Asked about Trump firing, German minister says institutions must be independent
"I consider this political approach to be wrong and believe that it is right for independent institutions to remain independent and for politics not to interfere," Klingbeil said.
Trump fired BLS head Erika McEntarfer on the heels of a market-shocking weak scorecard of the U.S. job market, accusing her without evidence of manipulating the figures.
Ahead of a meeting with Treasury Secretary Scott Bessent, Klingbeil said democracies are on the right path when they preserve the independence and strength of institutions.
"I can only tell you that my political style is not to launch such attacks on independent, neutral, and proven institutions, as is apparently happening here," Klingbeil said.
Klingbeil also said there was a lot to clarify about the European Union's trade deal with the United States, adding that the bloc had been too weak during the negotiations.
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The Independent
a few seconds ago
- The Independent
A look at the top buyers of Russian oil as Trump pressures China and India to stop buying it
U.S. President Donald Trump is pushing China and India to stop buying oil from Russia and helping fund the Kremlin's war against Ukraine. Trump is raising the issue as he seeks to press Russian President Vladimir Putin to agree to a ceasefire. But cheap Russian oil benefits refiners in those countries as well as meeting their needs for energy, and they're not showing any inclination to halt the practice. Three countries are big buyers of Russian oil China, India and Turkey are the biggest recipients of oil that used to go to the European Union. The EU's decision to boycott most Russian seaborne oil from January 2023 led to a massive shift in crude flows from Europe to Asia. Since then, China has been the No. 1 overall purchaser of Russian energy since the EU boycott, with some $219.5 billion worth of Russian oil, gas and coal, followed by India with $133.4 billion and Turkey with $90.3 billion. Before the invasion, India imported relatively little Russian oil. Hungary imports some Russian oil through a pipeline. Hungary is an EU member, but President Viktor Orban has been critical of sanctions against Russia. The lure of cheaper oil One big reason: It's cheap. Since Russian oil trades at a lower price than international benchmark Brent, refineries can fatten their profit margins when they turn crude into usable products such as diesel fuel. Russia's oil earnings are substantial despite sanctions The Kyiv School of Economics says Russia took in $12.6 billion from oil sales in June. Russia continues to earn substantial sums even as the Group of Seven leading industrialized nations has tried to limit Russia's take by imposing an oil price cap. The cap is to be enforced by requiring shipping and insurance companies to refuse to handle oil shipments above the cap. Russia has, to a great extent, been able to evade the cap by shipping oil on a 'shadow fleet' of old vessels using insurers and trading companies located in countries that are not enforcing sanctions. Russian oil exporters are predicted to take in $153 billion this year, according to the Kyiv institute. Fossil fuels are the single largest source of budget revenue. The imports support Russia's ruble currency and help Russia to buy goods from other countries, including weapons and parts for them.
Reuters
a minute ago
- Reuters
Weak Indian rupee may blunt US tariff bite, say economists
MUMBAI, Aug 5 (Reuters) - The Indian rupee's recent slide may help soften the blow from higher U.S. tariffs, economists said, with trade tensions between New Delhi and Washington intensifying under President Donald Trump. The rupee dropped to 87.8850 per U.S. dollar on Tuesday, nearing its all-time low of 87.95 hit in February. Bankers said the currency would probably have breached the 88 mark if not for likely intervention by the Reserve Bank of India via state-run banks. The rupee is the worst-performing major Asian currency so far this year. While peers such as the Taiwanese dollar, South Korean won, Singapore dollar and Thai baht have appreciated between 6% and 10%, the rupee has declined by 2.5% against the dollar. The steeper U.S. tariffs imposed on India last week compared to other Asian countries — along with Trump's threat of further penalties — are seen keeping the rupee under pressure. Against a basket of Asian currencies, many of which compete with India in export markets, the rupee has declined 3.9% since April 1, according to HDFC Bank. This depreciation provides India a competitive price advantage over trading partners, potentially offsetting at least some part of the impact of higher U.S. tariffs, economists say. India currently faces U.S. tariffs that are about 5-6 percentage points higher than those levied on most other major economies, HDFC Bank said. "In cases where U.S. consumers try to renegotiate contracts and ask for cost-sharing of tariff burdens, the rupee's depreciation could provide a meaningful cushion," said Sakshi Gupta, principal economist at HDFC Bank. The bank estimates that a sustained 1% decline in the rupee could offset 2–3 basis points of the drag on GDP growth from higher U.S. tariffs. "From a structural perspective, it would be helpful if India maintained a competitive real effective exchange rate," said Dhiraj Nim, forex and rates strategist at ANZ. Nim noted that most studies show Indian exports are sensitive to real effective exchange. India's real effective exchange rate, as per the Reserve Bank of India's July bulletin, stood at 100.36 in June, suggesting the rupee was broadly fairly valued. In contrast, the rate had touched 108.14 last November, indicating the currency was about 8% overvalued at the time. Faced with low domestic inflation and uncertainty over the impact of U.S. tariffs, economists expect the RBI may prefer a weaker rupee over a fairly or over-valued one.
Telegraph
a minute ago
- Telegraph
Britons desert UK stores for tax-free EU shopping
Britons are abandoning UK stores for tax-free shopping in Europe amid a boom in tourists travelling abroad to buy high-end goods. UK shoppers have spent 16pc more on tax-free shopping in the EU in 2025 so far compared to the same period last year, new figures from the Association of International Retail (AIR) show. It follows a trend of higher spending in the EU after Brexit allowed UK shoppers to take advantage of the VAT-free shopping scheme across the Continent. Since 2021, British tourists visiting the EU have been able to claim VAT back on their shopping under the bloc's tax-free shopping scheme. Last year, they spent £742m on tax-free shopping in the EU compared to £527m in 2022. Derrick Hardman, AIR's chairman, said UK consumers had 'worked out that the tax rebates they can get on the Continent more than outweigh the costs of hopping on the Eurostar or taking a cheap short-haul flight somewhere'. He said the figures showed that 'a new market in shopping-led tourism has emerged', adding: 'It's sad to see British shoppers taking their business elsewhere.' It will add to pressure on Labour to consider reinstating the UK's VAT-free shopping scheme for overseas visitors in an effort to level the playing field with the EU. In April, Lisa Nandy, the Culture Secretary, opened the door to a rethink of the scheme. While the EU extended tax-free shopping to UK tourists in 2021, the UK scrapped its own scheme the same year. It means that since Brexit, overseas visitors have not been able to claim VAT back when they purchase items in Britain. Campaigners have argued that the decision deters around two million visitors from coming to the UK every year. Companies such as handbag maker Burberry and high-end department store Harrods have claimed that the policy not only deters spending in UK stores, but disproportionately hurts domestic luxury companies. That is because they say that shoppers are more likely to spend on the home-grown brands in the country they are visiting. Mr Hardman said: 'It makes no sense for the UK to remain the only destination in Europe not offering tax-free shopping.' He suggested the UK should seek to lure shoppers away from EU countries with more tourist-friendly policies to boost its economy: 'Thanks to our position outside the EU, we now have a unique chance to reverse the policy of the last government and become the world's shopping capital – offering tax rebates for both EU and non-EU shoppers.' AIR analysis shows that providing tax rebates for EU shoppers into the UK alone would provide a £3.65bn boost to the economy every year and generate over £500m in additional VAT alone for the Treasury. Sir Rocco Forte, the chairman of Rocco Forte Hotels, said: 'We see in our hotels that foreign visitors who would come for lengthy stays in the UK and return to us laden down with parcels are increasingly cutting short their stays and spending time in Europe, where they can still shop tax-free. 'The decision of the last government to scrap tax-free shopping, which had been available for decades, makes no sense and should be reversed immediately by any government serious about promoting economic growth.' A Treasury spokesman said: 'The UK is one of the most visited countries in the world with international tourism driving billions into our economy. 'We are supporting the continued growth of this industry and will be launching a National Visitor Economy Strategy this autumn to help meet our ambition to welcome 50 million international visitors a year to the UK by 2030.'
