Zelenskyy Backtracks on Anti-Corruption Law After Protests, EU Criticism
Ukraine's two main anti-corruption bodies, the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialized Anti-Corruption Prosecutor's Office (SAPO), welcomed the new bill, which they said they helped draft, saying it guarantees their independence.
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The Hill
19 minutes ago
- The Hill
US-EU trade deal wards off further escalation but will raise costs for companies, consumers
FRANKFURT, Germany (AP) — President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug. 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for U.S. consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the trade deal between the United States and the European Union: What's in the agreement? Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15% tariff rate on 'the vast majority' of European goods brought into the U.S., including cars, computer chips and pharmaceuticals. It's lower than the 20% Trump initially proposed, and lower than his threats of 50% and then 30%. Von der Leyen said the two sides agreed on zero tariffs on both sides for a range of 'strategic' goods: Aircraft and aircraft parts, certain chemicals, semiconductor equipment, certain agricultural products, and some natural resources and critical raw materials. Specifics were lacking. She said the two sides 'would keep working' to add more products to the list. Additionally, the EU side would purchase what Trump said was $750 billion (638 billion euros) worth of natural gas, oil and nuclear fuel to replace Russian energy supplies, and Europeans would invest an additional $600 billion (511 billion euros) in the U.S. What's not in the deal? Trump said the 50% U.S. tariff on imported steel would remain; von der Leyen said the two sides agreed to further negotiations to fight a global steel glut, reduce tariffs and establish import quotas — that is, set amounts that can be imported, often at a lower rate. Trump said pharmaceuticals were not included in the deal. Von der Leyen said the pharmaceuticals issue was 'on a separate sheet of paper' from Sunday's deal. Where the $600 billion for additional investment would come from was not specified. And von der Leyen said that when it came to farm products, the EU side made clear that 'there were tariffs that could not be lowered,' without specifying which products. What's the impact? The 15% rate removes Trump's threat of a 30% tariff. It's still much higher than the average tariff before Trump came into office of around 1%, and higher than Trump's minimum 10% baseline tariff. Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy. The 10% baseline applied while the deal was negotiated was already sufficiently high to make the European Union's executive commission cut its growth forecast for this year from 1.3% to 0.9%. Von der Leyen said the 15% rate was 'the best we could do' and credited the deal with maintaining access to the U.S. market and providing 'stability and predictability for companies on both sides.' What is some of the reaction to the deal? German Chancellor Friedrich Merz welcomed the deal which avoided 'an unnecessary escalation in transatlantic trade relations' and said that 'we were able to preserve our core interests,' while adding that 'I would have very much wished for further relief in transatlantic trade.' The Federation of German Industries was blunter. 'Even a 15% tariff rate will have immense negative effects on export-oriented German industry,' said Wolfgang Niedermark, a member of the federation's leadership. While the rate is lower than threatened, 'the big caveat to today's deal is that there is nothing on paper, yet,' said Carsten Brzeski, global chief of macro at ING bank. 'With this disclaimer in mind and at face value, today's agreement would clearly bring an end to the uncertainty of recent months. An escalation of the US-EU trade tensions would have been a severe risk for the global economy,' Brzeski said. 'This risk seems to have been avoided.' What about car companies? Asked if European carmakers could still sell cars at 15%, von der Leyen said the rate was much lower than the current 27.5%. That has been the rate under Trump's 25% tariff on cars from all countries, plus the preexisting U.S. car tariff of 2.5%. The impact is likely to be substantial on some companies, given that automaker Volkswagen said it suffered a 1.3 billion euro ($1.5 billion) hit to profit in the first half of the year from the higher tariffs. Mercedes-Benz dealers in the U.S. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. What were the issues dividing the two sides? Before Trump returned to office, the U.S. and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with some 1.7 trillion euros ($2 trillion) in annual trade. Together the U.S. and the EU have 44% of the global economy. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products, according to the Bruegel think tank in Brussels. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more from European businesses than the other way around, and has said the European market is not open enough for U.S.-made cars. However, American companies fill some of the trade gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. And some 30% of European imports are from American-owned companies, according to the European Central Bank.
Axios
an hour ago
- Axios
EU trade deal with Trump helps Europe ditch Russian fuels
The new trade deal that President Trump unveiled with the European Union includes a European pledge to buy $750 billion worth of U.S. energy. Why it matters: European Commission President Ursula von der Leyen said it will help the bloc further wean itself off Russian gas. The $750 billion is spread across three years, she told reporters in Scotland on Sunday. The big picture:"We still have too much Russian LNG that is coming through the back door ... to our European Union," von der Leyen said, and also cited some continued oil shipments. "We want to absolutely get rid of Russian fossil fuels, and therefore it is much welcome to purchase the more affordable and better LNG from the United States," she said. EU pipeline imports of gas from Russia, once its dominant supplier, have fallen greatly. But imports of Russian LNG remain substantial. What we're watching: EU members' purchases of U.S. LNG and oil have risen sharply since Russia invaded Ukraine. And European energy companies have already been signing deals for future LNG volumes from U.S. projects that are planned or already under construction. The bottom line: Details are lacking. The big question is how much this increases purchases that would have occurred anyway. ClearView Energy Partners, in a note, said that even if the $250B annually includes existing U.S. energy exports to the EU of roughly $78B per year, it would still be a big jump. The total "would far outstrip" U.S. energy purchases in Trump's "phase one" deal with China, ClearView said.
NBC News
an hour ago
- NBC News
Trump strikes a deal with the E.U., and a bipartisan duo wants the Epstein files: Weekend Rundown
President Donald Trump on Sunday announced a trade agreement with the European Union that would set tariffs at 15%, ending what had been months of uncertainty surrounding trade with the United States' largest trade partner. The tariff rate is a reduction from the 30% that Trump threatened on July 12 and the 20% he said he would impose on April 2. Announcing the agreement, Trump said the E.U. will not impose a tariff on U.S. imports. He added this agreement was 'satisfactory to both sides.' European Commission President Ursula von der Leyen said Sunday alongside Trump that the pact 'will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' However, Trump said 50% tariffs on steel would remain unchanged and more tariffs could still be on the way for pharmaceutical products, which Ireland is one of the top sources of. Trump recently threatened 200% tariffs on pharma goods. 'Meet the Press' Reps. Thomas Massie, R-Ky., and Ro Khanna, D-Calif., who are working together to push the Trump administration to release federal files related to Jeffrey Epstein, disagreed over whether Trump should pardon Epstein's longtime associate Ghislaine Maxwell. Massie told NBC News' 'Meet the Press' during a joint interview with Khanna that 'whatever they need to do to compel [Maxwell's] testimony, as long as it's truthful, I would be in favor of.' Khanna, on the other hand, said, 'No, I don't' believe that Maxwell should be pardoned or have her sentence commuted and that he is 'concerned' that she met with Deputy Attorney General Todd Blanche last week. 'Look, I agree with Congressman Massie that she should testify, but she's been indicted twice on perjury. This is why we need the files,' Khanna added. In a separate interview, Speaker Mike Johnson, R-La., said he would defer to the president on whether Maxwell should be pardoned, telling moderator Kristen Welker, 'That's not my lane.' Johnson later added, 'If you're asking my opinion, I think 20 years was a pittance. I think she should have a life sentence at least. I mean, think of all these unspeakable crimes, and as you noted earlier, probably 1,000 victims. I mean, you know, this, this is, it's, it's hard to put into words how evil this was.' Politics in brief Close to home: Democrats are planning to make Rep. David Valadao's support for Trump's 'big, beautiful bill' — and his vote for Medicaid cuts — a focal point of their campaign in a key midterm race. Charting old territory: As Texas Republicans plow ahead with a plan to redraw congressional maps ahead of schedule, many governors are increasingly grappling with the issue sooner than expected. First up: The Democratic Party shook up its presidential primary schedule in 2024, placing South Carolina out in front. State leaders want to keep it that way in 2028. More South Carolina: Rep. Ralph Norman, R-S.C., a member of the Freedom Caucus, announced he is running for governor, looking to succeed GOP Gov. Henry McMaster. As Israel announces a 'tactical pause' in fighting, Sen. Lindsey Graham says there's no way to negotiate with Hamas Israel announced it was pausing fighting in some areas of the Gaza Strip to facilitate aid delivery after international outrage swelled in recent days over surging deaths by malnutrition and widespread starvation caused by Israeli restrictions on humanitarian aid. The announcement issued by the Israel Defense Forces said it would be implementing 'humanitarian corridors' for the safe movement of United Nations aid trucks and 'humanitarian pauses' in some of Gaza's most densely populated areas. Meanwhile, Sen. Lindsey Graham, R-S.C., said in an interview on NBC News' 'Meet the Press' that he believes there is no way for Israel to safely negotiate an end to the war with Hamas and that Israel would take over Gaza, comparing the move to U.S. actions at the end of World War II. 'They're going to do in Gaza what we did in Tokyo and Berlin, take the place by force and start over again, presenting a better future for the Palestinians, hopefully having the Arabs take over the West Bank and Gaza,' he later added. How armed gangs are hunting the internet's high rollers As the price of bitcoin rises, criminals are increasingly reaching beyond cyberspace, with a growing number of real-life kidnappings aiming to empty people's crypto wallets. Crypto-related abductions increased every year since 2019, an NBC News analysis found, with a review of news reports and legal documents identifying 67 incidents of crypto kidnapping in 44 countries involving a target or their family member. Muhammad Arsalan, a 23-year-old crypto influencer from Pakistan, was forced to surrender $340,000 worth of tether when he was kidnapped and held at gunpoint in December. 'I had no options left. This is my whole life savings. This is all my life's money,' Arsalan said. Food manufacturers across the U.S., big and small, are facing hurdles as they seek to phase out synthetic food dyes. Kraft Heinz, Nestle, General Mills and major ice cream makers have all recently vowed to shift to natural coloring amid the Trump administration's push to eliminate artificial dyes from the country's food supply, as well as a broader movement by states to ban them because of safety concerns. The transition presents challenges for food companies in developing reliable, cost-effective natural dyes, which are generally more expensive and difficult to make, requiring higher concentrations to achieve the same hue. The shift has also raised questions about the long-term impact of natural dyes on consumers' health. The Texas-based Atkinson Candy Company, which makes the Chick-O-Stick candy bar, is among smaller manufacturers struggling to maintain a distinctive hue while phasing out synthetic food dyes. 'They say in the industry that taste is king, but color is queen,' CEO Eric Atkinson explained. 'The queen is very important.' Notable quote The former senior CIA officer who helped oversee the intelligence assessment on Russia's interference in the 2016 election told NBC News that Director of National Intelligence Tulsi Gabbard and the White House are 'lying' when they claim that it was an attempt to sabotage Trump. In case you missed it Michigan officials are seeking a terrorism charge in addition to 11 counts of assault with intent to murder against a man who allegedly stabbed nearly a dozen people at a Walmart in what they described as a seemingly random attack. The Illinois man who was sentenced to 53 years in prison for the murder of a young Palestinian American boy in a 2023 hate crime died in prison, authorities said. Four adults were arrested after being accused of abusing nine children in their home by caging them with plywood under a bunk bed and spraying them in the face with vinegar as a form of punishment, Florida officials said. Beyoncé reunited Destiny's Child for the final 'Cowboy Carter' tour date, with Kelly Rowland and Michelle Williams appearing onstage in Las Vegas. Thailand and Cambodia on Sunday an end to a deadly border dispute following mediation efforts by Trump, who has pressed for ceasefire talks. back-to-back Women's European Championships.
