Live Updates: Trump to meet Starmer in Scotland as EU trade deal boosts markets
03:50 EDT
Rocky Swift
The euro edged higher on Monday after news of a framework trade pact stuck between the U.S. and the EU.
The euro stood at $1.1753 , up 0.1% after initially rising 0.3%.
The common currency strengthened 0.2% to 173.64 yen, climbing for a fifth straight session to a fresh one-year high.
As concerns subside about the economic fallout from punishing tariffs, investor attention is shifting to corporate earnings and central bank meetings in the United States and Japan in the next few days.
'The biggest deal ever made'
18 minutes ago
03:32 EDT
Andrew Gray and Andrea Shalal
The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods.
The two allies that account for almost a third of global trade.
'THE BEST WE COULD GET' VS 'THE BIGGEST DEAL EVER MADE'
Von der Leyen, describing Trump as a tough negotiator, said the 15% tariff applied "across the board," later telling reporters it was "the best we could get."
"We have a trade deal between the two largest economies in the world, and it's a big deal. It's a huge deal. It will bring stability. It will bring predictability," the European commission president said.
Trump said the deal, which tops a $550 billion deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of U.S. exporters.
"I think this is the biggest deal ever made," Trump told reporters, lauding EU plans to invest some $600 billion in the United States and dramatically increase its purchases of U.S. energy and military equipment.
The agreement mirrors key parts of the framework accord reached by the U.S. with Japan, but like that deal, it leaves many questions open, including tariff rates on spirits, a highly charged topic for many on both sides of the Atlantic.
The deal, which Trump said calls for $750 billion of EU purchases of U.S. energy in coming years and "hundreds of billions of dollars" of arms purchases, likely spells good news for a host of EU companies, including Airbus, Mercedes-Benz and Novo Nordisk, if all the details hold.
The baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal.
Trump to meet Starmer in Scotland after US-EU tariff deal
03:30 EDT
U.S. President Donald Trump will host British Prime Minister Keir Starmer at his golf resort in western Scotland on Monday.
The talks between the two leaders are expected to range from their recent bilateral trade deal to the worsening hunger crisis in Gaza, the two governments said.
Trump, riding high after announcing a huge trade agreement with the European Union late on Sunday, said he expected Starmer would also be pleased.
"The prime minister of the UK, while he's not involved in this, will be very happy because you know, there's a certain unity that's been brought there, too," Trump said.
Starmer had hoped to negotiate a drop in U.S. steel and aluminum tariffs as part of the discussions, but Trump on Sunday ruled out any changes in the 50% duties for the EU and has said the trade deal with Britain has been "concluded."
Trump and European Commission President Ursula von der Leyen announced the deal at Trump's luxury golf course in western Scotland after an hour-long meeting that pushed the hard-fought deal over the line, following months of negotiations.
The euro edged higher on Monday after news of the deal. Global stocks and oil prices also rose this morning relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
Join us for the latest updates as we get them.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
3 minutes ago
- Daily Mail
Man United chief executive Omar Berrada insists the club are 'working around the clock' to strengthen the squad amid interest in £70m-rated Benjamin Sesko
Manchester United chief executive Omar Berrada says the club are 'working around the clock' to strengthen the squad before the transfer window closes. United have spent close to £140million this summer on Bryan Mbeumo, Matheus Cunha and Diego Leon. They want to bring in a new striker as talks continue over RB Leipzig centre-forward Benjamin Sesko, with a central midfielder and goalkeeper the other possibilities. Speaking before United's final US tour game against Everton in Atlanta, Berrada said: 'We have to do a lot of multi-tasking. We have a team back home led by (director of football) Jason (Wilcox), the recruitment team, that is working around the clock to ensure that we continue to find opportunities to strengthen our squad. 'There are lots of late calls and early morning meetings to make sure that we stay on top of it. 'What we want to do is to win and to start winning titles as soon as possible. Of course, adding players helps. We have seen the arrival of Bryan Mbeumo, Matheus Cunha and Diego Leon. 'They have adapted really well. We are going to see Bryan play for the first time (in Atlanta), Matheus has already shown his quality and Diego has shown that he is adapting very quickly having just come from Paraguay, so all of the signs are positive and we are cautiously optimistic. We hope we are going to have a great season.' Amorim revealed over the weekend that he has installed a six-player leadership team to keep discipline among the squad, and Berrada underlined the importance of maintaining high standards. 'The mood has been very good,' he added. 'The culture, the standards, the values, we are trying to ensure that we create a team spirit that allows the players to compete at the highest level. We have very high standards, Ruben is very clear about that and so is Jason Wilcox. It is something we want to see with the players, with the staff, with everyone. 'It is about raising standards and being very disciplined, and the way you approach the application of those standards. We have to make sure that everybody abides by them, that everybody believes in them and that nobody falls out of line. It is really important for us to create that sense of togetherness around a single idea.'
Daily Mail
33 minutes ago
- Daily Mail
After Trump moves nuclear submarines close to Russia, Putin responds by beginning 'war game training' with China in bleak show of combined force
In retaliation to US President Donald Trump moving submarines closer to Russia, Putin has begun 'war game training' with China in a bleak display of their allied force. Last night, Trump confirmed two US Navy nuclear submarines are 'getting closer to Russia', after an online spat with former Russian president Dmitry Medvedev - now deputy chairman of Russia's National Security Council. In response, Russia and China today showed off their strengthening military ties as they took part in staged mock combat drills and other war games in the Sea of Japan together. A statement from China's Defence Ministry said the Joint Sea-2025 drills were launched in waters nearby Vladivostok, Russia's largest port on the Pacific Ocean. Four Chinese vessels, including guided-missile destroyers Shaoxing and Urumqi, will be participating in the drills which will span across three days. The exercises will include 'submarine rescue, joint anti-submarine, air defence and anti-missile operations, and maritime combat', followed by naval patrols in 'relevant waters of the Pacific'. Russia and China, which signed a 'no-limits' strategic partnership shortly before Russia went to war in Ukraine in 2022, conduct regular military exercises to rehearse coordination between their armed forces and send a deterrent signal to adversaries. Although they were pre-planned, the joint naval exercises came just a day after Trump moved submarines packed with nuclear warheads towards Russian waters following his argument with Mr Medvedev on social media. On Telegram, an encrypted social media app, the deputy chairman of Russia's National Security Council said Russia could invoke 'Dead Hand' – a doomsday program with the ability to automatically launch a nuclear counterstrike against major US cities, even if Moscow and President Vladimir Putin are wiped out. His post read: 'As for the talk about the "dead economies" of India and Russia, and "entering dangerous territory" - maybe he should recall his favourite movies about "the walking dead", and also remember how dangerous the so-called "Dead Hand", that does not exist in nature, could be. 'He should remember two things: 1: Russia isn't Israel or even Iran. 2: Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with his own country. Don't go down the Sleepy Joe [a reference to former President Joe Biden] road!' Responding in a post on Truth Social, Mr Trump said: 'Based on the highly provocative statements of the Former President of Russia, Dmitry Medvedev, who is now the Deputy Chairman of the Security Council of the Russian Federation, I have ordered two nuclear submarines to be positioned in the appropriate regions. Words are very important and can often lead to unintended consequences. I hope this will not be one of those instances. 'A threat was made… so we have to be very careful. We're going to protect our people. He's entering very dangerous territory!' On Friday, in an interview with cable channel Newsmax, Mr Trump added: 'The subs are getting closer to Russia. We always want to be ready. I want to make sure his words are only words and nothing more than that.' Despite Russia and China both claiming no third country is being targeted by their military cooperation, Japan has objected to the joint drills - stating greater strategic coordination between Beijing and Moscow poses a 'strong concern' for its national security. Whilst announcing the drills on Wednesday, Zhang Xiaogang, a spokesman for Beijing's defence ministry, criticised US Air Force drills with Japan and others in the western Pacific. Mr Xiaogang said: 'The US has been blindly flexing its muscles in the Asia-Pacific region and attempting to use military drills as a pretext to gang up, intimidate and pressure other countries, and undermine peace and stability in the region.' China and Russia have held military exercises together for over 20 years, with 'Joint Sea' exercises beginning in 2012. However, their cooperation, which was once sporadic, has deepened over the past decade, with Vladimir Putin and Xi Jinping having met more than 40 times. Last night, the White House, Pentagon and Downing Street refused to comment on the escalating tensions, which come just days before Mr Trump's August 8 deadline for Putin to declare a ceasefire in the war against Ukraine. The US President has vowed to impose 'devastating' sanctions on Russia and her closest trading partners if his demands are not met. A source close to the President told the MoS: 'Trump is running out of patience with Russia. He promised to end the Ukraine war within 24 hours of taking office and clearly that has not happened. 'Now he's threatening to impose sanctions if Putin doesn't declare a ceasefire and come to the negotiating table to discuss peace.' While the location of the subs is unknown, the US Navy has 71 nuclear-powered submarines in its fleet, all of which can travel thousands of miles without resurfacing. By comparison, the Russian Navy fields fewer than 30 nuclear‑powered submarines. Military experts said Mr Trump will most likely have deployed two Ohio -class vessels. Each is armed with up to 20 Trident II D5 missiles that can deliver multiple thermonuclear warheads with a range of up to 7,000 miles. Sources last night told the Washington Post that Russia is 'seeking clarity' from America about Mr Trump's 'actions and intentions', with Russian officials scrambling to assess the significance of the subs' deployment. RIA Novosti, a state-controlled news agency which has been called 'Putin's mouthpiece', confirmed it had sent enquiries to the White House, Pentagon, US Central Command and the National Security Council, but had not received a response. Mr Trump's dramatic doubling down came after the deadliest Russian air strike on Kyiv this year, when 31 people were killed in a single missile strike on an apartment block in the early hours of Thursday morning. Five children, the youngest aged just two, were among the dead. Mr Trump called the air strike 'disgusting' and announced he was sending his special envoy Steve Witkoff to the region to try and negotiate a ceasefire. Russian lawmaker Viktor Vodolatsky said there are enough Russian nuclear submarines in the high seas to tackle the two American subs. Fire breaks out after a Russian attack at the 3 private house and one apartment building as the emergency officials work at the area in Kherson, Ukraine on August 2, 2025 A source close to the President told the MoS: 'Trump is running out of patience with Russia. He promised to end the Ukraine war within 24 hours of taking office and clearly that has not happened' 'The number of Russian nuclear submarines in the world's oceans is significantly higher than the American ones, and the subs that US President Donald Trump ordered to be redirected to the appropriate regions have long been under their control,' he said yesterday. 'So no response from the Russian Federation to the American leader's statement about the submarines is required.' Retired US Marine Colonel Mark Cancian called Mr Trump's announcement that he had sent subs steaming towards Russian waters 'highly unusual'. He said: 'This is signalling in its purest form.' Others urged restraint, saying Mr Medvedev does not speak for Putin. Oligarch Mikhail Khodorkovsky, now a Putin critic living in London, said: 'When you see his [Mr Medvedev's] latest apocalyptic tweet about turning European capitals to dust, remember: this isn't strategic communication from the Kremlin. It's the rambling of a man drowning his terror in vodka.'
Sky News
43 minutes ago
- Sky News
£100m border security boost - as govt vows 'major crackdown' on people smuggling gangs
The government has vowed to push for a "major new crackdown" on people smuggling gangs with a £100m cash boost for border security. The investment will support the pilot of the new "one in, one out" returns agreement between the UK and France, and other efforts to crack down on small boat crossings. Home Secretary Yvette Cooper said this new funding will "strengthen" the government's "serious and comprehensive plan" to dismantle the business model of criminal gangs smuggling migrants across the Channel. But the Conservatives have claimed the cash injection will make "no real difference", with shadow home secretary Chris Philp branding the move a Labour "gimmick" and a "desperate grab for headlines". The funding will pay for up to 300 new National Crime Agency (NCA) officials, "state-of-the art" detection technology and new equipment to "smash the networks putting lives at risk in the Channel", ministers say. It will also allow the Border Security Command, the NCA, the police and other law enforcement agency partners to "strengthen investigations targeting smuggling kingpins and disrupt their operations across Europe, the Middle East, Africa and beyond". 1:46 The new investment comes as official figures show more than 25,000 people have arrived on small boats so far in 2025 - a record for this point in the year. Ms Cooper said: "In the last 12 months, we have set the foundations for this new and much stronger law enforcement approach - establishing the new Border Security Command, strengthening the National Crime Agency and UK police operations, increasing Immigration Enforcement, introducing new counter terror style powers in our Border Security Bill, and establishing cooperation agreements with Europol and other countries. "Now this additional funding will strengthen every aspect of our plan, and will turbo-charge the ability of our law enforcement agencies to track the gangs and bring them down, working with our partners overseas, and using state-of-the-art technology and equipment. "Alongside our new agreements with France, this will help us drive forward our Plan for Change commitments to protect the UK's border security and restore order to our immigration system." The £100m investment will also support new powers to be introduced when the Border Security, Asylum and Immigration Bill becomes law, the Home Office said. This includes the introduction of a UK-wide offence to criminalise the creation and publication of online material that promotes a breach of immigration law, such as the advertisement of small boat crossings on social media. 0:54 Research suggests about 80% of migrants arriving to the UK by small boat used internet platforms during their journey - including to contact agents linked to smuggling gangs. While it is already illegal to assist illegal immigration, ministers hope the creation of a new offence will give police more powers and disrupt business models. Mr Philp accused the Labour government of having "no serious plan, just excuses, while ruthless criminal gangs flood our borders with illegal immigrants".
