Trump says firing Powell 'unlikely' after escalating attacks on Fed Chair
From the show
Donald Trump told reporters on Wednesday that it was "unlikely" he would fire the chairman of the US Federal Reserve, after reportedly floating the idea to Republican lawmakers. The US president has repeatedly criticised Jerome Powell for not lowering interest rates fast enough, but is constrained in his ability to dismiss him. Also in this edition, Brazil calls for "urgent talks" with Washington over looming 50 percent tariffs that are set to take effect on August 1.
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4 hours ago
- Sustainability Times
'This Isn't Investment, It's Invasion': Locals Revolt as Dubai Takes 1 Billion ft³ of U.S. Land to Pump the ‘New Oil'
IN A NUTSHELL 🌍 Adnoc and ExxonMobil have partnered in the Baytown Project to revolutionize low-carbon energy production. and have partnered in the to revolutionize low-carbon energy production. ⚡ The project aims to create the world's largest low-emission hydrogen plant, producing up to 1 billion cubic feet of blue hydrogen daily. daily. 💼 Despite its promise, the project's success depends on political support and government subsidies for blue hydrogen in the U.S. in the U.S. 🔋 If successful, the Baytown Project will contribute to solving the global energy crisis and offer significant local economic benefits. As the world grapples with an unprecedented energy crisis, a groundbreaking partnership has emerged between the Abu Dhabi state oil company, Adnoc, and the American giant ExxonMobil. This billion-dollar collaboration aims to revolutionize the energy landscape by focusing on low-carbon solutions. The partnership's potential impact extends beyond the energy sector, influencing global geopolitics as countries seek alternatives to traditional oil. With a strong commitment to innovation and environmental sustainability, this venture could redefine the future of energy and reshape international alliances in the process. The Baytown Project: A New Era of Energy Production The visionary joint venture between Adnoc and ExxonMobil is known as the Baytown Project. This ambitious initiative aims to establish what could be the largest low-emission hydrogen plant in the world. The project is designed to produce up to 1 billion cubic feet per day of blue hydrogen, a form of hydrogen derived from natural gas with integrated CO₂ capture. This process is critical as it significantly reduces carbon emissions compared to traditional hydrogen production methods. The production of blue hydrogen involves extracting hydrogen not as a liquid but through a refined, technologically advanced process. This clean energy source is poised to power refineries in Europe and energy plants in Japan and Korea. A key goal of the Baytown Project is to capture up to 98% of carbon emissions during production, paving the way for the annual generation of 1 million tons of low-carbon ammonia. This development is significant because ammonia is emerging as a crucial component in the global energy transition. Challenges and Risks: The Political Landscape The Baytown Project, though promising, faces political and economic uncertainties. The United Arab Emirates has invested heavily, securing a 35% stake in the project, centered in the heart of Texas. However, the project's future hinges on the availability of government subsidies for blue hydrogen production in the United States. Despite the absence of clear tax incentives, Adnoc has committed to the project, demonstrating strong confidence in its potential. ExxonMobil, on the other hand, has expressed concerns, even threatening to withdraw by early 2024 if blue hydrogen remains ineligible for tax credits under preliminary US Treasury guidelines. The evolving political climate, particularly after upcoming American elections, could alter this scenario. The project's success depends on navigating these complex political dynamics to secure essential support and funding. Implications for the Global Energy Crisis Despite uncertainties, the Baytown Project represents a pivotal moment in addressing the global energy crisis. Beyond a commercial alliance, the agreement marks a significant step in the internationalization of transitional energies. Adnoc's commitment to achieving zero emissions by 2045 underscores the strategic value of this partnership for the United States. Meanwhile, ExxonMobil solidifies its position as a leader in carbon capture technologies and the development of cleaner, sustainable fuels. The project also promises substantial local benefits, including job creation, economic development, and community support in Texas. If successful, operations are set to begin in 2029, potentially positioning this partnership as the most influential in the world. It could even surpass recent high-profile alliances, such as the one between China and Russia, touted as the most significant of the century. Looking Ahead: A Transformative Partnership The collaboration between Adnoc and ExxonMobil signifies not just a business venture but a transformative step towards sustainable energy solutions. With the potential to redefine low-carbon energy production, this project could lead the way in transitioning to cleaner fuel sources. However, its success will depend on political support, technological advancements, and global cooperation. As the world watches the unfolding of this ambitious initiative, one must ask: Will the Baytown Project become a beacon of innovation and collaboration, leading the charge in solving our energy challenges, or will it succumb to the political and economic hurdles that often accompany such groundbreaking endeavors? This article is based on verified sources and supported by editorial technologies. Did you like it? 4.7/5 (23)
LeMonde
5 hours ago
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Canadian wine benefits from trade war with the US
Even as smoke from wildfires in western Canada obscured the outlines of his vineyards, nothing dampened the optimism of Charles-Henri de Coussergues, a winemaker originally from Avignon, France. He has been established in Canada for nearly half a century. "It's really been a wonderful year so far," he said, gazing out over his estate in Dunham, southern Quebec, just 15 kilometers from the US border. Since March, his sales have surged, with increases ranging from 5% to 35% depending on the bottle. This upswing has been one of the side effects of the trade war waged by US President Donald Trump, who has imposed a series of tariffs on Canada. On March 4, in retaliation for a 25% US tax on Canadian products imported to the United States, most Canadian wine and spirits stores – including those of the government-owned corporation Société des alcools du Québec (SAQ) – pulled American bottles. The empty shelves were partially restocked with Canadian products. Since then, from east to west, Canadian wines have ridden a wave of patriotic buying that shows no sign of slowing. The Conseil des vins du Québec estimated that sales of Quebec wines at the SAQ went up by 63% between March 1 and May 20. Producers in neighboring Ontario also saw sales jump by nearly 40% compared to 2024. And in the West, home to some of the country's most renowned wines, including whites from the Okanagan Valley, Jeff Guignard, CEO of the association Wine Growers British Columbia, has observed a similar trend: "Sales are increasing, and since our harvests were not abundant in 2024, particularly due to forest fires and frost, our stocks are not unlimited... But demand is strong! We are happy about that!"
France 24
7 hours ago
- France 24
Trump, EU chief to meet Sunday in push for trade deal
In a drive to slash his country's trade deficits, Trump has vowed to hit dozens of countries with punitive tariff hikes if they do not hammer out a pact with Washington by August 1. The EU -- which is facing an across-the-board levy of 30-percent -- has been pushing hard for a deal with Trump's administration, while also planning retaliation should talks fall short. Von der Leyen first announced the meeting, writing on X: "Following a good call with POTUS, we have agreed to meet in Scotland on Sunday to discuss transatlantic trade relations, and how we can keep them strong." Arriving on UK soil late Friday, Trump confirmed he would meet the head of the European Commission, which has been negotiating with Washington on behalf of the 27-nation bloc. "I'll be meeting with the EU on Sunday, and we'll be working on a deal," he told reporters as he touched down at Prestwick Airport near Glasgow. "Ursula will be here -- a highly respected woman. So we look forward to that," Trump said. "We'll see if we make a deal," added the president -- who reiterated earlier comments saying the chance of a deal was "50-50", with sticking points remaining on "maybe 20 different things." "But we're meeting ... with the European Union. And that would be, actually, the biggest deal of them all, if we make it," he said. The high-level meeting follows months of negotiations between top EU and US trade officials, and days of signals suggesting the sides were moving towards an agreement. According to multiple European diplomats, the agreement under consideration would involve a baseline 15-percent US levy on EU goods -- the same level secured by Japan this week -- and potential carve-outs for critical sectors. Von der Leyen's spokesperson Paula Pinho said "intensive negotiations" had been taking place at technical and political level in the run up to Sunday's meeting. "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," she said. 'In Trump's hands' Hit by multiple waves of tariffs since Trump reclaimed the White House, the EU is currently subject to a 25-percent levy on cars, 50 percent on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatens to hike to 30 percent in a no-deal scenario. The EU wants to avoid sweeping tariffs inflicting further harm on the European economy -- already suffering from sluggish growth -- and damaging a trading relationship worth an annual 1.6 trillion euros ($1.9 trillion) in goods and services. EU member states gave the European Commission a mandate to pursue a deal to avoid hefty US tariffs, with retaliation held out as a last resort if talks fail. Seeking to keep up the pressure in the final stretch of talks, EU states on Thursday backed a package of retaliation on $109 billion (93 billion euros) of US goods including aircraft and cars -- to kick in in stages from August 7 if there is no deal. Most states prefer a deal to no deal -- even with undesirable levies of 15 percent -- but exemptions are key, with aircraft, steel, lumber, pharmaceutical products and agricultural goods under discussion, diplomats said. Concerning steel, diplomats say a compromise could allow a certain quota to enter the United States, with amounts beyond that taxed at 50 percent. Since launching its tariffs campaign, Trump's administration has so far unveiled just five agreements, including with Britain, Japan and the Philippines. While EU hopes have been rising for a deal, the approaching August 1 deadline also comes with a sense of deja-vu: earlier this month, EU officials also believed they were on the cusp of a deal, before Trump hiked his tariff threat to 30-percent.
