European countries announce $1b purchase of US weapons for Ukraine
The purchases from US stockpiles are the first under the so-called Prioritised Ukraine Requirements List, a mechanism launched by US President Donald Trump and NATO Secretary-General Mark Rutte last month. More are expected.
The Dutch government said it would buy 500 million euros ($577 million) of weapons, and the three Scandinavian countries will jointly donate $500 million.
All the governments highlighted the need to help Ukraine, which has faced mounting military pressure from Russia in recent months. "By supporting Ukraine with determination, we are increasing the pressure on Russia to negotiate," Dutch Defense Minister Ruben Brekelmans posted on X.
Brekelmans called near-daily Russian air strikes "pure terror" and warned that Moscow's advance into Ukrainian territory could pose a broader threat to Europe. "The more Russia dominates Ukraine, the greater the danger to the Netherlands and our NATO allies," he said.
"Ukraine is not only fighting for its own security, but also for our security," Swedish Defense Minister Pal Jonson told a press conference to announce the Scandinavian initiative. Sweden will give $275 million towards the total.
The Dutch package includes US Patriot missile parts and other systems for Ukraine's badly stretched front-line requirements, according to the Defense Ministry.
The Swedish government said in a statement that the "support will include air defence systems, including munitions to Patriot, anti-tank systems, ammunition and spare parts."
Washington is releasing weapons and military hardware for Ukraine from its stockpiles in $500 million tranches under the PURL mechanism. Ukrainian President Volodymyr Zelenskyy hailed the donations as "a very strong initiative that significantly boosts our ability to protect lives."
"These steps are a new, real foundation for long-term security across all of Europe. Russia will never turn Europe into a continent of war," Zelenskyy said on X.
Zelenskyy spoke with Trump on Tuesday, three days ahead of a deadline the US leader has set for Russia to make an initiative to halt the war. He said in a social media post that the two had discussed sanctions against Russia and "bilateral defence cooperation" but did not give details. The NATO secretary-general praised the Netherlands for being the first country to announce funding to the new scheme and also welcomed the Scandinavian move.
"Since the earliest days of Russia's full-scale invasion, Denmark, Norway and Sweden have been steadfast in their support for Ukraine. I commend these allies for their quick efforts to get this initiative off the ground," Rutte said in a statement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
an hour ago
- Korea Herald
Toyota reports a 37% drop in profit, cuts its forecast due to Trump's tariffs
Toyota's profit plunged 37 percent in the April-June quarter, the company said Thursday, cutting its full-year earnings forecasts largely because of President Donald Trump's tariffs. The Japanese automaker said it based its report on the assumption that Trump's tariffs on exports from Japan, including autos, would be 12.5 percent starting this month. As of now, they stand at 15 percent. The world's top automaker also makes vehicles in Mexico and Canada. Toyota's profit in the last quarter totaled 841 billion yen, or $5.7 billion, down from 1.33 trillion yen in the same period the year before. Its quarterly sales rose 3 percent. The status of those exports is unclear since Mexico and Canada are beneficiaries of the US-Mexico-Canada Agreement, renegotiated from a 1990s pact during Trump's first term in office, that eliminated most tariffs and trade barriers between the three countries. Toyota Motor Corp.'s April-June profit totaled 841 billion yen ($5.7 billion), down from 1.33 trillion yen in the same period of 2024. Quarterly sales rose 3 percent to 12 trillion yen ($82 billion). Toyota said the tariffs cost its quarterly operating profit 450 billion yen ($3 billion). Cost reduction efforts and the negative impact of an unfavorable exchange rate also hurt its bottom line. The company, which makes the Camry sedan and Lexus luxury models, forecast a 2.66 trillion yen ($18 billion) profit for the full fiscal year ending in March 2026, down from an earlier forecast for a 3.1 trillion yen ($21 billion) profit. Toyota earned nearly 4.8 trillion yen in the previous fiscal year. 'Despite a challenging external environment, we have continued to make comprehensive investments, as well as improvements such as increased unit sales, cost reductions and expanded value chain profits,' Toyota said in a statement that outlined its efforts to minimize the impact of the tariffs. At the retail level, Toyota sold 2.4 million vehicles globally, with sales growing in Japan, North America and Europe from the previous year, when global retail totaled 2.2 million vehicles. Analysts say Toyota is likely among the worst hit by the tariffs among global companies, even compared with other Japanese automakers. Also Thursday, Toyota announced it was building a new car assembly plant in Japan that it expects to have up and running in the early 2030s. It is acquiring a site in Toyota City, Aichi Prefecture, central Japan, where the automaker is headquartered. The models to be produced there are still undecided, but the plant will be part of the company's plan to maintain a production capacity of 3 million vehicles in Japan, according to Toyota. Billed as 'a plant of the future,' it will also feature new technology tailored for what Toyota said will be a diverse workforce. (AP - Yonhap)
Korea Herald
4 hours ago
- Korea Herald
Seoul shares end higher on tech, auto gains
South Korean stocks closed higher Thursday, tracking overnight gains on Wall Street, with strong performances in tech and auto shares leading the advance. The Korean won also rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 29.54 points, or 0.92 percent, to close at 3,227.68. Trade volume was moderate at 324.1 million shares worth 11.16 trillion won ($8.08 billion). Advancers outnumbered decliners 459 to 406. Overnight, the Dow Jones Industrial Average gained 0.18 percent, while the tech-heavy Nasdaq Composite rose 1.21 percent. In the local market, institutions bought a net 109.08 billion won worth of shares, while foreign investors and retail investors sold a net 17 billion won and 196.58 billion won, respectively. Analysts said institutional buying helped buoy the main index, despite ongoing concerns over US import tariffs and a potential slowdown in the US economy. US President Donald Trump's reciprocal tariffs took effect at 1:01 p.m. Thursday (Korea time), but analysts said the impact on the main index was limited, as the tariffs had already been priced into the market. In Seoul, tech and auto stocks led the gains. Market bellwether Samsung Electronics rose 2.47 percent to 70,500 won on news that the chipmaker will manufacture Apple Inc.'s next-generation processor at its foundry in Austin, Texas. The tech giant also got a boost from the South Korean trade minister's comments that Korean semiconductor firms will likely face lower US tariff rates than global peers and competitors, citing the latest trade deal signed last week between Seoul and Washington, in which the latter agreed to offer most favored nation (MFN) status to South Korean chipmakers when it comes to import tariffs on semiconductors. US President Donald Trump has said his administration may impose 100 percent tariffs on all chip and semiconductor imports. Chip giant SK hynix advanced 1.35 percent to 262,000 won. Top carmaker Hyundai Motor gained 0.95 percent to 212,500 won following reports that the Korean automaker and General Motors will jointly develop five new models for the US and other markets in the Americas. Top shipbuilder HD Hyundai Heavy Industries rose 1.82 percent to 475,000 won, while tech firm Kakao spiked 11.97 percent to 63,600 won. Leading battery maker LG Energy Solution edged up 0.65 percent to 386,500 won. Among decliners, major steelmaker POSCO Holdings slipped 0.34 percent to 297,500 won, and top refiner SK Innovation dropped 0.46 percent to 108,500 won. The local currency was quoted at 1,381.20 won against the greenback at 3:30 p.m., up 8.3 won from the previous session. Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 2.2 basis points to 2.408 percent, while the return on the benchmark five-year government bonds declined 1.8 basis points to 2.551 percent. (Yonhap)
Korea Herald
6 hours ago
- Korea Herald
Trump threatens takeover of Washington to fight crime
WASHINGTON (Reuters) -- President Donald Trump on Wednesday suggested he may use the National Guard to police the streets of Washington in his latest threat to take over running the city that serves as the seat of the US government. "We have a capital that's very unsafe," Trump told reporters at the White House. "We have to run DC. This has to be the best-run place in the country." Trump, who has threatened a federal takeover of the city multiple times, renewed those threats after a young staffer who was part of Elon Musk's Department of Government Efficiency was assaulted over the weekend. Musk , the billionaire former adviser to Trump who once spearheaded the DOGE effort, said the man was beaten and received a concussion. "It is time to federalize DC," he wrote. Asked if he was considering taking over the Washington police, Trump responded affirmatively. "We just almost lost a young man, beautiful handsome guy that got the hell knocked out of him," Trump said. The president posted a picture of the victim, Edward Coristine, known by the nickname "Big Balls," on social media, with blood on his face, arms, torso and legs. "We're going to beautify the city. We're going to make it beautiful. And what a shame, the rate of crime, the rate of muggings, killings and everything else. We're not going to let it. And that includes bringing in the National Guard, maybe very quickly, too," Trump said. A spokesperson for Washington Mayor Muriel Bowser declined to comment. Violent crime in the first seven months of 2025 was down by 26 percent in Washington compared to last year while overall crime was down about 7 percent, according to records on the police department's website. Overall crime was down 15 percent in 2024, compared to 2023, the website showed. The District of Columbia was established in 1790 with land from neighboring Virginia and Maryland. Congress has control of its budget, but resident voters elect a mayor and city council, thanks to a law known as the Home Rule Act. For Trump to take over the city, Congress likely would have to pass a law revoking that act, which Trump would have to sign. The president said on Wednesday that lawyers were already looking at overturning the Home Rule Act.
