She Gave Away Her Inheritance. Now What?
A descendant of German industrialist Friedrich Engelhorn, founder of chemicals company BASF, the Austrian heiress was by that point familiar with the trappings of wealth: She'd attended an elite private French lycée, lived in a mansion in Vienna, and knew her family's lawyer so well that she thought he was her uncle. But it wasn't until 2020 that the Austrian heiress learned the extent of her inheritance from her elderly grandmother — a figure her family asked her not to disclose, but enough to make her a multimillionaire.
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USA Today
3 hours ago
- USA Today
Trump and EU reach trade deal ahead of looming deadline
The trade deal echoes the arrangement Trump reached with Japan. President Donald Trump announced July 27 the United States had reached a trade deal with the European Union, days ahead of a self-imposed Aug. 1 deadline. Trump met with the European Commission's president, Ursula von der Leyen, during his trip to Scotland over the weekend, where the pair discussed terms and came to an agreement. The deal includes a 15% tariff on most European exports to the United States, similar to agreements struck recently between Trump and other major trading partners, including Japan. The levy is higher than the 10% rate sought by Europeans but a reduction from the 30% Trump threatened to impose earlier in July. The agreement also includes $600 billion in EU investments in the U.S., and the purchase of $750 billion worth of U.S. energy. "I think we both wanted to make a deal,' Trump said. "I think it's going to be great for both.' The 15% tariff will be applied 'across the board,' for items including cars, but steel and aluminum will remain at 50%. "We have a trade deal between the two largest economies in the world, and it's a big deal,' von der Leyen said. 'It's a huge deal. It will bring stability. It will bring predictability.' The president has repeatedly criticized the European Union, saying it was "formed to screw the United States" on trade. The U.S. trade deficit with the EU reached $235 billion in 2024, according to U.S. Census Bureau data. Heading into the weekend meeting, he called the relationship between the EU and the United States "very unfair" and said he thought officials had a "50/50 chance" of striking a deal. After an agreement was announced, von der Leyen said the deal would "rebalance" relations, despite European leaders long claiming there was not an unfair trade balance. German Chancellor Friedrich Merz said the agreement averted a trade conflict that threatened a 27.5% tariff on cars. "This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy hard,' Merz said. Italy's Prime Minister Giorgia Meloni called it a 'positive' trade deal. Ireland's Trade Minister Simon Harris said the tariff provides certainty in trade that 'is essential for jobs, growth and investment.' "A deal provides a measure of much needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world,' Harris said. Trump is seeking to reorder the global economy and reduce decades-old U.S. trade deficits. He has so far reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of "90 deals in 90 days." The EU deal echoes the deal reached with Japan. Despite the recent deals, Commerce Secretary Howard Lutnick said the administration will continue to pursue aggressive tariffs around the world, including potential duties on critical semiconductors in the near future. Contributing: USA TODAY, Reuters
New York Post
5 hours ago
- New York Post
Shuttered Albany restaurant popular with NY elite, politicians to reopen as members-only social club
An Albany restaurant that used to feature a clientele list teeming with some of the most powerful politicians in New York is set to reopen as a private members' dining club in late 2025. The La Serre restaurant closed in 2020 after it was unable to bounce back from the COVID-19 lockdown, with much of its business at the time relying on large gatherings like banquets and receptions, founder Anne Trimble told the Times Union. The French-based restaurant originally opened in 1977 and quickly became a favorite among New York's political elite on both sides of the aisle during its run, including former Govs. Hugh Carey, Mario Cuomo, George Pataki and Andrew Cuomo. Advertisement Albany's La Serre restaurant will be taken over by an exclusive politician nightclub. Albany Times Union via Getty Ima Now, Mayor Eric Adams' spokesman Todd Shapiro is looking to revamp the historic mainstay alongside Greg Caggiano and Todd Miller of the law firm Miller & Caggiano. 'This is going to be the most important political and social venue north of Manhattan. We're bringing back the old-school power — but with a modern twist: young, trendsetting, high-end, and unapologetically political,' Shapiro said. Advertisement Their vision centers around elevating the old restaurant's history by making it a hotspot for 'high-level networking, private events, and political strategy' while filling the space of a much-needed 'contemporary social anchor,' according to a press release. They plan to make it highly selective, primarily limiting membership to public leaders, media influencers, creatives and civic entrepreneurs, according to the release. La Serre closed in 2020 after it was unable to recover from the COVID-19 lockdown. Albany Times Union via Getty Ima The restaurant will also include a secluded 'War Room' — which shares its name with another restaurant owned by Shapiro — that will be reserved for politicians' off-the-record meetings. Advertisement The new and improved La Serre will include a rooftop terrace and renovated interior, likely shifting away from the upscale, green leather-laden atmosphere of the old restaurant and gravitating towards something more 'clubby,' per the release. Trimble founded the restaurant alongside her late husband, Geoffrey, who passed away in 2005. She managed the restaurant with her son, John, up through its closure, the Times Union reported.
Axios
9 hours ago
- Axios
U.S. reaches trade agreement with Europe with 15% tariff
President Trump said on Sunday that the U.S. reached a trade agreement with the European Union that would impose a 15% tariff rate on its goods. Why it matters: Europe is the latest major partner to accept significantly higher tariffs to stave off worsening trade fights with Trump. Details: Trump announced the deal alongside European Commission president Ursula von der Leyen during a trip to Scotland. Trump said the EU agreed to buy more than $750 billion worth of U.S. energy, as well as invest $600 billion on top of the bloc's existing commitments in America. Trump said that the EU would also purchase military equipment as well as open its markets for U.S. manufacturers. What they're saying: "I think it's the biggest deal ever made," Trump said on Sunday. "It will bring stability, it will bring predictability," von der Leyen said, calling it a "huge deal." Catch up quick: The EU pact comes after one struck with Japan earlier this week. That deal imposed 15% tariffs on U.S.-bound imports, but also included a massive investment mechanism that has come under scrutiny. The big picture: Europe's economy was reeling before Trump took office. Still, White House trade policy has targeted its most dominant sectors, including auto manufacturing. German carmakers — Mercedes, BMW and Audi — have been subject to a 25% tariff rate since April, while other goods faced a blanket 10% tariff. By the numbers: As a bloc, the EU is America's top trading partner, with more than $600 billion worth of goods imported from European nations last year. The U.S. exported slightly more than half of that sum, with $370 billion worth of goods sent to Europe in 2024. That trade deficit has been one source of Trump's frustration with Europe since taking office. The bottom line: Some of the world's largest economies will adjust to far higher tariff rates than initially thought, with huge implications for global economic growth and inflation.
