Europe's New Sanctions on Russian Diesel Won't Hit Until January
In legal texts published over the weekend, the EU said the ban will take effect on Jan. 21 next year. It followed an announcement Friday that the group would press ahead with a ban on the import of refined products, most notably diesel, that are produced in third countries using Russian crude.
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17 minutes ago
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EU-US Trade Agreement Now Hinges Mostly on Trump's Verdict
(Bloomberg) -- After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the US now rests mostly on Donald Trump. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Trump Administration Sues NYC Over Sanctuary City Policy European Commission President Ursula von der Leyen will travel to Scotland to meet the US president on Sunday, as the two sides aim to conclude a deal ahead of Friday's deadline, at which point 30% tariffs on the bloc's exports to the US are otherwise due to kick in. 'Intensive negotiations at technical and political have been ongoing,' said Paula Pinho, von der Leyen's spokesperson. 'Leaders will now take stock and consider the scope for a balanced outcome that provides stability and predictability for businesses and consumers on both sides of the Atlantic.' EU officials have repeatedly cautioned that a deal ultimately rests with Trump, making the final outcome difficult to predict. The US president recently negotiated with Japan and appeared to change certain final terms on the fly before a deal was eventually agreed earlier this week. The EU and US have been zeroing in on an agreement over the past week that would see the EU face 15% tariffs on most of its trade with the US. Limited exemptions are expected for aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, Bloomberg previously reported. Steel and aluminum imports would likely benefit from a quota under the arrangements under discussion, but above that threshold they would face a higher tariff of 50%. Alongside a universal levy, the US president has hit cars and auto parts with a 25% levy, and steel and aluminum with double that. He's also threatened to target pharmaceuticals and semiconductors with new duties as early as next month, and recently announced a 50% tariff on copper. The EU is expecting the same 15% ceiling on some sectors that could be the target of future tariffs, including pharmaceuticals, according to people familiar with the matter. But that's one of the key points where Trump's position will be crucial to a deal being sealed, the people added. 'We'll see if we make a deal,' Trump said as he arrived in Scotland on Friday. 'Ursula will be here, highly respected woman. So we look forward to that.' Trump reiterated that he believed there's 'a 50-50 chance' of a deal with the EU, saying there were sticking points on 'maybe 20 different things' that he didn't want to detail publicly. 'That would be actually the biggest deal of them all if we make it,' the president said. Trump gave similar chances of an agreement with European negotiators before leaving Washington, but also said the EU had a 'pretty good chance' of reaching an agreement. The US president announced tariffs on almost all US trading partners in April, declaring his intent to bring back domestic manufacturing, pay for a massive tax-cut extension, and stop the rest of the world from — as Trump has characterized it — taking advantage of the US. In addition to levies, any agreement would cover non-tariff barriers, cooperation on economic security matters, and strategic purchases by the EU in sectors such as energy and artificial intelligence chips, Bloomberg previously reported. The bloc has also offered to remove tariffs on many industrial goods and non-sensitive agricultural imports. The terms of any initial deal, which is likely to take the form of a short joint statement if agreed upon, would need to be approved by member states, some of the people said. The statement would be seen as a stepping stone toward more detailed talks. Because of the ongoing uncertainty, the EU has in parallel sketched out countermeasures in the event of a no-deal scenario. That would see it quickly hit American exports with up to 30% tariffs on some €100 billion ($117 billion) worth of goods — including Boeing Co. aircraft, US-made cars and bourbon whiskey — in the event of a no-deal, and if Trump carries through with his threat to impose that rate on most of the bloc's exports after Aug. 1 or in future. The package also includes some export restrictions on scrap metals. In a no-deal scenario, the bloc is also prepared to move forward with its anti-coercion instrument, a potent trade tool that would eventually allow it to target other areas such as market access, services and restrictions on public contracts, provided a majority of member states backs its use. While Trump didn't explicitly link negotiations to non-trade matters on Friday, he did suggest that he planned to raise concerns over migration flows. Trump has imposed strict anti-immigration policies since returning to office, carrying out a mass deportation effort of those in the US illegally while also narrowing pathways to legally move to the US. 'You got to stop this horrible invasion that's happening to Europe, many countries in Europe,' Trump said, adding that he believed 'this immigration is killing Europe.' --With assistance from Josh Wingrove. 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Yahoo
28 minutes ago
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Trade deals fuel Wall Street gains while Trump renews Fed attack
Wall Street closed the week higher, with tech-heavy indices notching fresh records as upbeat corporate earnings, resilient macro data and breakthrough trade deals converged to boost risk appetite. The U.S. finalized new trade agreements with Indonesia, the Philippines and Japan. The Tokyo deal was the most significant, locking in a reduction in tariffs on Japanese autos and goods from 25% to 15%, while Japan pledged $550 billion in investment and improved access to American-made goods. A U.S.-EU trade deal is now reportedly close, expected to align with the Japan framework and potentially ease existing tariff rates ahead of the Aug. 1 deadline. Separately, President Donald Trump signed an executive order to boost the U.S. artificial intelligence sector by promoting the export of full-stack AI systems to trusted global partners. The White House said the move is aimed at strengthening economic leadership and national security. Among the week's strongest performers, Thermo Fisher Scientific rallied over 12%, topping the leaderboard for large-cap stocks, followed by T-Mobile US, up 9%. Within the Magnificent Seven, Alphabet rose by 1% after delivering better-than-expected results and raising its 2025 capex outlook by $10 billion, reinforcing its commitment to scaling AI infrastructure. More: S&P 500, Nasdaq 100 hit fresh highs as even retail scores wins over the week Tesla dropped 8.2% following cautious commentary from CEO Elon Musk, who warned that upcoming quarters could prove challenging amid rising costs and margin pressures. Economic indicators added fuel to the rally. U.S. business activity surprised to the upside, with the Composite Purchasing Managers' Index climbing to a seven-month high in July, helped by expansion in services and steady consumer strength. Trump's push to influence monetary policy continued with an unannounced visit to the Federal Reserve's headquarters in Washington, D.C. — the first by a sitting president in nearly 20 years. Wearing a hard hat alongside Fed Chair Jerome Powell, Trump criticized the central bank's renovation project, claiming costs had surged to $3.1 billion. Powell countered on the spot, clarifying that the real cost is closer to $2.5 billion, excluding unrelated construction. Pressed on rate policy, Trump said, 'I'd love to see him lower interest rates.' Markets now shift focus to the July 30 Fed meeting, where expectations remain anchored for a hold — but not without growing political heat. Benzinga is a financial news and data company headquartered in Detroit. This article originally appeared on Detroit Free Press: Trade deals fuel Wall Street gains while Trump renews Fed attack Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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39 minutes ago
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Atalanta Talisman Only Wants Inter Milan – But Could Change Stance If Decisive Offer Not Accepted
Ademola Lookman only wants to join Inter Milan this summer, but could change his stance if Atalanta do not accept the Nerazzurri's next offer. This according to today's print edition of Rome-based newspaper Corriere dello Sport, via FCInterNews. Inter Milan are pushing to sign Atalanta forward Ademola Lookman. The Nigerian international is their top target in attack this summer. The Nerazzurri have already made an offer to Atalanta for Lookman. La Dea have rejected the initial bid, which Inter have not yet increased. However, the player himself reportedly wants to join. Widespread reports indicate that Inter's first offer to Atalanta was for €40 million. Atalanta, on the other hand, are reportedly holding out for around €50 million. Ademola Lookman Only Wants Inter – But Could Change Stance If Offer Not Accepted BERGAMO, ITALY – MAY 25: Ademola Lookman of Atalanta BC looks on during the Serie A match between Atalanta BC and Parma Calcio 1913 at Gewiss Stadium on May 25, 2025 in Bergamo, Italy. (Photo by) A key driver in the talks between Inter and Atalanta is the stance of Ademola Lookman himself. The 27-year-old has made it very clear that he wants to join the Nerazzurri. He already agreed personal terms on the move prior to Inter's first offer to Atalanta. And for now, Lookman still feels the same way. He is insisting on joining Inter. However, the Corriere dello Sport note, Lookman could start to waver if Inter can't wrap up a deal soon. The Nerazzurri will submit a new offer this coming week. They will raise it to around €42 million plus €3 million in add-ons, the Corriere anticipate. If Atalanta feel this is high enough, then Lookman will get his wish – a transfer to Inter. However, if La Dea continue to balk at Inter's offer, then the Nigerian international could very well consider other possibilities.
