Ukrainians welcome US aid but see Trump's 50-day ultimatum to Putin as too long
The time frame for further arms deliveries that European countries have agreed to pay for is crucial.
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Yahoo
10 minutes ago
- Yahoo
US and China officials meet in Stockholm to discuss how to ease trade tensions
STOCKHOLM, Sweden (AP) — Top trade officials from China and the United States arrived for a new round of talks in Stockholm on Monday in a bid to ease tensions over trade between the world's two biggest national economies. U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were meeting at the offices of Sweden's prime minister for talks that Bessent has said will likely to lead to an extension of current tariff levels. Analysts say the two envoys could set the stage for a possible meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this year to cement a recent thaw in trade tensions. The talks are the third this year between He and Bessent — nearly four months after Trump upended global trade with his sweeping tariff proposals, including an import tax that shot up to 145% on Chinese goods. China quickly retaliated, sending global financial markets into a temporary tailspin. The Stockholm meeting — following similar talks in Geneva and London in recent months — is set to extend a 90-day pause on those tariffs. During the pause, U.S. tariffs were lowered to 30% on Chinese goods, and China set a 10% tariff on U.S. products. The Trump administration, fresh off a deal on tariffs with the European Union, wants to reduce a trade deficit that came in at $904 billion overall last year — including a nearly $300 billion trade deficit with China alone. China's Commerce Ministry, for its part, said last week that Beijing wants 'more consensus and cooperation and less misperception' from the Stockholm talks. —— Didi Tang and Josh Boak in Washington contributed to this report. Solve the daily Crossword
Washington Post
10 minutes ago
- Washington Post
Trump hosts Starmer in Scotland, promoting his own golf club
EDINBURGH, Scotland — President Donald Trump has transformed the private green at his Turnberry golf course into a venue for high-stakes diplomacy. British Prime Minister Keir Starmer arrived Monday morning to meet with the president near the fairway to hash out a trade deal and discuss the wars in Gaza and Ukraine. On Sunday, European Union Commission President Ursula von der Leyen announced the contours of a trade deal at the private club. The meetings provide the latest example of how Trump uses his presidential power not only to govern, but also to help his family businesses. The engagements provide publicity for the courses and funnel taxpayer funds to the Trump Organization, as the U.S. government pays to lodge staff and security details at the properties. Traditionally, American presidents are invited to other countries by their leaders and hosted at diplomatic residences. But Trump is playing host to Starmer in the prime minister's own country, continuing his long tradition of sidestepping presidential norms to mix his family business and his public office. 'It is an unusual dynamic, but that is more of an issue for the U.S.,' said David Henig, director of the U.K. Trade Policy Project for the European Centre for International Political Economy. 'U.K. prime ministers have always said, we will just deal with the U.S. presidents as we find them.' Asked about the potential conflicts of interest, White House officials noted that the golf courses are held in a trust managed by Trump's children. 'President Trump's working trip to Scotland has already been a huge success, securing a historic trade agreement with the EU. President Trump is always acting in the best interest of the American people delivering GOOD deals that put America First,' White House spokeswoman Taylor Rogers said in a written statement. 'Donald J. Trump has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport.' Trump and Starmer told reporters Monday that they plan to discuss tariffs — including those levied on whisky — and aid to Gaza and Ukraine. In an exchange with reporters as Starmer arrived, Trump said he plans to shorten the 50-day deadline he gave Russian President Vladimir Putin to reach a ceasefire in Ukraine, reflecting his mounting frustration with the Kremlin. He also repeated his complaint that no one has said 'thank you' for aid the United States has sent to Gaza for food, where deaths from starvation and malnutrition are rising, and stressed his continued focus on rescuing Israeli hostages. Trump's visit, which includes the opening of a new golf course in Aberdeenshire, on Scotland's east coast, will cost American taxpayers millions of dollars for travel and security. While all other presidents in the era of jet travel have regularly used Air Force One for personal travel and are protected by the Secret Service as they do so, the government was not paying hotel fees to businesses they owned to house security details or White House staff. The U.S. government paid $68,800 to Trump's Turnberry resort in 2018 to cover the cost of Trump's visit to the course on Scotland's west coast during his first term, according to a report in the Scotsman newspaper. In between negotiating trade accords and batting back questions about the Jeffrey Epstein files, Trump used his time in Scotland over the weekend to promote the course. He posted videos of himself golfing on Truth Social, the social network he partially owns. He also cited praise from the retired professional golfer Gary Player. 'The Great Gary Player: 'Turnberry is, without a question, in the Top Five Greatest Golf Courses I've ever played in my 73 years as a Pro.' Thank you, Gary!'' he wrote. Trump Turnberry was one of Trump's most expensive properties and has struggled to turn a profit since his company purchased it in 2014. Trump spent $67 million to buy the property and an additional $144 million to renovate it. The course lost $1.7 million in the 2023 fiscal year, according to a filing from the company which operates the course. Trump has some supporters in the Turnberry area, where his club is a significant employer, but also many detractors. Scotts have hosted demonstrations across the country this week in protest of his stay. 'We're operating in nonstandard territory in terms of seeing him using Scotland as just a meeting room and use his properties as a venue for trade talks,' said Jack Nevin, who organized a protest Saturday in Edinburgh on behalf of Stop Trump Coalition. 'It's par for the course with his rank corruption and promoting his own businesses as president.' Amy B Wang contributed to this report.
USA Today
12 minutes ago
- USA Today
Trump trade deal with EU leaves Europe relieved − and worried
The Europe trade deal will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than Europeans hoped for. BRUSSELS − European governments and companies reacted with both relief and concern on Monday to the framework trade deal struck with President Donald Trump, acknowledging what was seen as an unbalanced deal but one that avoided a deeper trade war. The agreement, announced on July 27 between two economies that account for almost a third of global trade, will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than what Europeans hoped for. Many of the specifics of the deal were not immediately known, however. More: Trump and EU reach trade deal ahead of looming deadline "As we await full details of the new EU–U.S. trade agreement, one thing is clear: this is a moment of relief but not of celebration," Belgian Prime Minister Bart De Wever wrote on X. "Tariffs will increase in several areas and some key questions remain unresolved." Trump said the deal, including an investment pledge topping the $550 billion deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of U.S. exporters. It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15% baseline tariff, while an improvement on the threatened rate of 30%, compares to an average U.S. import tariff rate of around 2.5% last year before Trump's return to the White House. More: Trump considers 'rebates' to US taxpayers from tariff income European Commission chief Von der Leyen, describing Trump as a tough negotiator, told reporters on July 27 that it was "the best we could get." European stocks opened up on July 28, with the STOXX 600 at a four-month high and all other major bourses also in the green. Tech and healthcare stocks led the way. More: TACO or tariffs? Trump's big trade deadline is coming. Here's what to expect "The 15% rate is better than the market was fearing," said Jefferies economist Mohit Kumar. German Chancellor Friedrich Merz welcomed the deal, saying it averted a trade conflict that would have hit Germany's export-driven economy and its large auto sector hard. Not the end of the story French government ministers said on July 28 that the deal had some merits − such as exemptions they hoped to see for some key French business sectors such as spirits − but was nevertheless not balanced. Industry minister Marc Ferracci stressed more talks - potentially lasting weeks or months - would be needed before the deal could be formally concluded. "This is not the end of the story," he told RTL radio. European companies, meanwhile, were left wondering whether to cheer or lament the accord. "Those who expect a hurricane are grateful for a storm," said Wolfgang Große Entrup, head of the German Chemical Industry Association VCI. "Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. U.S. customers are paying the tariffs," he said. Stellantis shares were up 3.5% and car parts maker Valeo jumped 4.7% while German pharma group Merck KGaA rose 2.9%, in a sign of relief for those sectors. Among the many questions that remain to be answered, however, is how the EU's promise to invest hundreds of billions of dollars in the U.S. and steeply increase energy purchases can be turned into reality. It was not immediately clear if specific pledges of increased investments were made or whether the details still must be hammered out. And while the EU pledged to make $750 billion in strategic purchases over the next three years, including oil, liquefied natural gas (LNG) and nuclear fuel, the U.S. will struggle to produce enough to meet that demand. While U.S. LNG production capacity is due to almost double over the next four years it will still not be enough to ramp up supplies to Europe, and oil production is expected to be lower than previously forecast this year. Despite the lingering unknowns, analysts stressed the deal still helped decrease uncertainty. Oil prices rose on Monday, as did the euro. "Now that there is more clarity, you would think that not only in the United States, but around the globe, there will be a little bit more willingness to look at investment, to look at expansions, and to look at where the opportunities are," said Rodrigo Catril, senior currency strategist at National Australia Bank.
