to reach during the 90-day reprieve. Von der Leyen also reiterated that, if no agreement is reached, "all the instruments are on the table." European Trade Commissioner Maros Sefcovic meanwhile said in a social media post on Friday said that he had had a "productive" week in Washington D.C. meeting various U.S. officials. "The work continues. Our goal remains unchanged: a good and ambitious transatlantic trade deal," he said. U.S. Treasury Secretary Scott Bessent seemed more hesitant about the odds of a trade agreement being struck before the deadline. "We'll see what we can do with the European Union," he told CNBC's "Squawk on the Street" on Thursday. Experts speaking to CNBC appeared skeptical about the short-term likelihood of a fully-fledged deal. Anthony Gardner, former U.S. Ambassador to the EU, told CNBC's "Squawk Box Europe" on Friday that he was "not surprised" von der Leyen had excluded the possibility of an all-inclusive deal. "The detailed agreement is what it says: detailed. It can run into many pages, [because] full trade agreements are thousands of pages, but what we could see is heads of terms like the one that the U.S. signed with the U.K.," he said. "So that's possible, but I don't think the actual content will be similar," Gardner added.
Yahoo
a day ago
- Yahoo
Putin's attempt to 'play Trump' on Ukraine will fail, former national security advisor says
Russian President Vladimir Putin is intensifying his assault on Ukraine, despite previously signaling to President Donald Trump that peace might be on the table. But one former Trump advisor says Putin's strategy is unlikely to succeed. "I don't think he can play Donald Trump," retired Gen. H.R. McMaster, who served as Trump's national security advisor from 2017 to 2018, told "The Brian Kilmeade Show" on Wednesday. "You saw what happened with the Iranians. He gave them 60 days, right? And they went to 61, and he acted." Pentagon's Weapons Pause To Ukraine Could 'Encourage' And 'Escalate' Putin's War Ambitions: Security Experts Russia launched its largest aerial strike on Ukraine since the start of the war this week, marking an escalation in the conflict. McMaster said this is part of a calculated attempt by Putin to project power and reshape his image. Read On The Fox News App "This is Putin's ruse. He's trying to look strong," McMaster told the "Brian Kilmeade Show." "He's throwing it all in right now because he thinks we don't have the will to support Ukraine." Sen Lindsey Graham: Russia Sanctions Bill Aims To Change Putin's Calculus, Protect World Order Sen. Jeanne Shaheen: If Trump Wants A Ukraine Deal, He Should Reread His Own Book The increase in Russian aggression comes as the Pentagon has paused some weapons shipments to Ukraine. The scrapped deals included Patriot missile interceptors and artillery shells. U.S. officials have justified the delay by blaming it on dwindling stockpiles and concerns the United States could need them to defend itself. While Putin is projecting strength, McMaster argued the Russian leader is far weaker than he appears. "Putin is really in a hurt, in terms of his economic situation," he said. "He's not pulling as much out of the ATM as he's been able to pull," noting that declining oil prices and skyrocketing military expenses have taken a toll on Russia's economy. According to McMaster, these developments could push Trump to take a firmer stance if peace talks continue to falter. "President Trump is [going to] come to the conclusion it's time to put more pressure on Putin, and that includes sustaining support for the Ukrainians." Last month, Trump proposed taking a step back in ceasefire negotiations, likening Russia and Ukraine to two children fighting. He suggested the U.S. take a step back in negotiations until both countries are willing to come to the table. "Sometimes you're better off letting them fight for a while and then pulling them apart," remarked Trump in early June. Trump Insists Ukraine-russia Peace Deal Is Close, But Mistrust In Putin Leaves Experts Skeptical Some leaders have countered the president's strategy, saying U.S. support is critical to the Ukrainian resistance. On Wednesday, NATO Secretary General Mark Rutte emphasized that Ukraine cannot win without American aid. "A secure Europe also means a secure U.S.," Rutte told "Fox & Friends." The Dutch leader also noted that a larger Russia that's closer to Europe could pose more of a risk to U.S. article source: Putin's attempt to 'play Trump' on Ukraine will fail, former national security advisor says
CNBC
a day ago
- CNBC
Treasury Sec. Bessent on Vietnam trade deal framework
U.S Treasury Secretary Scott Bessent joins 'Squawk on the Street' for a sweeping interview on President Trump's budget bill, tariff policy, and the framework for a U.S. trade deal with Vietnam.
