EU, Canada slapped with higher tariffs; Ukraine kills agents
First, The European Union has delayed retaliatory tariffs on US exports until August. Last week, US President Donald Trump wrote a letter announcing his plans to impose 30% tariffs on EU imports from August 1. He warned that if the trade partner retaliated, he would hit back by raising tariffs above 30%, the BBC reported.
European Commission President Ursula von der Leyen said the EU would extend the suspension of its countermeasures. "At the same time, we will continue to prepare for the countermeasures so we're fully prepared."
German Chancellor Friedrich Merz said the 30% tariffs would hit exporters in Europe's largest economy 'to the core' if a trade solution can't be reached, Bloomberg reported.
He was coordinating closely with other EU leaders to ensure tariffs of that level don't go ahead. 'That requires two things: unity in the European Union and good lines of communication with the American president.'
Canadian Prime Minister Mark Carney.
Meanwhile, Trump announced a 35% blanket tariff on imports from Canada, up from 25% announced in February, the ABC reported.
Trump justified the tariffs as necessary to manage the opioid crisis, which he said was partly because of fentanyl being smuggled into the US from Canada.
In Ukraine, the Security Service said it had killed Russian special service agents suspected of killing a fellow officer in Kyiv last week, claiming Russia's Federal Security Service was responsible, CNN reported.
SBU officer Ivan Voronych was shot dead in an apparent assassination. The suspects attempted to keep a low profile after the shooting, however, officers established their whereabouts.
'As a result of covert investigative and active counterintelligence measures, the enemy's lair was discovered. During their arrest, they began to resist, there was an exchange of fire, and the scoundrels were eliminated,' officials said.
In the UK, GDP declined again in May and put pressure on Chancellor Rachel Reeves before a tough budget in the autumn, the Guardian said.
Stronger-than-expected growth would have helped to alleviate the squeeze on public finances. The 0.1% decline in May followed a 0.3% contraction in April. Economists expect the Bank of England to cut rates in August.
'May's downbeat outturn means a contraction in GDP across the second quarter looks a racing certainty,' said Suren Thiru of the Institute of Chartered Accountants.
UK Chancellor Rachel Reeves.
In the Middle East, Syria finalised an US$800 million agreement with Dubai-based DP World to redevelop its Tartous Port to help increase post-war reconstruction, Al Jazeera reported.
Syrian officials described the deal as a key step towards modernising the country's logistics infrastructure.
Since the fall of former President Bashar al-Assad in December, Syria's new leadership had been pushing to re-establish economic ties with international companies.
DP World chief executive Sultan Ahmed bin Sulayem said Syria's economic potential remained strong. 'Syria possesses valuable assets … and Tartous is an essential hub for trade and exports. We aim to transform it into one of the world's leading ports.'
In Italy, the Agnelli family's John Elkann and his siblings agreed to pay about €175m to settle a probe over alleged tax evasion, Bloomberg reported.
A spokesperson for the siblings confirmed an agreement with Italy's Revenue Agency. The deal was reached 'with the aim of swiftly and definitively resolving a painful matter on a personal and family level'.
The tax investigation focused on allegations the siblings didn't pay Italian taxes on assets they inherited after the death of their grandmother.
Elkann is chair of global carmaker Stellantis, the manufacturer of several brands including Fiat and Peugeot.
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