
US, China Negotiators to Meet in Stockholm to Extend Trade Truce
Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent will lead the delegations through Tuesday in Stockholm — their third meeting in less than three months. The agenda includes discussions about how long the current tariff truce can be extended, as well as US levies tied to fentanyl trafficking and Chinese purchases of sanctioned Russian and Iranian oil.
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14 minutes ago
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'Total Mental Collapse': Trump Ripped After 'Insane' New Ramble In Europe
President Donald Trump spent part of his weekend in Scotland reviving his old grievances against wind power, even claiming at one point that it was 'killing' Americans. During a meeting with European Commission President Ursula von der Leyen, Trump abruptly detoured from immigration to wind turbines. 'And the other thing I say to Europe: We will not allow a windmill to be built in the United States,' Trump said. 'They're killing us.' He added: 'They're killing the beauty of our scenery, our valleys, our beautiful plains ― and I'm not talking about airplanes. I'm talking about beautiful plains, beautiful areas in the United States, and you look up and you see windmills all over the place. It's a horrible thing. It's the most expensive form of energy. It's no good. They're made in China, almost all of them.' He complained that wind turbines 'rust and rot in eight years,' and then can't be 'buried' because they will harm the soil. 'The whole thing is a con job,' he said. 'It's very expensive. And in all fairness, Germany tried it and wind doesn't work.' Much of what the president said was wildly inaccurate: Germany gets more than a quarter of its energy from wind, turbines last about 30 years (not eight) according to the U.S Department of Energy, it's not the most expensive form of energy, and they're not 'almost all' made in China. Several users asked Grok, the AI tool within X, to fact-check Trump's claims on wind power. Here's a typical response: Trump, who has frequently attacked renewable energy, has a special hatred of wind power that likely began some two decades ago, when an offshore wind farm was proposed near the land that would become his golf resort in Scotland. He sued to block it, lost, and has complained about wind and other forms of renewable energy since. He mentioned that on Sunday as well. 'Today I'm playing the best course I think in the world, Turnberry ― even though I own it ― it's probably the best course in the world, right?' he said. 'And I look over the horizon and I see nine windmills... I said, 'Isn't that a shame? What a shame.'' Trump has previously taken his anti-wind stance to absurd extremes, such as in 2019, when he falsely claimed wind turbines cause cancer. 'The wind, the wind, it sounds so wonderful,' he said last year. 'The wind, the wind, the wind is, the wind is bullshit, I'll tell you.' Trump's critics called him out for his latest out-of-the-blue tirade against wind energy:


Bloomberg
17 minutes ago
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Private Lender Flow Capital Partners Launches $125 Million Fund
Hong Kong-based credit manager Flow Capital Partners has launched a new fund with a broader Asia focus, people familiar with the matter said, adding to a list of private lenders expanding in the region. FCP has raised $125 million for its new Asia credit master fund, seeking to expand its focus from Hong Kong and China to other parts of Asia, according to the people.
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Key takeaways from the EU-US trade deal
EU head Ursula von der Leyen and US President Donald Trump on Sunday struck a deal on tariffs, just days before the August 1 deadline when Trump had threatened to impose steep levies on European goods had an agreement not been reached. These are the key takeaways from the deal: EU chief Ursula von der Leyen clinched an agreement Sunday with US President Donald Trump to avoid crippling tariffs from hitting the bloc, with both leaders hailing a 'good deal'. The stakes were high with a looming August 1 deadline and $1.9 trillion transatlantic trading relationship on the line. Many European businesses will breathe a sigh of relief after the leaders agreed the 27-country bloc will face a baseline levy of 15 percent instead of a threatened 30 percent – but the deal will not satisfy everyone. Here is what we know so far: What did EU, US agree on? Both sides confirmed there will be a 15-percent across-the-board rate on a majority of EU goods – the same level secured by Japan this month – with bilateral tariff exemptions on some products. Read moreTrump announces 'massive' trade deal with Japan, 15 percent tariff on exports The deal will bring relief for the bloc's auto sector, employing around 13 million people – and hit by Trump with 25-percent tariffs, on top of a pre-existing 2.5 percent. 'Obviously, it is good news for the car industry. So Germany will be happy. And all the EU members with auto supply chains, they go from 27.5 to 15 percent,' said Jacob Funk Kirkegaard of the Peterson Institute For International Economics. A 15-percent levy will remain 'costly' for German automakers, 'but it is manageable', said trade geopolitics expert Elvire Fabry at the Jacques Delors Institute. While 15 percent is much higher than pre-existing US tariffs on European goods – averaging 4.8 percent – it mirrors the status quo, with companies currently facing an additional flat rate of 10 percent imposed by Trump since April. The EU also committed to buy $750 billion of liquefied natural gas, oil and nuclear fuels from the United States – split equally over three years – to replace Russian energy sources. And it will pour $600 billion more in additional investments in the United States. Trump said EU countries – which recently pledged to ramp up their defence spending within NATO – would be purchasing 'hundreds of billions of dollars' worth of military equipment'. Are there exemptions? Von der Leyen said the 15-percent rate applied across most sectors, including semiconductors and pharmaceuticals – a critical export for Ireland, which the bloc has sought to protect. Trump in April launched probes that could lead to significantly steeper tariffs on the two key sectors, warning this month he could slap 200-percent levies on drugs. Brussels and Washington agreed a bilateral tariff exemption for key goods including aircraft, certain chemicals, semiconductor equipment, certain agricultural products and critical raw materials, von der Leyen said. The EU currently faces 50-percent tariffs on its steel exports to the United States, but von der Leyen said a compromise on the metal had been reached with Trump. 'Between us, tariffs will be cut and a quota system will be put in place,' she said. It is understood that European steel would be hit with 50-percent levies only after a certain amount of the metal arrived in the United States, but no details were initially provided on the mechanism. What happens next? The deal needs to be approved by EU member states, whose ambassadors will meet first thing Monday morning for a debrief from the European Commission. And there are still technical talks to come, since the agreement needs to be fully fleshed out. Von der Leyen described the deal as a 'framework' agreement. 'Details have to be sorted out, and that will happen over the next weeks,' she said. In particular, she said there has yet to be a final decision on alcohol, critical since France and The Netherlands have been pushing for carve-outs for wine and beer respectively. 'This is something which has to be sorted out in the next days,' von der Leyen said. (FRANCE 24 with AFP)