
Sweden, Norway, Denmark pledge USD 500m to Ukraine
The aid follows a proposal initially supported by US President Donald Trump, in which the US would provide the weapons while European allies cover the cost, as per Khaama Press.
Sweden is contributing USD 275 million, Norway USD 146 million, and Denmark USD 90 million. The funds will be transferred to NATO immediately to ensure the rapid delivery of weapons to Ukrainian forces.
Defence ministers from Norway and Denmark stressed the urgency of the situation. 'Speed is vital,' said Denmark's minister. Norway echoed this, emphasizing that Ukraine needs the equipment 'as soon as possible,' as quoted by Khaama Press.
Ukrainian President Volodymyr Zelenskyy welcomed the move, calling it a 'new foundation for European security' and a deterrent to further Russian aggression.
The new NATO initiative, known as the 'Ukraine Defense Capability Coalition,' also includes Canada and other European nations. The Netherlands was the first country to join, pledging EUR500 million earlier this week.
This support reflects increasing European commitment to help Ukraine defend itself as the war with Russia, now in its third year, continues to escalate.
Zelenskyy on Tuesday said he had a 'productive conversation' with US President Donald Trump, with the main focus on ending the war with Russia and coordinating positions between Kyiv and Washington.
Zelenskyy said the two leaders discussed achieving a 'just and lasting peace' and expressed appreciation for Trump's efforts to help end the conflict.
'It is truly a must to stop the killing as soon as possible, and we fully support this. Many months could have already passed without war, had Russia not been prolonging it,' Zelenskyy said in a statement shared on X.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CBC
9 minutes ago
- CBC
Carney's approach to U.S. trade negotiations 'wise and strategic,' says former N.L. premier
Andrew Furey, former premier of Newfoundland and Labrador, says the most 'sound' way to negotiate with the United States is in 'a calm, rational, Canadian manner.' This comes as U.S. President Donald Trump began levying higher import taxes on dozens of countries Thursday.


Globe and Mail
27 minutes ago
- Globe and Mail
Putin has overplayed his hand with Trump
Michael Bociurkiw is a senior fellow at the Atlantic Council's Eurasia Centre and the creator of the World Briefing newsletter on Substack. Russian President Vladimir Putin must be having sleepless nights. In recent weeks, Ukrainian drones, launched from thousands of kilometres away, have pierced Russian airspace, triggering air defences in Moscow and other key regions. Airports have been forced to shut, including in Mr. Putin's prized holiday destination of Sochi, where an oil depot was set ablaze. Meanwhile, once-loyal former Soviet republics, including Belarus, are flirting with more engagement with the West, as they've grown desperate to escape the economic wreckage wrought by Russia's war and the resulting sanctions. Now, it seems Mr. Putin has woken up to the realization that he may have overplayed his hand with U.S. President Donald Trump. After weeks of ignoring Mr. Trump's threats of tariffs and demands to stop the bombardment of Ukrainian cities, the Kremlin leader is signalling he's ready for a face-to-face with his American counterpart – likely to explore what comes next in the war. But Mr. Putin won't come to the table empty-handed. Mirroring India's defiance, he appears to be treating the new round of U.S. tariffs and sanctions that take effect Friday as little more than bluster. Russian state media, functioning as Kremlin echo chambers, have mocked Mr. Trump mercilessly, portraying him as a flip-flopper who can't be taken seriously. If a summit does materialize (Turkey, trusted by all sides, seems a likely venue), expect the Kremlin to table its now-familiar maximalist demands: full annexation of the four Ukrainian oblasts it partially occupies, international recognition of Crimea, a cap on Ukraine's military capabilities, abandonment of NATO aspirations, and no reparations. Still, some flexibility is possible. If Mr. Putin can return home claiming he halted NATO's eastward expansion and kept Kyiv within Russia's orbit, he may be willing to trade away some territory. With the U.S. more inclined to slap India and other big purchasers of Russian oil with extortionate tariffs, Mr. Putin may have to recalculate his bargaining chips. Putin says he hopes to meet Trump next week Trump's envoy Witkoff has 'productive' meeting with Putin in Moscow as deadline for peace deal looms The biggest risk, however, falls on Ukrainian President Volodymyr Zelensky. If he does enter the summit room, across from him will be a U.S. President desperate for a foreign-policy win – a deal he can tout on the campaign trail and perhaps use to bolster his bid for the Nobel Peace Prize. He's especially hungry for redemption after the highly publicized but ultimately humiliating failure to secure denuclearization from North Korea's Kim Jong-un, despite holding three summits and lavishing praise on the dictator. This time, Mr. Trump will want a headline-grabbing success. That's why the stakes for Ukraine could not be higher. And as Mr. Zelensky has already signalled, the devil will be in the details: 'The key is to ensure they don't deceive anyone in the details – neither us, nor the United States.' If Mr. Putin shows no willingness to compromise – and he'd be foolish not to, given Russia's massive battlefield losses and economic-downturn concerns – then Mr. Trump must take decisive action. That means arming Ukraine to the teeth, enacting the sweeping sanctions envisioned in a pending Senate bill, delivering more Patriot missile batteries and long-range weapons, pushing European allies to unfreeze almost €200-billion in Russian assets, and green-lighting direct weapons sales to Ukraine via a lend-lease agreement. There's also an unused tool in Washington's foreign policy toolbox: leverage in the Gulf. It's time to strong-arm the oil-rich emirates into rolling up the red carpet they've long extended to Russian oligarchs and tourists who've treated the desert kingdoms like their personal playground. Wealthy Russians are still scooping up luxury real estate in the UAE, undeterred. Mr. Trump could dangle a threat to downsize America's military footprint in the region unless these governments shut down the safe havens – at least for now. Squeezing these loopholes – even temporarily – would strike at the heart of Mr. Putin's elites and inflict the kind of economic pain ordinary sanctions have yet to achieve. Whatever unfolds at a bilateral or trilateral summit, Mr. Trump and his advisers would do well to recall the blunt warning once delivered to Richard Nixon by the respected Italian diplomat and former NATO secretary general Manlio Brosio, who described Russian negotiators as pathological liars. Nixon came to understand that the Russians could be managed – but only when deals served their interests, and only when breaking them carried a clear and painful price. That's exactly what Ukraine must demand at any future summit: the U.S. as a credible guarantor of any peace deal. Mr. Putin must leave the table with no room for misinterpretation, knowing that any breach will trigger swift, punishing consequences – not just for Russia, but for its sanction-busting allies as well. There is no other way.


CTV News
28 minutes ago
- CTV News
Trump's tariffs are bringing in tens of billions of dollars a month. What's the government doing with all that money?
President Donald Trump pauses while speaking during an announcement about Apple with Apple CEO Tim Cook in the Oval Office, Wednesday, Aug. 6, 2025, in Washington. (AP Photo/Alex Brandon) Hardly a day goes by without U.S. President Donald Trump boasting about the record tariff revenue the US government has been collecting since he ratcheted up taxes on almost every imported good. 'We have a lot of money coming in, much more money than the country's ever seen,' Trump said over the weekend, referring to tariff revenue. Trump's right: The US government collected nearly $30 billion in tariff revenue last month, according to the Treasury Department. That's a 242% jump in tariff revenue compared to last July. Since April, when the president began imposing a 10% tariff across nearly all goods, among several other steeper levies that followed, the government collected a total of $100 billion in tariff revenue, three times the amount collected during the same four months last year. So what exactly is the government doing with all this money? Trump has floated a combination of two options: paying down the government's multi-trillion debt and sending 'tariff rebate checks' to Americans. 'The purpose of what I'm doing is primarily to pay down debt, which will happen in very large quantity,' Trump said Tuesday. 'But I think there's also a possibility that we're taking in so much money that we may very well make a dividend to the people of America.' Neither has occurred – at least not yet. So it might appear to many Americans that the billions upon billions of dollars flowing in from tariffs, coming primarily out of the pockets of US businesses footing the initial bills to import foreign goods, are collecting dust. But there's much more going on behind the scenes. Donald Trump tariff news A cargo ship is unloaded at Port Liberty in New Jersey. President Donald Trump's tariffs have brought in record levels of revenue. (Gary Hershorn/via CNN Newsource) What happens to tariff revenue Any revenue the government collects, through ordinary taxes or tariffs, goes into a general fund managed by the Treasury Department. The Treasury refers to that fund as 'America's checkbook,' because it's used to pay the government's bills, such as Social Security payments. When the amount of revenue the government takes in falls short of its bills, meaning it runs a budget deficit, it borrows money to make up the difference. In total, the government is on the hook to repay more than $36 trillion, an amount that has been steadily growing, raising alarm bells among many economists claiming it's weighing on economic growth. That's because, like any American borrowing money, the government has to pay interest on its loans. The more the government borrows, the more interest it has to repay, which is yet another expense the government has to pay that doesn't go toward public-good investments, such as improving highway roads. While the tariff revenue being collected isn't sufficient to wipe away the $1.3 trillion budget deficit the government's running for the current fiscal year, tariff collections have caused that figure to shrink. That means the government doesn't have to resort to borrowing as much money as it otherwise would without the tariff revenue. 'It's not like there's a better use for the money,' Brett Ryan, senior US economist at Deutsche Bank, told CNN, referring to tariff revenue. What about 'tariff rebate checks'? If Congress gets behind Trump's idea to redistribute tariff revenue to Americans in the form of 'rebate checks,' which Republican Sen. Josh Hawley introduced a bill for last week, it would cause the deficit to widen, said Ernie Tedeschi, director of economics at the Budget Lab at Yale and a former economist in the Biden White House. 'They're the wrong policy to pursue right now,' he added, saying that it could cause inflation to spike. White House officials did not respond to CNN's inquiry. Tariffs could still come back to bite Americans Even though tariff revenue may help the government's financial situation on paper, it's not necessarily coming pain-free. Businesses have, for the most part, been absorbing the higher costs without raising prices. But that's not the case for every business. Appliances, toys, consumer electronics tariffs and other goods that are sensitive to tariff changes are getting more expensive, recent inflation reports published by the government show. And many companies, including Walmart and Procter & Gamble, are warning of forthcoming price hikes. The uncertainty tied to tariffs has also caused businesses to put off hiring more workers, leading to fewer job openings, several economic surveys indicate. 'Tariffs are going to have a negative economic effect on the American economy,' Tedeschi told CNN. The Yale Budget Lab estimates that Trump's tariffs will shave half a point off US gross domestic product this year and next. 'That's going to partly but not fully offset the amount of revenues that we raise from tariffs. Because if your economy is growing less than you thought, then, yeah, you raise this tariff revenue, but maybe you raise a little bit less in income taxes and payroll taxes as a result.' Trump and his administration see it differently, however, arguing that the recently enacted mega tax cuts and spending bill, combined with the tariff revenue, will supercharge the US economy over time. Elisabeth Buchwald, CNN