Adidas Says Trump Tariffs ‘Put a Stop' to Boost in Targets
Adidas AG refrained from raising its financial targets for the year because of the concern around US tariffs, which will raise prices on consumers in the world's biggest sports market and could upend the German brand's momentum.
Ordinarily, Adidas would have raised its outlook for the year after generating better-than-expected first-quarter profits, it said in a statement Tuesday. But President Donald Trump's tariffs — and the uncertainty around what levels they will ultimately reach — 'put a stop to this,' Adidas said.
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Associated Press
8 minutes ago
- Associated Press
The election of a Trump ally in Poland could alter EU and Ukraine policies
WARSAW, Poland (AP) — Poland has elected Karol Nawrocki, a conservative historian and staunch nationalist, as its next president in a closely watched vote that signals a resurgence of right-wing populism in the heart of Europe. Nawrocki, who is set to take office on Aug. 6, is expected to shape the country's domestic and foreign policy in ways that could strain ties with Brussels while aligning the Central European nation of nearly 38 million people more closely with the administration of President Donald Trump in the United States. Here are some key takeaways: Conservative populism on the rise Nawrocki's victory underscores the enduring appeal of nationalist rhetoric among about half of the country along the eastern flank of NATO and the European Union, and its deep social divisions. The 42-year-old historian who had no previous political experience built his campaign on patriotic themes, traditional Catholic values, and a vow to defend Poland's sovereignty against the EU and larger European nations like Germany. His win also reflects the appeal of right-wing nationalism across Europe, where concerns about migration, national sovereignty, and cultural identity have led to surging support for parties on the right — even the far right in recent times. Far-right candidates did very well in Poland's first round of voting two weeks earlier, underlining the appeal of the nationalist and conservative views. Nawrocki picked up many of those votes. As his supporters celebrate his win, those who voted for the defeated liberal candidate, Warsaw Mayor Rafał Trzaskowski, worry that it will hasten the erosion of liberal democratic norms. Prime Minister Donald Tusk's troubles Nawrocki's presidency presents a direct challenge to Prime Minister Donald Tusk, who returned to power in late 2023 pledging to mend relations with the EU and restore judicial independence which Brussels said was eroded by Law and Justice, the party that backed Nawrocki. But Tusk's coalition — a fragile alliance of centrists, leftists, and agrarian conservatives — has struggled to push through key promises including a civil union law for same-sex couples and a less restrictive abortion law. Nawrocki, who opposes such measures, will have the power to veto legislation, complicating Tusk's agenda and potentially triggering political gridlock. Ties with the Trump administration Nawrocki's election could signal a stronger relationship between Poland and the Trump administration. Poland and the U.S. are close allies, and there are 10,000 U.S. troops stationed in Poland, but Tusk and his partners in the past have been critical of Trump. Nawrocki, however, has a worldview closely aligned with Trump and his Make America Great Again ethos. Trump welcomed Nawrocki to the White House a month ago and his administration made clear in other ways that he was its preferred candidate. A shifting focus on Ukraine While Nawrocki has voiced support for Ukraine's defense against Russian aggression, he does not back Ukrainian membership in NATO and has questioned the long-term costs of aid — particularly support for refugees. His rhetoric has at times echoed that of Trump, for instance by accusing Ukrainian President Volodymyr Zelenskyy of what he said was insufficient gratitude for Poland's assistance. With growing public fatigue over helping Ukrainian refugees, Nawrocki's approach could shift Poland's posture from strong ally to conditional partner if the war drags on much longer. Ties with the EU The election result is a setback for the EU, which had welcomed Tusk's return in 2023 as a signal of renewed pro-European engagement. Nawrocki and the Law and Justice party have criticized what nationalists view as EU overreach into Poland's national affairs, especially regarding judicial reforms and migration policy. While the president does not control day-to-day diplomacy, Nawrocki's symbolic and veto powers could frustrate Brussels' efforts to bring Poland back into alignment with bloc standards, particularly on rule-of-law issues. Market jitters Though an EU member, Poland has its own currency, the zloty, which weakened slightly on Monday morning, reflecting investor concerns over potential policy instability and renewed tensions with EU institutions. Billions of euros in EU funding has been linked to judicial reforms which Tusk's government will now be unlikely to enact without presidential cooperation.
Bloomberg
an hour ago
- Bloomberg
Bloomberg Daybreak Europe: Ukraine's Audacious Strike
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Ukraine staged a dramatic series of strikes across Russia, deploying drones hidden in trucks deep inside the country to hit strategic airfields as far away as eastern Siberia. (2) The UK will create an 'always on' munitions production capacity to allow it to scale-up its defense industry when needed, as it increasingly shifts to a war footing with Russia's assault on Ukraine showing little sign of ending. (3) A nationalist candidate backed by Donald Trump won Poland's presidential election, defeating the centrist mayor of Warsaw in a blow to the country's pro-European Union government. (4) Six people were injured in an attack on an event in Boulder, Colorado, held in support of Israeli hostages, police and FBI officials said, sparking renewed concern about threats of antisemitic violence in the US. The FBI says the suspect was heard to yell 'Free Palestine' while using a makeshift flamethrower. (5) China accused the US of violating their recent trade deal and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call that Donald Trump wants to have to further bilateral talks.
Yahoo
an hour ago
- Yahoo
China says US is ‘provoking frictions' as tensions flare despite trade truce
China has accused the United States of 'provoking new economic and trade frictions' as it responded to US President Donald Trump's claims that Beijing had violated a trade truce agreed by the two nations last month, which paused their blistering tariff war. China was 'strictly implementing' the consensus of those trade talks, the Chinese Commerce Ministry said in a statement Monday, while blaming the US for taking steps that 'seriously undermine' the agreement. 'The United States has been unilaterally provoking new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,' the statement said. 'If the United States insists on its own way and continues to undermine China's interests, China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests,' it added. The comments come after Trump on Friday said China had 'TOTALLY VIOLATED ITS AGREEMENT WITH US.' In a post on Truth Social, the US president said that he made a fast deal with China to 'save them from what I thought was going to be a very bad situation.' He added: 'So much for being Mr. NICE GUY!' The back and forth spotlights a ratcheting up of tensions between the US and China just weeks after the two sides reached the surprise trade truce in Geneva, which significantly dialed down the hefty tariffs that each imposed on the other in April. That agreement gave the two sides a 90-day window to hash out a broader deal, an effort that now appears imperiled as each side accuses the other of working against the spirit of that agreement. US officials have described talks as 'stalled' and suggested that the involvement of Trump and Chinese leader Xi Jinping is needed to jumpstart progress. A key point of contention has been Beijing's export controls on rare earth minerals and associated products, which were imposed as part of its retaliation against Trump's 'reciprocal' tariffs on Chinese goods. Following the talks, US officials had expected China to ease export restrictions of those minerals, which are an essential part of everything from iPhones and electric vehicles to big-ticket weapons like F-35 fighter jets and missile systems. But the restrictions haven't been lifted, causing intense displeasure inside the Trump administration and prompting a recent series of measures imposed on China, three administration officials told CNN last week. Meanwhile, Beijing accused the US last month of 'undermining' the consensus reached in Geneva, after Washington warned companies against using AI chips made by its national tech champion Huawei. In a further escalation of tensions, the US then last week also moved to limit critical technology sales to China and restrict the number of Chinese students studying in the US –spotlighting how the scope of their competition is much broader than just trade. In the Monday statement, China's Commerce Ministry hit out at these measures, saying the US has 'successively introduced a number of discriminatory restrictive measures against China after the Geneva Economic and Trade Talks, including issuing AI chip export control guidelines, stopping the sale of chip design software to China, and announcing the revocation of Chinese student visas.' Beijing, as well as other Asian capitals, is also feeling the pressure of trade frictions at home. China's manufacturing activity shrank for a second month in May, an official survey showed on Saturday. Tariffs imposed this year on Chinese goods entering the US, its largest export market, currently stand at 30%, not including any pre-existing duties. Trump administration officials have homed in on China's controls on exports of rare earths in their assessments of China's compliance with the agreement reached in Geneva. The deal saw the two sides dial back during the 90-day grace period mutual tariffs that had soared to well over 100%. It also included an agreement from China to 'suspend or remove' non-tariff countermeasures taken against the US since April 2. China on April 4 imposed export controls on seven rare earth minerals and associated products in what was seen as a retaliation against Trump's duties on its goods. Its export control regime does not ban exports outright but requires government approval for each shipment regardless of destination, enabling greater control over a supply chain that China has come to dominate globally. That system appeared to remain in place last month following the talks, CNN reporting showed. During an interview that aired Sunday with CBS' Face the Nation, US Treasury Secretary Scott Bessent said China was 'withholding some of the products that they agreed to release' in Geneva, referring to critical minerals. 'Maybe it's a glitch in the Chinese system, maybe it's intentional,' he added, noting that the issue would be 'ironed out' when Trump and Chinese leader Xi Jinping have a call, which Bessent said he believes will happen 'very soon.' The two leaders are known to have last spoken on January 17, days before Trump's inauguration. China has defended its export control regime, describing it last week as 'in line with international practices' and 'not targeted at specific countries.' When asked about its export controls on rare earth minerals, part of a wider category of critical minerals, during a regular press briefing Friday, a spokesperson for China's Ministry of Foreign Affairs said Beijing was 'willing to strengthen dialogue and cooperation in the field of export controls with relevant countries and regions.'
