Thousands Rally in Bulgaria, Demanding Judicial Overhaul
Protesters walked the central boulevard in Sofia at a demonstration coordinated by the Justice for Anyone initiative, whose leaders demand the dismissal of the country's powerful acting chief prosecutor.
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Yahoo
40 minutes ago
- Yahoo
Herzog clashes with Dutch PM over threat to suspend Israel from EU programs
Tensions erupted between Herzog and Dutch Prime Minister Dick Schoof, following a statement from the Netherlands suggesting punitive European measures against Israel. Tensions erupted Monday between Israeli President Isaac Herzog and Dutch Prime Minister Dick Schoof, following a sharply worded statement from the Netherlands suggesting punitive European measures against Israel due to the ongoing humanitarian crisis in Gaza. In a social media post, Prime Minister Schoof said he had convened an emergency meeting with his deputy prime ministers, foreign minister, and defense minister to address what he described as 'the catastrophic situation in Gaza.' Schoof emphasized the Netherlands' support for immediate and unrestricted humanitarian aid to the enclave and warned that if the European Union finds Israel in violation of humanitarian agreements, The Hague would support suspending Israel's participation in the EU's Horizon Europe research and innovation program. Schoof went further, stating that if the EU takes action, the Netherlands would advocate additional measures—potentially in the trade sphere—and may also take national steps to 'increase the pressure.' Swift and pointed But the response from Jerusalem was swift and pointed. 'Sorry, Prime Minister, with all due respect—this tweet does not reflect the spirit or the details of our phone call,' President Herzog tweeted in an unusually direct rebuttal. 'Nor does it reflect my crystal-clear position: it will be a huge mistake if the EU takes such steps, especially in light of Israel's ongoing and upgraded humanitarian efforts.' Herzog expressed deep disappointment that the fate of the Israeli hostages held by Hamas was not even mentioned in Schoof's remarks. 'I am especially saddened that the plight of our hostages and the demand for their immediate release are completely ignored,' he wrote. A source with knowledge told The Jerusalem Post that during the phone call, Prime Minister Schoof told Herzog that 'he is a true friend of Israel, but he has no choice, and in light of public opinion he is obligated to support the suspension of a small part of the EU-Israel Association Agreement—specifically the section regarding future cooperation.' According to a source familiar with the details of the conversation, Schoof made no mention of supporting trade sanctions or the full cancellation of the Association and Horizon Agreements, as was implied in his later tweet. Schoof, in his statement, also said Hamas must fully cooperate to ensure aid reaches the suffering civilian population. He noted that the Dutch government would later send a formal letter to its parliament outlining its actions—both nationally and within the EU framework. The European Commission is expected to convene Tuesday in Brussels to discuss the Horizon programme and other potential measures. A suspension of Israel's participation in Horizon, a flagship EU research and innovation initiative, would mark a significant diplomatic escalation. The Foreign Ministry issued a statement saying that the recommendation by the European Union's College of Commissioners to undermine Israel's participation in a component of the Horizon program is mistaken, regrettable, and unjustified. "At a time when Israel is fighting Hamas's jihadist terrorism, any such decision only serves to strengthen Hamas and therefore undermines the chances of reaching a ceasefire and a framework for the release of hostages." The foreign office added that Israel will work to ensure that this recommendation is not adopted by the member states, and we hope that will indeed be the case. Solve the daily Crossword
Yahoo
2 hours ago
- Yahoo
Trump tariffs live updates: US, China eye extension of trade truce as EU deal takes shape
The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress. Treasury Secretary Scott Bessent said President Trump would make the final call on extending the trade truce between the world's two largest economies. This week's talks were the third round for the countries, which have slowly deescalated trade tensions since Trump imposed gargantuan tariffs in April, and China reciprocated. The countries suspended those tariffs for 90 days — a suspension that is set to end on Aug. 12. Bessent said another 90-day extension is possible. Meanwhile, the US and EU are racing to lock in the final details of their major new trade deal before President Trump's self-imposed Friday deadline to reach agreements with partners other than China. Critics say it's a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying and France's Bayrou dubbing the EU's "submission" a "dark day." The agreement includes a baseline tariff rate of 15% on most EU goods imported into the US. Trump called the deal 'the biggest of them all." Trump also confirmed on Monday that 15% represents the new tariff "floor" for countries, whose rates he has been dictating to leaders in the absence of trade deals. 'For the world, I would say it'll be somewhere in the 15% to 20% range,' Trump said in Scotland as he met with UK Prime Minister Keir Starmer. Last week, Trump said those letters dictating tariff rates for over 200 countries would go out soon while his administration works to clinch deals with larger trade partners. Still in focus are potential deals with Canada, Mexico, and India, among others. Trump also touted a deal with Japan that included a $550 billion investment in the US and a 15% tariff on goods imported into the US from Japan. Japan said Tuesday its trade deal with the US eased policy uncertainty but warned US trade actions could still weigh on its economy. But US Trade Representative Jamison Greer said "more negotiations" would be needed with India, just days before the Aug. 1 deadline. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. US goods trade deficit hits nearly two-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years, as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. Tariffs bleed into profits A few tariff mentions on earnings releases this morning that have caught my attention: P&G beats on earnings, warns of $1 billion tariff hit The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs. Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers. Read more here. EU, US rush to clinch final details and lock in trade deal The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts. After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out. Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems. Bloomberg News reports: Read more here. Trump official: More talks needed to clinch India deal The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Rating firms say US tariffs alone will not trigger EU sovereign downgrades Reuters reports: Read more here. US trade deal eases tariff uncertainties, but risks remain: Japan Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Philips soars after lifting margin outlook on softer tariff hit Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Stellantis warns of $1.7B US tariff impact in 2025 Stellantis (STLA) shared updated first-half results after giving early numbers last week. The company said that President Trump's tariffs will cost it $1.73 billion in 2025. Yahoo Finance's senior reporter Pras Subramanian looks into the automakers earnings further and its anticipated tariff hit: Read more here. Germany's Merz says he did not expect better EU-US trade deal, German economy will suffer Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here. Carney says US trade talks in 'intense phase' The Canadian Press reports: Read more here. Analysts say EU-US trade deal could add up to $19 billion in pharma industry costs The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. Analysis: US tariffs will be test of luxury brands' pricing power Luxury goods companies have been spared the worst case scenario in Sunday's EU-US trade deal. But the worst is not over yet, they still face a balancing act as already weak consumer demand prevents them from raising prices further. Reuters reports: Read more here. Markets hope for one thing from US-China tariff talks: Another 90-day extension US and Chinese trade negotiators are meeting this week for at least two days of trade talks as markets continue to focus on relations between the two superpowers and whether stiff tariff rates will be delayed again. Yahoo Finance's Ben Werschkul reports on what to expect: Read more here. Analysis: Out-gunned Europe accepts least-worst US trade deal Reuters reports: Read more here. What's in the US-EU preliminary trade agreement? On Sunday, President Trump and European Commission President Ursula von der Leyen announced a preliminary trade agreement, avoiding an all-out trade war. Here's what we know about the terms the two sides agreed to, per Reuters: Several questions still remain unresolved, however. Here's what remains to be seen when the US and EU reveal a joint statement on Aug. 1: Read more here. Clock is ticking for a US-China trade deal. Negotiators are meeting to buy more time CNN reports: Read more here. US goods trade deficit hits nearly two-year low as imports tumble The US trade deficit in goods narrowed in June to its lowest in nearly two years, as imports dropped sharply. Reuters reports: Read more here. The US trade deficit in goods narrowed in June to its lowest in nearly two years, as imports dropped sharply. Reuters reports: Read more here. IMF edges 2025 growth forecast slightly higher, warns tariff risks still dog outlook Reuters reports: Read more here. Reuters reports: Read more here. India braces for higher US tariffs, eyes broader trade deal: Sources India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. India is bracing itself for higher US tariffs, which will likely be between 20-25% on some exports, according to people familiar with the matter. This will be a temporary measure as it holds off on a fresh trade concession ahead of President Trump's August 1 deadline. Reuters reports: Read more here. Why markets are shrugging off lack of details in Trump trade deals The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. The simplest reason, as explained by Siebert Financial CIO Mark Malek, is that overall progress in various trade talks suggests that worst case scenarios are being avoided "so I think for the most part we're happy." More from Yahoo Finance's Ben Werschkul: Read more here. Tariffs bleed into profits A few tariff mentions on earnings releases this morning that have caught my attention: A few tariff mentions on earnings releases this morning that have caught my attention: P&G beats on earnings, warns of $1 billion tariff hit The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs. Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers. Read more here. The consumer goods giant, Proctor and Gamble (PG) said on Tuesday that it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs. Yahoo Finance's executive editor Brian Sozzi looks into the latest earnings report from makers of Tide and Pampers. Read more here. EU, US rush to clinch final details and lock in trade deal The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts. After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out. Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems. Bloomberg News reports: Read more here. The EU and the US are rushing to finish a trade deal before the August 1 deadline. They want to agree on a joint statement that will allow the US to start cutting tariffs on some goods, like cars and car parts. After that, they will work on a final, legally binding deal. This will need approval from EU countries and maybe the European Parliament. The exact details are still being worked out. Some European leaders worry the deal might hurt their economies. But both sides are focused on finishing the deal soon to avoid more trade problems. Bloomberg News reports: Read more here. Trump official: More talks needed to clinch India deal The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. The US Trade Representative Jamieson Greer said "more negotiations" are needed between the US and India in order to secure a trade deal, Greer's statement was made just days before the Aug. 1 deadline for higher tariffs. Bloomberg News reports: Read more here. Rating firms say US tariffs alone will not trigger EU sovereign downgrades Reuters reports: Read more here. Reuters reports: Read more here. US trade deal eases tariff uncertainties, but risks remain: Japan Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Japan said on Tuesday that its trade deal with the US has removed uncertainties on but attention must be given to the risks these policies are putting on the Japanese economy. Reuters reports: Read more here. Philips soars after lifting margin outlook on softer tariff hit Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Royal Philips NV (PHG) stock rose 9% before the bell on Tuesday after it increased its profitability outlook as the impact of the trade war was not as severe as it feared. Bloomberg News reports: Read more here. Stellantis warns of $1.7B US tariff impact in 2025 Stellantis (STLA) shared updated first-half results after giving early numbers last week. The company said that President Trump's tariffs will cost it $1.73 billion in 2025. Yahoo Finance's senior reporter Pras Subramanian looks into the automakers earnings further and its anticipated tariff hit: Read more here. Stellantis (STLA) shared updated first-half results after giving early numbers last week. The company said that President Trump's tariffs will cost it $1.73 billion in 2025. Yahoo Finance's senior reporter Pras Subramanian looks into the automakers earnings further and its anticipated tariff hit: Read more here. Germany's Merz says he did not expect better EU-US trade deal, German economy will suffer Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here. Germany's Chancellor released a statement saying he's not "satisfied" with the new EU-US trade deal and expressed concerns about how it'll affect his country's economy. Reuters reports: Read more here. Carney says US trade talks in 'intense phase' The Canadian Press reports: Read more here. The Canadian Press reports: Read more here. Analysts say EU-US trade deal could add up to $19 billion in pharma industry costs The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. The recent trade deal announced between the United States and the European Union is raising concerns in different industries about potential costs. The pharmaceutical industry, specifically, is estimated to take on an extra billion dollars based on new data. Reuters reports: Read more here. Analysis: US tariffs will be test of luxury brands' pricing power Luxury goods companies have been spared the worst case scenario in Sunday's EU-US trade deal. But the worst is not over yet, they still face a balancing act as already weak consumer demand prevents them from raising prices further. Reuters reports: Read more here. Luxury goods companies have been spared the worst case scenario in Sunday's EU-US trade deal. But the worst is not over yet, they still face a balancing act as already weak consumer demand prevents them from raising prices further. Reuters reports: Read more here. Markets hope for one thing from US-China tariff talks: Another 90-day extension US and Chinese trade negotiators are meeting this week for at least two days of trade talks as markets continue to focus on relations between the two superpowers and whether stiff tariff rates will be delayed again. Yahoo Finance's Ben Werschkul reports on what to expect: Read more here. US and Chinese trade negotiators are meeting this week for at least two days of trade talks as markets continue to focus on relations between the two superpowers and whether stiff tariff rates will be delayed again. Yahoo Finance's Ben Werschkul reports on what to expect: Read more here. Analysis: Out-gunned Europe accepts least-worst US trade deal Reuters reports: Read more here. Reuters reports: Read more here. What's in the US-EU preliminary trade agreement? On Sunday, President Trump and European Commission President Ursula von der Leyen announced a preliminary trade agreement, avoiding an all-out trade war. Here's what we know about the terms the two sides agreed to, per Reuters: Several questions still remain unresolved, however. Here's what remains to be seen when the US and EU reveal a joint statement on Aug. 1: Read more here. On Sunday, President Trump and European Commission President Ursula von der Leyen announced a preliminary trade agreement, avoiding an all-out trade war. Here's what we know about the terms the two sides agreed to, per Reuters: Several questions still remain unresolved, however. Here's what remains to be seen when the US and EU reveal a joint statement on Aug. 1: Read more here. Clock is ticking for a US-China trade deal. Negotiators are meeting to buy more time CNN reports: Read more here. CNN reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
2 hours ago
- CNBC
Trump's EU trade deal is based on massive energy purchases that are unlikely to materialize, analysts say
President Donald Trump's massive energy deal with the European Union will be difficult to implement, setting Washington and Brussels up for a potential future confrontation over tariffs and trade. The EU has agreed to purchase $750 billion of U.S. energy and invest $600 billion in the U.S. by 2028, according to the White House. In exchange, Trump has agreed to a tariff of 15% on EU goods excluding steel and aluminum, which is half the 30% rate that he had threatened. But the $600 billion investment in the U.S. is not binding on EU member states or companies. The European Commission, the bloc's executive body, simply said that companies "have expressed interest in investing at least" that amount in the U.S by 2029. The massive energy purchases in the deal are unrealistic due to market and political constraints, analysts said. The EU cannot force member states and companies to buy U.S. energy just as the Trump administration cannot force producers to sell to Europe, said Mathieu Utting, an analyst at Rystad Energy. "This is non-binding. It's a pledge," said Erik Brattberg, an expert on Europe at the Atlantic Council, a think-tank with a focus on international affairs. "The EU itself doesn't buy energy. It would be member states or companies from member states." A White House official told CNBC on Tuesday that Trump expects the EU to abide by its commitments under the deal. "That is what the EU agreed to purchase," the official said. "The President reserves the right to adjust tariff rates if any party reneges." The energy purchases are divided into $250 billion annual installments over the rest of Trump's term, European Commission President Ursula von der Leyen told reporters Sunday. The EU is pledging significant purchases U.S. oil, liquified natural gas (LNG) and nuclear fuel to replace Russian fossil fuels, von der Leyen said. But it is unclear how much EU member states and companies intend to buy of each fuel type. "Details have to be sorted out and that will happen over the next weeks," von der Leyen told reporters. EU member states bought about $80 billion U.S. oil, liquified natural gas, liquified petroleum gas and coal from the U.S. in 2024, according to data from Kpler. The bloc would have to triple its purchases of U.S. energy to meet the $250 billion annual purchase target laid out in the agreement. "If this deal were to be realized, we'd be talking about the United States providing the lion's share of European energy imports," Helima Croft, head of global commodity strategy at RBC Capital Markets, told CNBC on Monday. EU energy imports totaled $433 billion in 2024, according to Eurostat. Increasing U.S. oil exports to the EU is difficult because production is flat and will likely decline in the coming months, said Svetlana Tretyakova, an oil analyst at Rystad. U.S. companies would have to reroute exports from customers in Asia and Latin America to the EU, Tretyakova said. Importing more oil also does not align with the EU's climate goals and the continent's refining capacity is declining, she said. Surging LNG exports is also tough, Utting said. U.S. terminals always run at full capacity so there isn't slack capacity to increase shipments to the EU right now, he said. As in the case with oil, LNG would have to be diverted from other customers to Europe, he said. More LNG capacity is coming online over the next two years that could be exported to Europe, he said. But the EU already receives more than half its imports from the U.S., Utting said. "It's very unrealistic that Europe would import exclusively from the U.S.," he said. "They will want to diversify to some extent." While the headline $750 billion figure is unrealistic, the EU is showing that it is serious about expanding its energy trade with the U.S., said Alex Munton, director of global gas and LNG research at Rapidan Energy. The EU was already planning to eliminate what remains of Russian LNG and pipeline gas imports to the bloc by 2028. This will create a supply gap of 25 million metric tons per year that the U.S. is perfectly positioned to fill, Munton said. "The interests line up, they go hand in hand," he said. "That's why it's essentially a convenient deal."
