
Derek Burney: Disillusioned Trump tries to talk tough on Ukraine
Article content
Trump has agreed to sell much-needed military equipment, like the Patriot air defence missiles and long-range missiles that could reach deep into Russian territory, to European NATO members for transfer to Ukraine. Among other things, the move benefits U.S. defence suppliers. Some European nations intend to send their existing supplies to Ukraine soon and obtain replacements from the U.S. Outstanding questions are: how long it will take to ship the equipment and in what quantity?
Article content
Article content
Trump is intent on extracting the U.S. from the Ukraine conflict, which he often describes as 'Biden's war,' suggesting that Putin would never have invaded Ukraine if Trump had been president. His campaign promise to end the war in 24 hours has fallen to the wayside. He has slow-walked and even paused military shipments to Ukraine authorized by the Biden administration. For six months, Trump has steadfastly ignored the distinction between the aggressor and its victim. At least he has now succeeded in getting Europe to assume more of the burden. But some of the smaller European countries like Hungary are backsliding on NATO commitments to Ukraine.
Article content
Article content
Trump has threatened 100 per cent secondary tariffs on countries that buy Russian oil — namely China, India and Brazil — if there is no progress toward a ceasefire and peace within 50 days — a bit like the tactic he is using unlawfully to extract concessions on trade from friends and foes alike. Trump's sanctions 'threat' is a reprieve enabling Putin to continue his summer offensive that has already subjugated more than 500 square miles of territory in Eastern Ukraine. Putin told Trump in a recent phone call that he intended to push hard for the next 60 days. John Lough of the New Eurasia Strategic Centre's think-tank observed that the intensifying Russian attacks were 'aimed to demoralize Ukraine's population and zap its will to fight.'
Article content
Article content
Meanwhile, 85 members of the U.S. Senate want to vote on a bill that would levy tariffs 'up to 500 per cent' on countries buying Russian oil, but the Republican majority will not move forward without a green light from the White House.
Article content
Article content
The Kremlin has stoutly rejected Trump's 50-day proposition as ' unacceptable. ' Deputy Foreign Minister Sergei Ryabkov told the state-run Tass news agency that Russia's position is 'unshakable.'
Article content
Despite the excessive flattery expressed by NATO's Secretary General, there are misgivings in Europe about the meaning of Trump's 50-day threat. Kaja Kallas, the EU's foreign policy chief, told reporters in Brussels that, 'Fifty days is a very long time if we see that they are killing innocent civilians every day.' Ukrainian President Volodymyr Zelenskyy, however, diplomatically thanked the U.S. president for 'his willingness to support Ukraine.'
Article content
No mention was made about the $300+ billion in Russian assets held in the West, primarily in Europe — funds Ukraine could desperately use to repair the infrastructure being demolished by Russian drone and missile attacks.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Toronto Star
21 minutes ago
- Toronto Star
Trump plans to revive the Presidential Fitness Test for American schoolchildren
WASHINGTON (AP) — President Donald Trump on Thursday plans to reestablish the Presidential Fitness Test for American schoolchildren. The program, which was created in 1966, had children run and perform situps, pullups or pushups and a sit-and-reach test. It changed in 2012 during the Obama administration to focus more on individual health than athletic feats. More from The Star & partners


Global News
21 minutes ago
- Global News
Canada's economy ‘treading water' after GDP dropped for 2nd straight month
Canada's economy shrank in May for the second straight month as the trade war with the United States continues to change some financial priorities for businesses and consumers alike. This is because U.S. President Donald Trump's tariff policies are starting to slowly increase some costs for businesses, which can potentially mean higher prices for consumers if those costs are passed along. However, the economy seems relatively stable for now, according to the latest economic data. 'Canada's economy is treading water, neither sinking nor challenging Canada's world gold medal swimming superstar Summer McIntosh,' says Derek Holt, vice-president and head of capital markets economics at the Bank of Nova Scotia. Statistics Canada reported on Thursday that gross domestic product (GDP) for the month of May showed a 0.1 per cent decline compared with the previous month — the same amount seen in April compared with March. Story continues below advertisement Most economists expected a larger drop of 0.2 per cent for the May report. GDP is the total value of goods produced and services provided in a country, and the figure is updated monthly, quarterly and annually. Most experts consider a period of two consecutive quarters, which covers a period of six months, of GDP decline as meeting the criteria for an economic recession. 2:20 As Trump's tariff deadline looms, where do Canada-U.S. trade talks stand? 'The economy continued to grapple with external headwinds; however, most of the May GDP decline was explained by temporary disruptions to oil extraction due to wildfires, with the manufacturing sector partially retracing a large April decline,' economist Abbey Xu at Royal Bank of Canada says. Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'The Canadian economic outlook remains highly contingent on the evolution of U.S. trade policy.' Prime Minister Mark Carney has been looking to solidify a trade deal with Trump by Aug. 1, but so far, no agreement has been reached. Story continues below advertisement The sectors with the biggest declines in May included mining and quarrying, excluding oil and gas extraction, with a drop of 2.1 per cent. Retail trade also contributed significantly to the overall GDP decline, with a drop of 1.2 per cent, and the subsector that contributed most to the drop was motor vehicles and parts dealers. Statistics Canada notes that the drop in sales of motor vehicles and parts in May followed an increase in sales for the previous two months. The agency also highlights that sales of motor vehicles and parts in May 2025 were still 7.8 per cent higher than in June 2024. Helping to offset some of the GDP declines in May, the sector with the most activity was manufacturing, which grew by 0.7 per cent following a drop of 1.8 per cent in April. Transportation and warehousing increased 0.6 per cent in May, coming off a 0.1 per cent decline in April, and led by rail transportation. 1:46 Auto sales drop as trade war drives prices up: Stat Can NHL playoffs boosted the economy The arts, entertainment and recreation sector also helped offset some of the losses to GDP in May with a 0.2 per cent increase, thanks in part to the NHL playoffs, according to Statistics Canada. Story continues below advertisement 'The arts, entertainment and recreation sector increased 0.2 per cent in May, a third consecutive increase, driven in large part by performing arts, spectator sports and related industries, and heritage institutions,' the agency said in its report. 'For the first time since 2004, three Canadian National Hockey League teams qualified for the second round of the playoffs, resulting in a higher than usual number of games taking place in Canada in May and contributing to increased activity in spectators' sports in the month.' Another sector that saw growth in May is real estate, rental and leasing, with a 0.3 per cent increase, which marked its second straight month of GDP gains. Statistics Canada says this reflects higher home resale activity across the country, and partially offsets the declines for the previous four months. More to come.


Winnipeg Free Press
21 minutes ago
- Winnipeg Free Press
The Latest: US inflation ticked higher last month, as Trump's latest tariff deadline nears
A key U.S. inflation gauge rose last month, in a sign that President Donald Trump's broad-based tariffs are starting to lift prices for many goods. Prices rose 2.6% in June compared with a year ago, the Commerce Department said on Thursday, up from an annual pace of 2.4% in May. Excluding the volatile food and energy categories, prices rose 2.8% in the past year, the same as the previous month, which was revised higher. Meanwhile, Trump has announced a flurry of trade activity ahead of his latest deadline Friday to impose even steeper import taxes on goods coming from countries around the world. A handful of trade deals have trickled in — most recently with South Korea and Pakistan — but many details remain hazy. Thorny negotiations for most trading partners remain up in the air. And, while Trump may have gotten his way with tariffs on some countries, his overhaul of American trade policy still faces a challenge in federal court. Here's the Latest: Trump lashes out at India for its relationship with Russia The U.S. president on Truth Social suggested that he plans to do as little trade as possible with India and Russia. 'I don't care what India does with Russia,' Trump posted. 'They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let's keep it that way.' Trump announced on Wednesday 25% tariffs on goods from India and additional penalties for India's reliance on Russia for oil and military equipment. Trump also issued a warning to Dmitry Medvedev, the former Russian president, saying that he should 'watch his words' and that he's 'entering very dangerous territory!' Trump is using Canada's recognition of the Palestinian state in trade talks Trump said Canada's announcement it will recognize a Palestinian state 'will make it very hard' for the U.S. to reach a trade agreement with its northern neighbor. The threat posted in the early hours Thursday on Trump's social media network is the latest way he has sought to use his trade war to coerce countries on unrelated issues and is a swing from the ambivalence he has expressed about other countries making such a move. 'Wow! Canada has just announced that it is backing statehood for Palestine,' Trump said in his post on Truth Social just past midnight. 'That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!' The Republican president said this week that he didn't mind British Prime Minister Keir Starmer taking a position on the issue of formally recognizing Palestinian statehood. And last week, he said that French President Emmanuel Macron's similar move was 'not going to change anything.' ▶ Read more about Trump's trade talks with Canada. US and Pakistan announce trade agreement The U.S. and Pakistan reached a trade agreement expected to allow Washington to help develop Pakistan's largely untapped oil reserves and lower tariffs for the South Asian country, officials from both nations said Thursday. 'We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves,' Trump wrote on his Truth Social platform. 'We are in the process of choosing the oil company that will lead this partnership.' Pakistan's Prime Minister Shehbaz Sharif welcomed the 'long-awaited' deal and thanked Trump for playing a key role in finalizing it. Pakistan's Finance Ministry said in a statement early Thursday the agreement aims to boost bilateral trade, expand market access, attract investment and foster cooperation in areas of mutual interest. The deal includes a reduction in reciprocal tariffs, particularly on Pakistani exports to the U.S., the statement from the ministry said. A new figure wasn't immediately provided. Trump and his tariffs still face a challenge in federal court Trump may have gotten his way with tariffs on some countries, but his overhaul of American trade policy has not gone unchallenged. In May, a three-judge panel of the U.S. Court of International Trade agreed that Trump exceeded his powers when he declared a national emergency to plaster tariffs on imports from almost every country in the world. Now, on Thursday, the 11 judges on the U.S. Court of Appeals for the Federal Circuit in Washington, which typically specializes in patent law, are scheduled to hear oral arguments from the Trump administration and from the states and businesses that want his sweeping import taxes struck down. That court earlier allowed the federal government to continue collecting Trump's tariffs as the case works its way through the judicial system. The issues are so weighty — involving the president's power to bypass Congress and impose taxes with huge economic consequences in the United States and abroad — that the case is widely expected to reach the U.S. Supreme Court, regardless of what the appeals court decides. ▶ Read more about the challenge in federal court. Indian government assesses the impact of the US's coming tariffs India's Trade Minister Piyush Goyal on Thursday said the Indian government is in talks with exporters, industries and other stakeholders to assess the impact of 25% import tariff imposed by the U.S. on Indian goods. In a statement to the parliament, Goyal said the government will take all necessary steps to secure and advance the national interest. The minister said India has in the past decade transformed from being one of the fragile fives to the fastest growing major economy in the world. Goyal's comments were seen in contrast to Trump's social media post early Thursday wherein he slammed India and Russia, saying 'they can take their dead economies down together.' India relies heavily on imported crude oil, particularly from Russia India is currently the third biggest importer of oil after China and the United States, depending heavily on imported crude oil. Over 80% of India's crude oil is imported. Russia is the biggest supplier to India — followed by Iraq, Saudi Arabia, United Arab Emirates and the United States. Earlier this month, the country's crude processors were hit by the EU's sanctions on Indian diesel imports made from Russian oil, with Nayara Energy, an Indo-Russian oil refining and marketing company specifically targeted with penalties. 'Whether India will stop importing from Russia, depends on what the penalty is. The country will weigh its options before deciding,' said Sangeeta Godbole, a former trade negotiator with three decades of experience in the Indian government. Godbole said the vagueness of the penalty threat issued by the U.S. might be deliberate. 'It's all so fluid right now. According to me, the only people we can turn to are the Middle-East countries but they are part of the OPEC+ just like Russia,' she added. Top Indian business association expresses disappointment with 25% tariff rate The Federation of Indian Chambers of Commerce and Industry said it was disappointed with the imposition of 25% import tariffs and an additional penalty on Indian goods by the U.S. The 'move is unfortunate and will have a clear bearing on our exports,' said Harsha Vardhan Agarwal, president of the industry body. Agarwal hoped the higher tariffs will be short-lived and the two countries finalize a bilateral trade agreement soon. 'India and U.S. have a long-standing partnership, which is strengthened by our deepening engagement across an array of areas from technology to defense to energy and advance manufacturing. There is a lot our two countries can achieve together,' Agarwal said in a statement late Wednesday. US-South Korea trade deal includes $150 billion shipbuilding investment A top South Korean official says the $350 billion investment fund announced earlier by Trump includes $150 billion for cooperation on the shipbuilding industry. Kim Yong-beom, the presidential chief of staff for policy, told reporters in Seoul on Thursday that the $150 billion fund is 'the most noteworthy' part of the deal, saying it covers cooperation on all major parts of the shipbuilding industry such as constructions, maintenances, repairs and overhauls of vessels. He says South Korean companies have world-class shipbuilding capabilities and U.S. companies hold strengths in software sectors. Monday Mornings The latest local business news and a lookahead to the coming week. South Korean president hails trade deal with the US South Korea's president hailed the trade deal announced by Trump Thursday, saying it would serve as a chance to further strengthen economic cooperation and military alliance with the United States. In a Facebook post, Lee Jae Myung said the $350 billion investment fund is meant to solidify a foundation for bilateral cooperation on strategic industries. The fund will play a role of supporting the entrance to the U.S. market by South Korean companies in areas where they excel such as shipbuilding, semiconductors, secondary batteries, biotechnology and energy. Lee also said the deal would remove uncertainty surrounding South Korea's export environment as the U.S. 15% tariff for goods from South Korea is a lower or similar figure facing other major trade competitors. 'The government was only engaged in negotiations by placing a top priority on national interests,' Lee said. 'It's important to pull out a mutually beneficial agreement, rather than seeking unilateral benefits.'