Rheinmetall seeks sales of up to 50 billion eur by 2030, CEO tells German TV
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The Star
2 hours ago
- The Star
EU chief von der Leyen heads to Scotland for trade talks with Trump
FILE PHOTO: European Commission President Ursula von der Leyen speaks at a press conference following the 25th EU-China Summit in Beijing, China July 24, 2025. REUTERS/Florence Lo/File Photo BRUSSELS/EDINBURGH (Reuters) -EU Commission President Ursula von der Leyen headed to Scotland on Saturday ahead of a meeting with U.S. President Donald Trump on Sunday afternoon, commission spokespeople said, as EU officials said the two sides were nearing a trade agreement. Trump, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that he was looking forward to meeting with von der Leyen, calling her a "highly respected" leader. He repeated his view that there was a 50-50 chance that the U.S. and the 27-member European Union could reach a framework trade pact, adding that Brussels wanted to "make a deal very badly". If it happened, he said it would be the biggest trade agreement reached yet by his administration, surpassing the $550 billion accord agreed with Japan earlier this week. The White House has released no details about the planned meeting or the terms of the emerging agreement. The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of U.S. goods in case the talks collapse. To get a deal, Trump said the EU would have to "buy down" that tariff rate, although he gave no specifics. EU diplomats say a possible deal between Washington and Brussels would likely include a broad 15% tariff on EU goods imported into the U.S., mirroring the U.S.-Japan deal, along with a 50% tariff on European steel and aluminum. The broad tariff rate would be half the 30% duties that Trump has threatened to slap on EU goods from August 1. It remains unclear if Washington will agree to exempt the EU from sectoral tariffs on automobiles, pharmaceuticals and other goods that have already been announced or are pending. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce in Brussels warned in March that any conflict jeopardized $9.5 trillion of business in the world's most important commercial relationship. (Reporting by Andrew Gray and Andrea ShalalEditing by Nick Zieminski)
The Star
5 hours ago
- The Star
South Korea to prepare mutually agreeable trade package as US tariff deadline looms
South Korea, facing 25 per cent tariffs, is rushing to reach a trade deal with Washington. -- PHOTO: REUTERS SEOUL (Reuters): South Korea will prepare a trade package that is mutually agreeable with the United States ahead of minister-level meetings planned next week and a US tariff-pause deadline of August 1, the presidential office said on Saturday. The package will include shipbuilding cooperation, a sector of high interest to U.S. Commerce Secretary Howard Lutnick, who discussed the matter with South Korea's Industry Minister Kim Jung-kwan on Friday, it said in a statement. Friday's meeting was a follow-up to a meeting on Thursday, where Lutnick and Kim reaffirmed their commitment to reach a trade deal by August 1, after a joint meeting of finance ministers and top trade envoys that had been scheduled for Friday was postponed. South Korea, facing 25% tariffs, is rushing to reach a trade deal with Washington, with National Security Adviser Wi Sung-lac visiting the U.S. recently for high-level talks and Minister for Trade Yeo Han-koo also in the U.S. for negotiations, as pressure grows on officials to clinch a deal that is no worse than Japan's that cut tariffs to 15%. South Korea's trade negotiations with the U.S. have included non-tariff barriers in the agricultural and digital service sectors, but foreign exchange has not been part of trade talks beyond usual consultations, according to South Korean officials. U.S. President Donald Trump arrived in Scotland on Friday for bilateral talks with European Commission President Ursula von der Leyen on Sunday, which could yield a trade deal with the European Union, after making a deal earlier this week with Japan and the Philippines. Next week, U.S. officials will hold a new round of trade talks with China in Sweden for an extension to a separate deadline of August 12 set between the two countries. South Korea's Finance Minister Koo Yun-cheol and Foreign Minister Cho Hyun will also hold meetings with U.S. Treasury Secretary Scott Bessent and State Secretary Marco Rubio, respectively, next week. (Reporting by Jihoon Lee; Editing by Jacqueline Wong)
The Star
7 hours ago
- The Star
Indian firm says it shipped non-military explosives to Russia
NEW DELHI (Reuters) -An Indian firm that shipped $1.4 million worth of an explosive compound with military uses to Russia in December said on Saturday it complies with Indian rules and the substance it had shipped was for civilian industrial purposes. Reuters reported on July 24 that Ideal Detonators Private Limited shipped the compound, known as HMX or octogen, to two Russian explosives manufacturers despite U.S. threats to impose sanctions on any entity supporting Russia's Ukraine war effort. One of the Russian companies listed in Indian customs data as receiving the compound is the explosives manufacturer Promsintez. An official at Ukraine's SBU security service has said the Russian company has ties to the military and that Ukraine launched a drone attack in April against a Promsintez-owned factory. Promsintez did not respond to a request for comment. Ideal Detonators said in an emailed response to Reuters that the material it shipped was not military grade. "The shipment ... is for industrial activity and it's a civil explosive," the company said. The U.S. government has identified HMX as "critical for Russia's war effort" and has warned financial institutions against facilitating any sales of the substance to Moscow. The U.S. Treasury Department has the authority to sanction those who sell HMX and similar substances to Russia, sanctions lawyers have said. HMX is widely used in missile and torpedo warheads, rocket motors, exploding projectiles and plastic-bonded explosives for advanced military systems, according to the Pentagon's Defense Technical Information Center and related defense research programs. The compound also has some limited civilian applications in mining and other industrial activities. (Reporting by Shivam Patel in New Delhi; Editing by Sharon Singleton)
