US Won't Quit NATO But May Pivot From Europe, NATO Admiral Says
Progressive Portland Plots a Comeback
Why Barcelona Bought the Building That Symbolizes Its Housing Crisis
Why American Mobility Ground to a Halt
A Filmmaker's Surreal Journey Into His Own Private Winnipeg
How to Build a Neurodiverse City
Admiral Giuseppe Cavo Dragone, who took over as the chair of the North Atlantic Treaty Organization's Military Committee last month, spoke on the sidelines of the Munich Security Conference, where European leaders were coming to terms with President Donald Trump's new administration, including the prospect of fading US security protection.
The US 'will not pull out of NATO,' Cavo Dragone, an Italian naval officer, said in an interview in Munich. But a withdrawal of some of the 100,000 troops stationed in Europe could be on the agenda because of 'some commitments that the United States has far away from here, in the Pacific,' he said.
Still, 'I don't think there will be a huge number of Americans taken out from Europe,' the admiral said.
The US Defense Department didn't respond to a request seeking comment.
European security was paramount at the gathering in the Bavarian capital, above all how to resolve Russia's three-year war on Ukraine. European and Ukrainian leaders were caught off guard by Trump's plan to meet with President Vladimir Putin, with many fretting that they may be frozen out of talks.
Cavo Dragone aligned with many NATO members in Europe calling for increased defense spending, acknowledging that shifting US priorities meant that the continent needed to boost its military strength.
'There is a kind of imbalance, so we need to re-balance,' the admiral said, calling the notion that Europe isn't able to defend itself 'blasphemy.'
Any American draw-down in Europe has to be accepted by NATO with an 'operational attitude,' Cavo Dragone said, adding that militaries in the region need to be able to fill the gap.
The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory
The Unicorn Boom Is Over, and Startups Are Getting Desperate
Japan Perfected 7-Eleven. Why Can't the US Get It Right?
The NBA Has Fallen Into an Efficiency Trap
How Silicon Valley Swung From Obama to Trump
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
14 minutes ago
- Business Wire
Coastal Bend LNG and Solvanic Announce Carbon Capture FEED Study
HOUSTON--(BUSINESS WIRE)--Coastal Bend LNG, developer of a multi-train natural gas liquefaction and export facility along the Texas Gulf Coast, today announced it has commenced a front-end engineering and design (FEED) study with Solvanic for electrochemically mediated amine regeneration (EMAR) carbon capture at its Coastal Bend LNG facility. Solvanic has signed an option agreement for use of the EMAR technology, originally developed by Professor T. Alan Hatton's research group at the Massachusetts Institute of Technology (MIT) Department of Chemical Engineering. The technology uses an electrochemical process to release carbon dioxide (CO 2) captured by amines with electricity, rather than high temperature steam traditionally used in thermal amine systems. This innovative approach reduces the energy requirements and capital costs for carbon capture and enables much greater flexibility across operating conditions and process scales. The EMAR technology has been in development at MIT for over a decade, with recent breakthroughs by Dr. Michael Massen-Hane and Dr. Michael Nitzsche, paving the way for emissions reductions that were previously infeasible. Drs. Massen-Hane and Nitzsche have since become co-founders of Solvanic to scale the technology into industry and maximize their climate impacts. 'To deliver on our ambitious low carbon intensity LNG goals, we need to capture carbon dioxide emissions from both our natural gas pretreatment and cogeneration facilities,' said Nick Flores, Chief Executive Officer, Coastal Bend LNG. 'For post-combustion capture on our onsite cogeneration facilities, we need a step change in carbon capture efficiency. We're highly encouraged by Solvanic's preliminary techno-economics and are keen to accelerate their technology readiness with this FEED study.' 'We have demonstrated our EMAR solution to Technology Readiness Level 4 with low energetics, high stability, and modular scalability across emission sources,' said Dr. Michael Nitzsche, Co-Founder and Chief Technology Officer, Solvanic. He added, 'This FEED study accelerates our techno-economic analyses for gas processing and post-combustion carbon capture with the full engineering support of Coastal Bend LNG and their contractors.' 'We are leveraging over a decade of electrochemical carbon capture research and development at MIT via this option agreement. We appreciate Coastal Bend LNG's confidence in the technology to meet their industrial decarbonization objectives,' said Dr. Michael Massen-Hane, Co-Founder and Chief Executive Officer, Solvanic. About Coastal Bend LNG Coastal Bend LNG is a privately held energy infrastructure development company dedicated to delivering low-carbon energy to the world. With a focus on sustainability, innovation, and operational excellence, the company is at the forefront of unleashing American energy dominance. For more information, visit About Solvanic Solvanic develops flexible industrial decarbonization solutions. Their modular electrochemical systems deliver step changes in levelized cost of carbon capture to enable economical decarbonization for even the hardest-to-abate industrial processes. To learn more, visit
Business Wire
14 minutes ago
- Business Wire
Cleveland-Cliffs Applauds New Section 232 Tariff Coverage of Electrical Steel and Stainless Steel Derivative Products
CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) applauded today's action by the U.S. Department of Commerce to include as derivative products subject to Section 232 steel tariffs electrical steel laminations and cores, as well as certain stainless steel automotive exhaust parts. Following a recent determination under the U.S. Department of Commerce's new Section 232 tariff inclusion process, effective today, steel content in these products will be subject to 50% steel tariffs. Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer, stated: 'Cleveland-Cliffs thanks President Donald Trump and Secretary of Commerce Howard Lutnick for taking decisive and concrete action that will deter tariff circumvention occurring in plain sight with stainless and electrical steel derivative products. Since we acquired AK Steel Corporation a few years ago, we have identified and denounced circumvention schemes through Mexico and Canada involving derivative products using steel melted and poured outside of North America. This practice, which has been accepted and supported by both Canada and Mexico -- despite its inherent conflict with the original intent of the USMCA trade agreement -- has ultimately turned into a blatant tariff evasion subterfuge. Today's action taken by the Secretary of Commerce gives us certainty that the American domestic market will not be undercut by unfairly traded steel embedded in derivative products. That allows us to continue to invest in our stainless steel operations in Coshocton, OH and Mansfield, OH, as well as in our electrical steel operations in Butler, PA and Zanesville, OH, in support of our domestic clients producing Made in USA cars, appliances, and electrical transformers.' About Cleveland-Cliffs Inc. Cleveland-Cliffs is a leading North America-based steel producer with a focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada. For more information, visit Forward-Looking Statements This release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: continued volatility of steel, scrap metal and iron ore market prices, which directly and indirectly impact the prices of the products that we sell to our customers; uncertainties associated with the highly competitive and cyclical steel industry and our reliance on the demand for steel from the automotive industry; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity and production, prevalence of steel imports, reduced market demand and oversupply of iron ore; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges of one or more of our major customers, key suppliers or contractors, which, among other adverse effects, could disrupt our operations or lead to reduced demand for our products, increased difficulty collecting receivables, and customers and/or suppliers asserting force majeure or other reasons for not performing their contractual obligations to us; risks related to U.S. government actions and other countries' reactions with respect to Section 232 of the Trade Expansion Act of 1962 (as amended by the Trade Act of 1974), the United States-Mexico-Canada Agreement and/or other trade agreements, tariffs, treaties or policies, as well as the uncertainty of obtaining and maintaining effective antidumping and countervailing duty orders to counteract the harmful effects of unfairly traded imports; impacts of existing and changing governmental regulation, including actual and potential environmental regulations relating to climate change and carbon emissions, and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorizations of, or from, any governmental or regulatory authority and costs related to implementing improvements to ensure compliance with regulatory changes, including potential financial assurance requirements, and reclamation and remediation obligations; potential impacts to the environment or exposure to hazardous substances resulting from our operations; our ability to maintain adequate liquidity, our level of indebtedness and the availability of capital could limit our financial flexibility and cash flow necessary to fund working capital, planned capital expenditures, acquisitions, and other general corporate purposes or ongoing needs of our business, or to repurchase our common shares; our ability to reduce our indebtedness or return capital to shareholders within the currently expected timeframes or at all; adverse changes in credit ratings, interest rates, foreign currency rates and tax laws; challenges to successfully implementing our business strategy to achieve operating results in line with our guidance; the outcome of, and costs incurred in connection with, lawsuits, claims, arbitrations or governmental proceedings relating to commercial and business disputes, antitrust claims, environmental matters, government investigations, occupational or personal injury claims, property-related matters, labor and employment matters, or suits involving legacy operations and other matters; supply chain disruptions or changes in the cost, quality or availability of energy sources, including electricity, natural gas and diesel fuel, critical raw materials and supplies, including iron ore, industrial gases, graphite electrodes, scrap metal, chrome, zinc, other alloys, coke and metallurgical coal, and critical manufacturing equipment and spare parts; problems or disruptions associated with transporting products to our customers, moving manufacturing inputs or products internally among our facilities, or suppliers transporting raw materials to us; the risk that the cost or time to implement a strategic or sustaining capital project may prove to be greater than originally anticipated; our ability to consummate any public or private acquisition or divestiture transactions and to realize any or all of the anticipated benefits or estimated future synergies, as well as to successfully integrate any acquired businesses into our existing businesses; uncertainties associated with natural or human-caused disasters, adverse weather conditions, unanticipated geological conditions, critical equipment failures, infectious disease outbreaks, tailings dam failures and other unexpected events; cybersecurity incidents relating to, disruptions in, or failures of, information technology systems that are managed by us or third parties that host or have access to our data or systems, including the loss, theft or corruption of our or third parties' sensitive or essential business or personal information and the inability to access or control systems; liabilities and costs arising in connection with any business decisions to temporarily or indefinitely idle or permanently close an operating facility or mine, which could adversely impact the carrying value of associated assets, trigger contractual liabilities or termination costs, and give rise to impairment charges or closure and reclamation obligations, as well as uncertainties associated with restarting any previously idled operating facility or mine; our ability to realize the anticipated synergies or other expected benefits of the acquisition of Stelco, as well as the impact of additional liabilities and obligations incurred in connection with the Stelco acquisition; our level of self-insurance and our ability to obtain sufficient third-party insurance to adequately cover potential adverse events and business risks; uncertainties associated with our ability to meet customers' and suppliers' decarbonization goals and reduce our greenhouse gas emissions in alignment with our own announced targets; challenges to maintaining our social license to operate with our stakeholders, including the impacts of our operations on local communities, reputational impacts of operating in a carbon-intensive industry that produces greenhouse gas emissions, and our ability to foster a consistent operational and safety track record; our actual economic mineral reserves or reductions in current mineral reserve estimates, and any title defect or loss of any lease, license, option, easement or other possessory interest for any mining property; our ability to maintain satisfactory labor relations with unions and employees; unanticipated or higher costs associated with pension and other post-employment benefit obligations resulting from changes in the value of plan assets or contribution increases required for unfunded obligations; uncertain availability or cost of skilled workers to fill critical operational positions and potential labor shortages caused by experienced employee attrition or otherwise, as well as our ability to attract, hire, develop and retain key personnel; and potential significant deficiencies or material weaknesses in our internal control over financial reporting. For additional factors affecting the business of Cliffs, refer to Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission.
Bloomberg
14 minutes ago
- Bloomberg
Ukraine and Fed in Focus; US Allies Set to Urge Trump to Back Ukraine
US equity futures slip after closing last week near an all-time high. President Zelenskiy and his allies arriving in Washington to meet with President Trump to discuss security for Ukraine. The Federal Reserve's annual retreat at Jackson Hole kicks off later this week, with Chair Powell's speech being keenly watched for guidance on a September interest-rate cut. Seema Shah of Principal Asset Management says her biggest concern about Treasuries is at the long end of the curve. Mark Malek of Siebert thinks the next Fed meeting will not have any cuts. 'Bloomberg Brief' delivers the market news, data and analysis you need to set your agenda. (Source: Bloomberg)
