EU Agrees to Start Talks With Gulf Nations on Strategic Ties
European affairs ministers gave the green light to the opening of talks aimed at concluding bilateral Strategic Partnership Agreements with Gulf Cooperation Council countries, which include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, during a meeting in Brussels on Friday, according to people familiar with the discussions, who spoke on the condition on anonymity.
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Yahoo
24 minutes ago
- Yahoo
Europe Inc swerves Trump trade war 'hurricane' but laments higher tariffs
LONDON (Reuters) -European companies were left wondering on Monday whether to cheer a hard-won U.S. trade deal or lament a still sharp jump in tariffs versus those in place before President Donald Trump's second term. A day earlier, European leaders heralded a framework trade deal with the United States that would impose a 15% import tariff on most EU goods, averting a spiralling battle between two allies which account for almost a third of global trade. Although the deal is better than the 30% rate threatened by Trump and will bring clarity for European makers of cars, planes and chemicals, the 15% baseline tariff is well above initial hopes of a zero-for-zero agreement. It is also higher than the U.S. import tariff rate last year of around 2.5%. "Those who expect a hurricane are grateful for a storm," said Wolfgang Große Entrup, head of the German Chemical Industry Association VCI, calling for more talks to reduce tariffs that he said were "too high" for Europe's chemical industry. "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." The deal, which also includes $600 billion of EU investments in the United States and $750 billion of EU purchases of U.S. energy over Trump's second term, includes some exemptions, even if details are still to be ironed out. Carmakers Volkswagen and Stellantis, among others, will face the 15% tariff, down from 25% under the global levy imposed by Trump in April. Stellantis shares rose 3.5% and car parts maker Valeo was up 4.7% in early trade. German pharma group Merck KGaA gained 2.9%. Aircraft and aircraft parts will be exempt - good news for French planemaker Airbus - as will certain chemicals, some generic drugs, semiconductor equipment, some farm products, natural resources and critical raw materials. Shares in the world's biggest chip maker ASML rose more than 4%, among the biggest gainers on the pan-European STOXX 600 index. STILL TO BE NEGOTIATED Dutch brewer Heineken cheered the deal, with CEO Dolf van den Brink welcoming the certainty it brought. The world's No.2 brewer sends beer, especially its namesake lager, to the U.S. from Europe and Mexico, and has also suffered from the indirect effect on consumer confidence in important markets like Brazil. The rate on spirits that could impact firms such as Diageo, Pernod Ricard and LVMH, is still being negotiated though. "It seems that in coming days there could be negotiations for certain agricultural products, zero for zero, which is what the European and U.S. sectors have been calling for," said Jose Luis Benitez, director of the Spanish Wine Federation. Benitez added that a 15% rate could put Europe at a disadvantage versus other wine exporting regions subject to 10% tariffs. "If there are any exceptions, we hope that the (European) Commission understands that wine should be one of them." Lamberto Frescobaldi, the president of Italian wine body UIV, said on Sunday that 15% tariffs on wine would result in a loss of 317 million euros ($372.63 million) over the next 12 months, though the group was waiting to see the final deal text. Others said that the agreement- which followed on the heels of a similar one with Japan - helped bring greater clarity for company leaders, but still threatened to make European firms less competitive. "While this agreement puts an end to uncertainty, it poses a significant threat to the competitiveness of the French cosmetics industry," said Emmanuel Guichard, secretary general of French cosmetics association FEBEA, which counts L'Oreal, LVMH and Clarins among its members. ($1 = 0.8507 euros)
Newsweek
24 minutes ago
- Newsweek
Trump Threatens 'Stupid' Iran
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump ridiculed Iran's continued pursuit of uranium enrichment following U.S. airstrikes on its key nuclear sites last month, expressing disbelief on Sunday at Tehran's persistence despite what he described as a decisive military blow to its ambitions. "They got the hell knocked out of them and they…I don't think they know it," Trump told reporters at his golf course in the Scottish village of Turnberry. He said Iran's insistence on enrichment was "stupid" and vowed to stop the program outright. Newsweek has reached out to the State Department and Iran's Foreign Ministry for comment. Why It Matters Trump's comments marked one of the sharpest threats from Washington since last month's 12-day war, when Israeli and U.S. strikes targeted Iran's nuclear facilities. Despite the losses, Tehran remains defiant on uranium enrichment—a key issue behind decades of U.S.-Iran tensions. The U.S. leader's remarks highlight a growing divide: Iran claims its program is peaceful and scientific, while the U.S. sees enrichment as a path to nuclear weapons—something Trump insists he would never allow. President Donald Trump speaks as he meets European Commission President Ursula von der Leyen at the Trump Turnberry golf course in Turnberry, Scotland Sunday, July 27, 2025. President Donald Trump speaks as he meets European Commission President Ursula von der Leyen at the Trump Turnberry golf course in Turnberry, Scotland Sunday, July 27, 2025. Jacquelyn Martin/AP Photo What to Know Following a meeting with EU chief Ursula Von der Leyen, Trump expressed surprise at Iran's ongoing pursuit of uranium enrichment. "They still talk about enrichment," he said. "Who would do that? You just come out of something that's so bad, and they talk about, we want to continue enrichment." He added: "How stupid can you be to say that?" Trump also condemned Iran's rhetoric, saying: "Iran has been very nasty with their words, with their mouth. They got the hell knocked out of them and they…I don't think they know it. I actually don't think they know." Nuclear Damage On June 22, U.S. forces struck Iran's nuclear facilities at Fordow, Esfahan and Natanz, following a 12-day Israeli offensive. In retaliation, Iran launched missile attacks on Al-Udeid Air Base in Qatar—the largest U.S. military installation in the Middle East—claiming it was a direct response to American aggression. Although Iran reported successful strikes, U.S. and Qatari officials stated that all missiles were intercepted and no casualties or major damage occurred. Portraits of children and teenagers who were killed in the June 13 Israeli airstrike at a residential compound in Tehran, Iran, are displayed with some of their belongings on Saturday, July 19, 2025. Portraits of children and teenagers who were killed in the June 13 Israeli airstrike at a residential compound in Tehran, Iran, are displayed with some of their belongings on Saturday, July 19, 2025. AP Photo National Pride Iranian Foreign Minister Abbas Araghchi recently reaffirmed that Iran would not abandon its uranium enrichment program. He called the effort both a scientific success and a patriotic symbol. "Our enrichment is so dear to us," Araghchi said. Meanwhile, Iran has said that it would proceed with nuclear negotiations alongside European powers following "serious, frank and detailed" discussions in Istanbul last week. What People Are Saying U.S. President Donald Trump: "The whole thing's a con job…Iran was beaten up very badly, for good reason. We cannot have them have a nuclear weapon." Iranian Foreign Minister Abbas Araghchi: "Obviously we cannot give up our enrichment, because it is an achievement of our own scientists and now more than that, it is a question of national pride." What Happens Next Trump's latest comments indicate the U.S. will continue pressuring Iran diplomatically and militarily to abandon uranium enrichment. While talks with European powers are ongoing following recent meetings in Turkey, no deal has been reached yet, and tensions between Washington and Tehran remain high with the risk of further escalation.
Newsweek
26 minutes ago
- Newsweek
Donald Trump Hit With Epstein Question During EU Deal Announcement
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump hit back at a reporter who asked a question about Jeffrey Epstein during a news conference announcing a trade framework between the United States and the European Union. "Mr. President, was part of the rush to get this deal done to knock the Jeffrey Epstein story [out of the headlines]?" the reporter asked during the news conference in Turnberry, Scotland, on Sunday. "Oh, you gotta be kidding with that," Trump said. "No, had nothing to do with it. Only you would think that. That had nothing to do with it." Newsweek has contacted the White House for comment via an email sent outside regular business hours. U.S. President Donald Trump speaks during a joint press briefing with European Commission President Ursula von der Leyen after agreeing on a trade deal between the two economies following their meeting in Turnberry, Scotland, on... U.S. President Donald Trump speaks during a joint press briefing with European Commission President Ursula von der Leyen after agreeing on a trade deal between the two economies following their meeting in Turnberry, Scotland, on July 27. More Brendan Smialowski/AFP via Getty Images Why It Matters In recent weeks, Trump has struggled to shift the conversation from the Epstein, a wealthy financier and convicted sex offender who authorities said died by suicide behind bars in 2019 while awaiting trial on sex trafficking charges. The president has faced pressure from his supporters to release the government's files about Epstein, which they believe will reveal a cover-up in the case to protect Epstein's wealthy and powerful friends. Trump's personal relationship with Epstein has also come under fresh scrutiny. The Wall Street Journal reported that Attorney General Pam Bondi told Trump that his name was in the files during a briefing in May. Trump has never been accused of wrongdoing in connection with Epstein and the inclusion of someone's name in files from the investigation does not imply otherwise. What To Know As he departed the White House for the trip to Scotland on Friday, Trump faced numerous questions about the Epstein case and whether he would pardon Ghislaine Maxwell, the convicted sex offender's imprisoned accomplice. "People should really focus on how well the country is doing," Trump said in response to one question. He shut down another, saying, "I don't want to talk about that." He faced another round of questions as he stepped off Air Force One in Scotland. "You're making a big thing over something that's not a big thing," he told one reporter. To another, he said, "I'm focused on making deals, not on conspiracy theories that you are." Previously, the Trump administration had promised to release more documents in the case, including an alleged list of clients involved in Epstein's sex trafficking operation. However, in an unsigned memo issued on July 7, the FBI and the Justice Department said Epstein did not have a list of clients and that no additional records would be released to the public. Since then, the Trump administration has received a bipartisan backlash and has scrambled to appear transparent, including by seeking the unsealing of grand jury transcripts in the case—which a judge has rejected. What People Are Saying President Donald Trump wrote on his Truth Social platform on Thursday: "The Radical Left Democrats are doing everything in their power to distract and obfuscate from our GREAT six months of service to America, results of which many are saying is the BEST six months in Presidential history. They have gone absolutely CRAZY, and are playing another Russia, Russia, Russia Hoax but, this time, under the guise of what we will call the Jeffrey Epstein SCAM." The Democrats' X account wrote on Saturday, alongside a video detailing Trump's relationship with Epstein: "No matter how much he tries to distract from it, Trump's connection to Jeffrey Epstein spans decades." Democratic Representative Jason Crow of Colorado said on Fox News Sunday, discussing the Trump administration's allegations that the Obama administration manufactured intelligence about Russian interference in the 2016 election: "This is being reinvigorated and concocted because Donald Trump doesn't want to talk about the Epstein files. He doesn't want those files released. In fact, I'm sitting here right now instead of in Washington because House Republicans released the Congress. We went on recess early to avoid a vote on releasing the Epstein files." What Happens Next Trump is likely to continue receiving questions about the Epstein case. The president is set to meet with British Prime Minister Keir Starmer on Monday before traveling to Aberdeen, Scotland. This article contains reporting from the Associated Press.
