European Equities Close Lower in Monday Trading; Spectris Shares Rise on Advent Bid
European stock markets closed lower Monday as the Stoxx Europe 600 dropped 0.1%, Germany's DAX 40 fe
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Yahoo
13 minutes ago
- Yahoo
NATO chief's speech was meant as a call to arms, but it was also a shameful admission for the alliance
For all the stark warnings and ominous predictions made by the head of NATO today, one key fact remained unmentioned. The West is still funding the Russian war effort to the tune of billions by buying oil and gas, funnelling vast amounts into an economy that is now fully militarised. Russian gas exports to Europe went up by 20% last year and its LNG exports to the EU are now at record levels. Read more: Vladimir Putin's Russia is now making more money from selling fossil fuels than Ukraine receives from allies. NATO's secretary general Mark Rutte did not mention any of that. But he did spell out what Russia is doing with all that hydrocarbon revenue. It is using it to put its economy onto a war footing that is now pumping out munitions at a rate that puts the West to shame, to the extent Russia could have the capability to take on NATO in three to five years, according to Mr Rutte. New Sky News podcast launches on 10 June - simulates an attack by Russia to test UK defences 👉Search for The Wargame on your podcast app👈 The secretary general meant his speech in London as a warning and call to arms. But it was also a shameful admission for the Western alliance he heads. More than three years into this war, Russia is outstripping the entire Western bloc by four to one in terms of munitions production. Russia's economy is 1/25th that of NATO's combined economic might and crippled by sanctions and yet every three months pumps out more shells than the entire NATO bloc manages in a year. And while Europe carries on funding Russia's war effort by buying its oil and gas, none of that is going to change. We are now in the insane and obscene situation where European taxpayers will have to fork out more, a lot more, to counteract the threat of a militarised Russia, whose resurgence is being subsidised by Western countries buying its fossil fuels. Historians will look back on that and wonder why it was allowed to continue more than three years into this devastating conflict.
Politico
18 minutes ago
- Politico
Trump may have to choose: Making trade deals or keeping his car tariffs
President Donald Trump is telling domestic audiences he won't cut his 25 percent tariffs on foreign cars as part of any trade deals he negotiates. But other countries — who collectively send millions of vehicles to the U.S. each year — haven't gotten that message. Trading partners like the EU, Japan and South Korea are laboring under the impression that the auto tariffs, which Trump imposed in April, are still on the table, according to two people familiar with the talks between Trump officials and those countries, granted anonymity to discuss private conversations. If Trump is really unwilling to lower or eliminate his tariffs on foreign cars, it could prove to be a major hurdle to securing meaningful trade deals with some of the country's top trading partners. Japan, South Korea and Germany sold more than $121 billion in cars and car parts in the U.S. in 2024. The White House did not answer when asked if auto tariffs were on the table for negotiations and instead reiterated the goal of the tariffs. 'No president has taken a greater interest in reviving America's once-dominant auto industry than President Trump, and the auto industry is a key focus of the Trump administration's trade and economic policies,' said Kush Desai, a White House spokesperson. 'Discussions with our major trading partners continue, and the Trump administration continues to seek better trade deals for American industries and workers.' A decision to lift the tariffs for more countries, particularly those whose companies compete most fiercely with American carmakers, risks alienating a powerful manufacturing bloc and undercutting a central tenet of Trump's trade agenda — forcing companies to build more products in the U.S. The Trump administration has assured American automakers that when it comes to auto tariffs being used as a bargaining chip, they have 'nothing to worry about,' according to a person familiar with discussions between the administration and Detroit's 'Big Three' auto companies, granted anonymity because of the sensitive nature of the talks. Trump has said a deal to lower the tariff on a small number of British cars, announced last month, was an exception. 'I won't do that deal with cars' for other countries, Trump said when announcing the terms of negotiation with the U.K. on May 8. The British auto brand Rolls-Royce is 'a very special car and it's a very limited number too. It's not one of the monster car companies that makes millions of cars,' he noted. Even that agreement, which lowered the tariff on 100,000 cars, less than 1 percent of total U.S. annual car sales, drew a sharp rebuke from U.S. automakers. 'This hurts American automakers, suppliers, and auto workers,' the American Automotive Policy Council, which represents General Motors, Ford and Stellantis, said at the time, saying they hoped it 'does not set a precedent for future negotiations with Asian and European competitors.' The tension between the two goals — boosting domestic auto production while also negotiating delicate agreements to lower trade barriers — highlights the challenge facing the administration as it races to secure deals with dozens of countries before the president's double-digit 'reciprocal' tariffs are slated to kick back in next month. 'To ease the sting of those tariffs on the auto sectors for Korea and Japan is of course a high priority for them,' said Michael Beeman, a former assistant U.S. trade representative who focused on Japan and South Korea. 'I think for those countries, to be able to declare success from the talks at home, they would expect some sort of consideration.' The auto tariffs have already been a sticking point in negotiations with Japan and South Korea, both of which are invested in maintaining a high level of domestic auto manufacturing. Auto exports from South Korea to the U.S. have exploded over the past 20 years, from $8.7 billion in 2005 to $37.3 billion in 2024, according to data collected by the Census Bureau. Japanese Prime Minister Shigeru Ishiba has said publicly that any trade deal with Japan would have to result in lower auto tariffs. Now, as the two countries are on their fifth round of talks, with a planned meeting between Ishiba and Trump at the G7 in Canada in two weekends, both countries are projecting optimism about a deal. 'I think we'll also need to address, at a minimum, the auto [Section] 232 tariffs,' said Wendy Cutler, a former negotiator with the U.S. trade representative's office and the vice president at the Asia Society Policy Institute, said when asked what it would take to get a deal with Japan. Cutler said any deal with Japan or South Korea could have a lower tariff for a certain number of vehicles, similar to the deal with the U.K. Or, 'they could also just be very vague and say that the U.S. notes Japan's concern on the auto tariffs, and both sides agree to negotiate possible lowering of the tariffs in this detailed negotiation to follow,' she said. Trump has already agreed to lower tariffs on automobiles once. In his first trade agreement since imposing a global 10 percent tariff on nearly every U.S. trading partner and potentially higher rates on more than 60 countries, Trump struck an agreement with the U.K. that would allow the country to ship 100,000 vehicles into the country at a 10 percent tariff — lower than the current 25 percent tariff on automobiles and auto parts. The deal drew condemnation from American automakers, who noted that it meant a lower tariff on cars imported from the U.K. than on North American-made cars that include U.S.-made parts. They expressed concern that lowering tariffs with major auto manufacturing countries like Japan, South Korea and Germany would make it more expensive to build cars with parts from North America — creating an unfair playing field and effectively undercutting the administration's effort to boost domestic auto manufacturing. Vehicles made across the integrated North American supply chain still face a 25 percent tariff on non-U.S. made content, even if the vehicle is compliant with the U.S.-Mexico-Canada trade agreement that Trump negotiated in his first term. The Trump administration has continued to press foreign automakers to move production to the U.S. Last week, Trump met with German automakers, who offered $100 billion in investment in the U.S., according to Commerce Secretary Howard Lutnick. Trump — and Republicans on Capitol Hill — say those commitments are a sign that tariffs are working. 'They make BMWs in South Carolina, Volvo. They make Mercedes in Alabama,' Sen. Lindsey Graham (R-S.C.) pointed out during a Senate Appropriations Committee hearing Wednesday. Under Trump, 'They're talking about making the engine now in South Carolina. They're talking about more content in South Carolina.' There has yet to be an uptick in U.S. auto manufacturing, however, a reminder that the investment pledges will take years to fully develop. Auto manufacturing jobs held steady between April and May, though there were 2,240 fewer auto manufacturing jobs in May, compared to 2024, according to the Bureau of Labor Statistics. While welcoming the announcements, the Trump White House has given no indication the investment pledges will convince the president to lower auto tariffs on foreign countries. 'I mean, unless somebody shows me that there's another kind of a car that's comparable to a Rolls-Royce,' Trump said in May, 'and there aren't too many.'
Yahoo
23 minutes ago
- Yahoo
Air Canada adds new flights to popular European destinations
Air Canada's inaugural flight from Montreal to Porto, Portugal, on June 4 has added to the air carrier's growing list of new and existing European destinations. 'We are delighted to be returning to Porto, marking our newest Europe route this summer and second destination in Portugal,' said Mark Galardo, executive vice–president and chief commercial officer and president, cargo. 'We design routes like this one to appeal to our customers throughout our North American network, with convenient travel options at our Montreal hub. A world heritage city and gateway to Portugal's northern region, Porto offers an array of history, culture, outdoor adventures and gastronomic experiences.' Air Canada's return to Porto complements its existing flights from Montreal and Toronto to Lisbon. Other new European routes announced for this summer include the launch of its Naples route in May and the return of the Ottawa to London LHR route in April. In addition, Air Canada recently launched its Toronto to Prague route, while the carrier's Montreal to Edinburgh route is set to launch at the end of the month. The Porto flights will be operated on Air Canada's Airbus 330-300. Customers can choose from three classes of service: economy, premium economy and Air Canada signature class, offering customers superior comfort and convenience in an exclusive cabin, with spacious lie-flat seating, personalized service, fine cuisine, extra baggage allowance and access to priority airport services.
