Coca-cola gets roped into making America healthy again
The company patently was not ready. Though it thanked the president for his 'enthusiasm', it also defended HFCS on social media as 'just a sweetener made from corn'. Six days later it finally confirmed it would launch a US cane sugar cola later in the year.
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News.com.au
2 hours ago
- News.com.au
European countries announce $1 bn purchase of US weapons for Ukraine
The Netherlands, Sweden, Norway and Denmark will buy $1 billion of US weapons under a new NATO scheme to support Ukraine in its war against Russia, the countries announced Tuesday. The purchases from US stockpiles are the first under the so-called Prioritised Ukraine Requirements List (PURL), a mechanism launched by US President Donald Trump and NATO Secretary General Mark Rutte last month. More are expected. The Dutch government said it would buy 500 million euros ($577 million) of weapons, and the three Scandinavian countries will jointly donate $500 million. All the governments highlighted the need to help Ukraine, which has faced mounting military pressure from Russia in recent months. "By supporting Ukraine with determination, we are increasing the pressure on Russia to negotiate," Dutch Defence Minister Ruben Brekelmans posted on X. Brekelmans called near-daily Russian air strikes "pure terror" and warned that Moscow's advance into Ukrainian territory could pose a broader threat to Europe. "The more Russia dominates Ukraine, the greater the danger to the Netherlands and our NATO allies," he said. "Ukraine is not only fighting for its own security, but also for our security," Swedish Defence Minister Pal Jonson told a press conference to announce the Scandinavian initiative. Sweden will give $275 million towards the total. The Dutch package includes US Patriot missile parts and other systems for Ukraine's badly stretched front-line requirements, according to the defence ministry. The Swedish government said in a statement that the "support will include air defence systems, including munitions to Patriot, anti-tank systems, ammunition and spare parts". Washington is releasing weapons and military hardware for Ukraine from its stockpiles in $500 million tranches under the PURL mechanism. Ukrainian President Volodymyr Zelensky hailed the donations as "a very strong initiative that significantly boosts our ability to protect lives". "These steps are a new, real foundation for long-term security across all of Europe. Russia will never turn Europe into a continent of war," Zelensky said on X. Zelensky spoke with Trump on Tuesday, three days ahead of a deadline the US leader has set for Russia to make an initiative to halt the war. He said in a social media post that the two had discussed sanctions against Russia and "bilateral defence cooperation" but did not give details. The NATO secretary general praised the Netherlands for being the first country to announce funding to the new scheme and also welcomed the Scandinavian move. "Since the earliest days of Russia's full-scale invasion, Denmark, Norway and Sweden have been steadfast in their support for Ukraine. I commend these allies for their quick efforts to get this initiative off the ground," Rutte said in a statement. jll/mmp/jc/tw/js
News.com.au
2 hours ago
- News.com.au
Trump signals tariffs on pharma, chips as trade war widens
US President Donald Trump signaled Tuesday that fresh tariffs on imported pharmaceuticals and semiconductors could be unveiled as soon as the coming week, as he presses on in efforts to reshape global trade. Trump's latest comments, in an interview on CNBC, come days before a separate set of tariff hikes takes effect on dozens of economies later this week. The sweeping tariff plans have sparked a flurry of activity as governments seek to avert the worst of his threats -- with Switzerland's leaders heading to Washington on Tuesday in a last-minute push to avoid punitive duties. But he appears set to widen his trade wars further. The US president told CNBC that upcoming tariffs on imported pharmaceuticals could reach 250 percent, while adding that he plans for new duties on foreign semiconductors soon. "We'll be putting (an) initially small tariff on pharmaceuticals, but in one year, one-and-a-half years, maximum, it's going to go to 150 percent," Trump said. "And then it's going to go to 250 percent because we want pharmaceuticals made in our country." Trump also said that Washington will be announcing tariffs "within the next week or so." He added: "We're going to be announcing on semiconductors and chips." - Concern for US economy - Trump has taken aim at products from different countries with varying tariff rates after imposing a 10-percent levy on almost all trading partners in April -- with excluded products targeted by sector. While Swiss leaders are seeking to stave off a US tariff hike to 39 percent come Thursday -- which excludes sectors like pharma -- Trump's plans for a steep pharma levy will likely be a point of contention in any talks. Pharmaceuticals represented 60 percent of Swiss goods exports to the United States last year. Besides probing pharmaceuticals and chips imports, Trump has already imposed steep duties of 50 percent on imports of steel and aluminum, alongside lower levels on autos and parts. In the same CNBC interview, Trump said he expects to raise the US tariff on Indian imports "very substantially over the next 24 hours" due to the country's purchases of Russian oil. This is a key revenue source for Moscow's military offensive on Ukraine. His pressure on India comes after signaling fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv, more than three years since Russia's invasion. Moscow is anticipating talks this week with the US leader's special envoy Steve Witkoff, and the Kremlin has criticized Trump's threat of raising tariffs on Indian goods. Weak employment data last week pointed to challenges for the US economy as companies take a cautious approach in hiring and investment while grappling with Trump's radical -- and rapidly changing -- tariffs policy. The tariffs are a demonstration of raw economic power that Trump sees as putting US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports. But the approach has raised fears of inflation and other economic fallout in the world's biggest economy.
Perth Now
2 hours ago
- Perth Now
Wall Street pares gains after fresh economic data
Wall Street's main indexes gave up opening gains after data showed US services activity stalled, while investors continued to assess the latest batch of corporate earnings. In early trading on Tuesday, the Dow Jones Industrial Average fell 63.46 points, or 0.14 per cent, to 44,110.18, and the S&P 500 lost 1.86 points, or 0.03 per cent, to 6,328.08. The Nasdaq Composite gained 37.45 points, or 0.18 per cent, to 21,091.04. US services sector growth unexpectedly stalled in July, as new orders barely budged and hiring slipped further - even as input costs soared at their fastest pace in nearly three years - highlighting how uncertainty around the Trump administration's tariff policy continues to weigh on businesses. Wall Street had roared back to life on Monday by posting its best session since May 27 and recouping last week's losses when disappointing July jobs data and sharp downward revisions to prior months fuelled expectations of a Fed rate cut in September. As per CME Group's FedWatch tool, odds of a September cut stand at 90 per cent, up sharply from 63.3 per cent just a week ago - and market watchers are eyeing at least two quarter-point cuts by year-end. Earnings from major names on Tuesday include Advanced Micro Devices, Snap and Rivian. Pfizer gained 3.6 per cent in after raising its annual profit forecast, while Palantir Technologies rose 8.6 per cent as it boosted its annual revenue forecast. Meanwhile, President Donald Trump's decision to fire the head of the Bureau of Labour Statistics, responsible for past jobs data, stoked investors' fears about the integrity of economic data. Trump on a CNBC interview said he would "shortly" announce his pick for an open seat on the Federal Reserve's board of governors and possibly his nominee for Fed chair as well. "You can announce who the next chair is, but I don't think that Chair Powell will be going anywhere until the end of his term. I also don't think that whoever is announced as the new Fed chair will really be impactful," said Art Hogan, chief market strategist at B Riley Wealth. Investors also weighed the impact of US tariffs on global economies and corporate earnings. Trump signalled that the US could soon slap a "small tariff" on pharmaceutical imports, with the potential for steeper rates down the line. He also hinted at progress toward a trade deal with China, suggesting a possible meeting with President Xi Jinping by this year's end if talks succeed. Beyond last week's jobs data jolt, Wall Street has stayed buoyant, fuelled by blockbuster earnings from the "Magnificent 7" tech giants, with Nvidia's results on deck in three weeks. Reflecting the market's upbeat mood, HSBC just boosted its S&P 500 year-end target by more than 800 points to 6400, citing AI excitement and easing US policy uncertainty. Caterpillar slipped 0.3 per cent after reporting a lower second-quarter profit, hurt by sluggish demand for construction equipment and higher costs tied to US tariffs. KFC parent Yum Brands fell 2.8 per cent after missing estimates for second-quarter comparable sales and profit. Advancing issues outnumbered decliners by a 1.29-to-1 ratio on the NYSE and by a 1.07-to-1 ratio on the Nasdaq. The S&P 500 posted 31 new 52-week highs and four new lows, while the Nasdaq Composite recorded 54 new highs and 40 new lows.
