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Mint
12-07-2025
- Business
- Mint
Navarro Urges Canada to ‘Negotiate Fairly' Before August Tariff Deadline
(Bloomberg) -- White House trade adviser Peter Navarro encouraged Canada to continue negotiating with the US to lower trade barriers after President Donald Trump announced a 35% tariff on the North American neighbor. 'I would urge the Canadian citizens to urge their leaders to negotiate fairly with us,' Navarro said in an interview with Bloomberg Television on Friday. Navarro's comments highlight how the administration's new Aug. 1 deadline for many tariffs to take effect has given countries an extended timeline to secure lower rates from Trump. Navarro reiterated that the tariffs, did not cover goods imported under the US-Mexico-Canada trade agreement. The announcement of the tariff rate for Canada on Thursday was a demonstration of how the president this week has intensified his trade rhetoric and moved to unilaterally impose rates on numerous trading partners after months of negotiations. While talks with Canada over tariffs were on a separate track than talks being conducted with other trading partners who faced so-called reciprocal tariffs, Canadian Prime Minister Mark Carney had been furiously negotiating to avoid higher duties. The 35% rate set to take effect in August would be an increase from the current 25% tariff on imports from Canada but the impact is less than initially feared because of USMCA agreement, which covers most of Canada's exports to the US. Navarro on Friday cast Canada as a challenging negotiator, defending Trump's tariff agenda as a fair response to what he said were higher duties on American exports and non-trade barriers in other economies. 'We were negotiating with both the Mexicans and the Canadians and the Mexicans were pure joy to deal with,' Navarro said of trade talks in Trump's first term when the president brokered the USMCA pact. 'You know, they were tough negotiators, but they were reasonable, fair negotiators. The Canadians were very, very difficult, and they've always been very difficult.' --With assistance from Joe Mathieu and Kailey Leinz. More stories like this are available on
Mint
08-07-2025
- Business
- Mint
Germany Summons Chinese Envoy After Laser Targeted Plane
(Bloomberg) -- Germany summoned China's ambassador over accusations that a military plane was endangered by a Chinese warship. As part of the European Union-led ASPIDES operation to protect sea lanes in the Red Sea from attacks by the Houthi militia, a German surveillance aircraft was targeted with a laser without cause or warning, according to the German defense ministry. In response to the incident, China's ambassador was summoned to the foreign ministry in Berlin. 'By using the laser, the warship accepted a risk to people and material,' a spokesman for Germany's defense ministry said on Tuesday, adding that the plane returned to its base in Djibouti as a precaution and landed without harm. China's defense and foreign ministries didn't immediately respond to requests for comment. The incident adds to increased tensions between Europe and China after the government in Beijing recently decided to cancel part of a two-day summit with EU leaders planned for later this month. The propeller-powered aircraft, known as a multi-sensor platform, acts as the 'flying eye' of the mission and contributes to long-range reconnaissance of the sea area. The operation has since continued, according to the German defense ministry spokesman. The laser incident took place at the beginning of July, the defense ministry spokesman added. The timing was almost parallel with a diplomatic tour by Chinese Foreign Minister Wang Yi, who visited in Brussels, Germany and France. German Foreign Minister Johann Wadephul met with Wang for bilateral talks in Berlin on July 4. After the discussions, he criticized China over its trade policy. 'Unfortunately our companies are currently facing one-sided and not very transparent export restrictions for rare earths,' Wadephul said Thursday evening in the German capital. 'This uncertainty is damaging our trade relations and also damaging China's image in Germany as a reliable trading partner overall.' Wang, who spoke alongside Wadephul, insisted rare earths were 'dual-use goods' that needed to be controlled. 'This is part of our sovereignty,' he said. --With assistance from Josh Xiao, Jing Li and Colum Murphy. (Adds timing of incident, background on relations) More stories like this are available on
Mint
04-07-2025
- Automotive
- Mint
Germany's Autobahn Cracks After Heat Wave Hits Europe
(Bloomberg) -- Germany will carry out emergency repairs on its autobahn this weekend after extreme heat in recent days blew up large chunks of concrete along key stretches of the highway. Temperatures of up to 39C (102F) caused the material to expand and crack open roads in various parts of the country, leading to hours-long traffic jams. With summer breaks beginning in many German states on Friday, repair works over the weekend are set to impact traffic flows further. The phenomenon known as 'blow-ups' occurs when concrete expands and has nowhere to go, leading to sudden fractures or cracks. It mostly affects older, heavily used or previously repaired highways during high temperatures, especially ones that aren't layered with asphalt. German authorities have prepared for the event by lowering speed limits along older sections of the road during summer — a noticeable measure in the only industrialized nation without a general speed limit on highways. Germany and the wider region have faced increasingly intense and frequent heat waves, with Europe warming twice as fast as the global average since the 1980s as a result of climate change. The scorching temperatures pose risks for critical infrastructure as well as human health. While works to repair the damage in Germany have started, a highway section in the heavily-trafficked Ruhr area will be closed completely in one direction from Friday night until Monday morning to cover up remaining cracks and holes. In the western-central state of Hesse, five meters of the road were 'chiseled up and the broken pieces removed,' the local representation of Germany's highway authority said on Thursday. Workers have since replaced it with new asphalt. While the fallout from the heat is likely to cause frustration for German drivers as they embark on their summer holidays, high temperatures have also led to more grave consequences in parts of Europe this week, with the Greek island of Crete battling wildfires that have forced thousands of residents and tourists to evacuate. In Spain, Italy and France, several heat-related deaths have been recorded. More stories like this are available on
Mint
04-07-2025
- Climate
- Mint
Searing Heat Burns Greece, Turkey as Torrid Weather Shifts East
(Bloomberg) -- An intense heat wave continued to scorch Europe on Friday as firefighters scrambled to control wildfires in Greece and neighboring Turkey. Fire crews battled a new blaze on Crete, shortly after containing a separate fire that forced evacuations of residents and tourists from the island earlier this week. More than 40 fires broke out in Greece the past two days, and the area around Athens is seen at very high risk this weekend. Further east in Turkey, more than 600 fires have ignited during the past week, killing two people and closing major roads. Fire crews have now brought most under control, though their efforts have been hampered by strong winds, which have spread the flames and kept firefighting planes on the ground. The blistering heat that's smothered western Europe in recent weeks — sparking fires in countries including the UK, France and Spain — is shifting east. Red alerts are in place in Croatia and Serbia, where daytime highs may reach 38C (100F), threatening public health, straining power systems and disrupting travel. In Turkey, the biggest fires — in Izmir and the southern city of Hatay — resemble the 2021 blazes that ravaged the country's Aegean coasts and led to protests over the government's response. Agriculture and Forestry Minister Ibrahim Yumakli said Thursday that the authorities are tackling the 2025 fires with 'the best ground and air fleets in the history of the Turkish Republic.' While much of western Europe is starting to see some respite from the scorching conditions, parts of some countries remain at high fire risk, and another round of extreme heat is forecast to return next week, peaking around mid-July. --With assistance from Sofia Horta e Costa. More stories like this are available on
Mint
04-07-2025
- Business
- Mint
Taiwan Considers Tougher FX Rules for Foreigners Buying Stocks
(Bloomberg) -- Taiwan's central bank is seeking feedback on a plan to tighten currency purchases by foreign stock investors, according to people familiar with the matter, a move that may limit speculative bets after a surge in the local dollar this year. The central bank is mulling a policy that requires international investors wanting to buy the island's stocks to show proof of orders before they can purchase the Taiwan dollar, said the people, who asked not to be identified as they aren't authorized to speak publicly. The currency conversion would then take place the following day, the people said. The proposal is Taiwan's latest attempt to push back at the local currency's almost 14% rise against the greenback this year, which has squeezed insurers and hurt its export-reliant economy. Last month, it told foreign investors to exit currency bets taken through exchange-traded funds. The proposed rule change would make it harder for foreign investors to use currency transfers to speculate on the Taiwan dollar. But it could also add a layer of risk to equity trades, creating a lag between when foreign funds agree to buy securities and when they actually have the local currency to pay for them. The current rule is that foreign investors are allowed to request currency conversion on the day they place orders for Taiwanese equities, and they don't need to provide any proof of those orders, according to the people. The proposed rule change is possible because local stock trades have a settlement period of two days, they said. The central bank has asked foreign custodian banks for feedback on the rule and will hold a meeting with a group of banks next week, the people said. Taiwan's central bank didn't respond to requests for comment. Taiwanese officials have taken various steps to ease the surge against the dollar, including instructing some banks to delay exporters' dollar sales. Earlier this week. the government announced a task force to help exporters and small-and-medium sized companies mitigate the fallout of the currency move. More stories like this are available on
