German Government Mulls Stake in Franco-German Tankmaker KNDS
The German family shareholders of KNDS are aiming to reduce their ownership through a listing or stake sale to tap growing investor demand in defense companies, according to people with knowledge of the matter.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
4 hours ago
- USA Today
Trump and EU reach trade deal ahead of looming deadline
The trade deal echoes the arrangement Trump reached with Japan. President Donald Trump announced July 27 the United States had reached a trade deal with the European Union, days ahead of a self-imposed Aug. 1 deadline. Trump met with the European Commission's president, Ursula von der Leyen, during his trip to Scotland over the weekend, where the pair discussed terms and came to an agreement. The deal includes a 15% tariff on most European exports to the United States, similar to agreements struck recently between Trump and other major trading partners, including Japan. The levy is higher than the 10% rate sought by Europeans but a reduction from the 30% Trump threatened to impose earlier in July. The agreement also includes $600 billion in EU investments in the U.S., and the purchase of $750 billion worth of U.S. energy. "I think we both wanted to make a deal,' Trump said. "I think it's going to be great for both.' The 15% tariff will be applied 'across the board,' for items including cars, but steel and aluminum will remain at 50%. "We have a trade deal between the two largest economies in the world, and it's a big deal,' von der Leyen said. 'It's a huge deal. It will bring stability. It will bring predictability.' The president has repeatedly criticized the European Union, saying it was "formed to screw the United States" on trade. The U.S. trade deficit with the EU reached $235 billion in 2024, according to U.S. Census Bureau data. Heading into the weekend meeting, he called the relationship between the EU and the United States "very unfair" and said he thought officials had a "50/50 chance" of striking a deal. After an agreement was announced, von der Leyen said the deal would "rebalance" relations, despite European leaders long claiming there was not an unfair trade balance. German Chancellor Friedrich Merz said the agreement averted a trade conflict that threatened a 27.5% tariff on cars. "This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy hard,' Merz said. Italy's Prime Minister Giorgia Meloni called it a 'positive' trade deal. Ireland's Trade Minister Simon Harris said the tariff provides certainty in trade that 'is essential for jobs, growth and investment.' "A deal provides a measure of much needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world,' Harris said. Trump is seeking to reorder the global economy and reduce decades-old U.S. trade deficits. He has so far reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of "90 deals in 90 days." The EU deal echoes the deal reached with Japan. Despite the recent deals, Commerce Secretary Howard Lutnick said the administration will continue to pursue aggressive tariffs around the world, including potential duties on critical semiconductors in the near future. Contributing: USA TODAY, Reuters
Axios
10 hours ago
- Axios
U.S. reaches trade agreement with Europe with 15% tariff
President Trump said on Sunday that the U.S. reached a trade agreement with the European Union that would impose a 15% tariff rate on its goods. Why it matters: Europe is the latest major partner to accept significantly higher tariffs to stave off worsening trade fights with Trump. Details: Trump announced the deal alongside European Commission president Ursula von der Leyen during a trip to Scotland. Trump said the EU agreed to buy more than $750 billion worth of U.S. energy, as well as invest $600 billion on top of the bloc's existing commitments in America. Trump said that the EU would also purchase military equipment as well as open its markets for U.S. manufacturers. What they're saying: "I think it's the biggest deal ever made," Trump said on Sunday. "It will bring stability, it will bring predictability," von der Leyen said, calling it a "huge deal." Catch up quick: The EU pact comes after one struck with Japan earlier this week. That deal imposed 15% tariffs on U.S.-bound imports, but also included a massive investment mechanism that has come under scrutiny. The big picture: Europe's economy was reeling before Trump took office. Still, White House trade policy has targeted its most dominant sectors, including auto manufacturing. German carmakers — Mercedes, BMW and Audi — have been subject to a 25% tariff rate since April, while other goods faced a blanket 10% tariff. By the numbers: As a bloc, the EU is America's top trading partner, with more than $600 billion worth of goods imported from European nations last year. The U.S. exported slightly more than half of that sum, with $370 billion worth of goods sent to Europe in 2024. That trade deficit has been one source of Trump's frustration with Europe since taking office. The bottom line: Some of the world's largest economies will adjust to far higher tariff rates than initially thought, with huge implications for global economic growth and inflation.
NBC News
11 hours ago
- NBC News
Trump reaches agreement with E.U. to lower tariffs to 15%
President Donald Trump announced a trade agreement on Sunday with the European Union that would lower tariffs to 15%, ending what had been months of uncertainty surrounding trade with the United States' largest trade partner. The tariff rate is a reduction from the 30% that Trump threatened on July 12 and the 20% he said he would impose on April 2. Announcing the agreement, Trump said the E.U. will not impose a tariff on U.S. imports. He added this agreement was 'satisfactory to both sides.' European Commission President Ursula von der Leyen said Sunday alongside Trump that the pact 'will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' The agreement appears to closely mirror the trade agreement announced with Japan on Tuesday, under which Japanese imports will face a 15% import duty, which was also lower than Trump earlier threatened. But last year, the average U.S. tariff on imports from the European Union was just 1.2%, according to Capital Economics' chief Europe economist. The European Union has been in active negotiations with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer for weeks and had believed it was extremely close to a deal before Trump suddenly fired off a letter on Truth Social saying he would hike tariffs to 30%. The EU's top trade negotiator made multiple trips across the Atlantic to meet with his U.S. counterparts and was set to speak by phone with Lutnick again Wednesday, according to a spokesperson for the E.U. 'Imposing 30% tariffs on E.U. exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic,' European Commission President Ursula von der Leyen said after Trump's July letter. Immediately after the letter, the E.U. said it would continue working towards an agreement of some type by the new deadline of August 1. But the bloc continued to simultaneously prepare an extensive list of U.S. products against which it could apply retaliatory tariffs if an agreement wasn't reached amid fears that Trump could end talks. Some of those products included Boeing aircraft, U.S. vehicles and imports from politically sensitive states such as bourbon from Kentucky and soybeans from Louisiana. At the time of the announcement, the E.U. had about $100 billion worth of retaliatory tariffs ready to deploy. Agricultural and business groups warned that 30% tariffs on the European Union could have dramatically impacted the price and availability of wines, cheeses, pasta and called the levy 'incomprehensible.' Cars and other vehicles produced in the E.U. could still face increased prices. 'The costs for our companies have already reached the billions—and with each passing day, the total continues to grow,' the German auto trade group VDA told NBC News in a statement on July 14. The 27 countries of the European Union are the United States' largest trading partner — its $605 billion worth of imports into the U.S. surpass Mexico, Canada and even China. The most valuable category of imports in 2024 was drugs and pharmaceuticals primarily from Ireland, followed by autos, aircraft and other heavy machinery from nations such as France and Germany. Trump has separately threatened to impose a 200% tariff on any drugs imported into the U.S., though it would not be applied for at least 18 months. It was unclear if the deal with the E.U. would prevent that.
