Trump's Tariffs Spur Global Central Bank Rate Cuts — But Less So at the Fed
Donald Trump is struggling to get the Federal Reserve to cut interest rates, but policymakers around the world won't need so much convincing.
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Business Insider
a few seconds ago
- Business Insider
Trump strikes a deal with the EU on tariffs
The US and the EU reached a trade deal on Sunday after negotiations in Scotland between President Donald Trump and European Commission President Ursula von der Leyen. The deal sets 15% tariffs on most European goods imported to the United States, a significant reduction from the 30% Trump had threatened earlier, but more than the 10% the EU originally sought. In return, Trump said the EU would ramp up investments in the United States. "The European Union is going to agree to purchase from the United States $750 billion worth of energy," Trump told reporters. "They are going to agree to invest into the United States $600 billion more than they're investing already." The EU also agreed to purchase a "vast amount" of military equipment from the US. "I think it's the biggest deal ever made," Trump said. There are some exceptions to the 15% tariffs, including steel, which Trump said would remain at the 50% he earlier set for all countries worldwide. The agreement comes days before August 1, when the Trump administration's tariffs will go into effect for numerous countries, some of which could face levies as high as 50%. Commerce Secretary Howard Lutnick said Sunday that there would be no more extensions and that tariffs would go into effect on August 1 as planned.
CNN
2 minutes ago
- CNN
Watch Trump announce framework for a trade deal with EU
President Donald Trump announced that the United States and the European Union reached a framework for a trade deal, after talks with European Commission President Ursula von der Leyen in Turnberry, Scotland.
CNN
2 minutes ago
- CNN
Qatari plane that could be new Air Force One will be ‘unconditional' gift to the Pentagon, agreement says
Defense Secretary Pete Hegseth and his Qatari counterpart have signed an agreement outlining the terms of Qatar's 'unconditional donation' of a Boeing jet to the Pentagon, confirming that the US will pay nothing for the plane, according to a copy of the memorandum of understanding reviewed by CNN. The agreement, signed by Hegseth and Qatar's deputy prime minister and minister of state for defense affairs, Saoud bin Abdulrahman Al-Thani, on July 7, says the plane — which is expected to be used by President Donald Trump as Air Force One once it is upgraded — is a 'bona fide gift' to the Defense Department. 'This donation is made in good faith and in the spirit of cooperation and mutual support between the parties,' the document says. 'Nothing in this MoU is, or shall be interpreted or construed as, an offer, promise, or acceptance of any form of bribery, undue influence, or corrupt practice.' The memorandum, while signed by both parties, could still be tweaked ahead of a formal announcement, a source familiar with the matter said. The aircraft is parked in San Antonio awaiting upgrades, CNN has reported. CNN has reached out to the Office of the Secretary of Defense, the Air Force and the Qatari Embassy for comment. The MOU was first reported by The Washington Post. The transfer of the jet from Qatar to the Trump administration sparked a political firestorm in the spring as Democrats and several influential Republicans, including supporters of the president, said they opposed the potential deal on ethics grounds. It also caught Air Force officials off guard, CNN has reported. While the Air Force was exploring options for getting a replacement plane for Air Force One faster than Boeing could deliver the new jets it had been contracted to build, the Air Force was initially under the impression that any transaction with the Qataris would involve a sale of the plane — not a donation, defense officials said. But after news of the US-Qatar discussions became public, Trump repeatedly described the plane as a 'GIFT, FREE OF CHARGE.' The memorandum signed by Hegseth and Al-Thani emphasizes the transfer of the plane is 'unconditional' and that it is 'not connected or otherwise related to any governmental decision and, as such, is not made, offered, promised or accepted because of any past, present or future official act or decision and is not intended to obtain or retain any improper advantage or to influence any official decision.' But beyond the ethical and legal questions, retrofitting and installing the required security and communications equipment on a second-hand plane from another government, even a friendly one, is a monumental task. To fund the upgrades, the Air Force has sought to transfer hundreds of millions of dollars from the vastly overbudget Sentinel program to an unspecified classified project, according to sources familiar with a congressional notification about the transfer. Sentinel is a land-based intercontinental ballistic missile system that is being developed to replace the US' aging Minuteman III missiles. Officially, the price tag to retrofit the Qatari plane for use by the president is classified, the Air Force previously told CNN. Air Force Secretary Troy Meink told lawmakers last month that it will 'probably' cost less than $400 million. An addendum to the Defense Department-Qatar agreement reviewed by CNN says the Air Force 'is in the process of finalizing the transfer of registration and will immediately begin execution of the required modifications.'
