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Coca-Cola to launch Coke with U.S. cane sugar after push by Trump

Coca-Cola to launch Coke with U.S. cane sugar after push by Trump

NBC News5 days ago
Coca-Cola announced it will launch a Coke option with American cane sugar instead of high fructose corn syrup. President Trump had pushed for the change. NBC News' Hallie Jackson reports.July 22, 2025
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EU's pledge for $250 billion of US energy imports is delusional
EU's pledge for $250 billion of US energy imports is delusional

Reuters

time13 minutes ago

  • Reuters

EU's pledge for $250 billion of US energy imports is delusional

LAUNCESTON, Australia, July 28 (Reuters) - There are strong echoes of Donald Trump's failed trade deal with China from his first term as U.S. president in the framework agreement reached with the European Union. Trump and EU Commission President Ursula von der Leyen announced the deal for a 15% tariff on U.S. imports of EU goods at the U.S. leader's golf course in Scotland on Sunday. But more important than the 15% tariff rate was the apparent commitment by the EU to massively ramp up energy imports from the United States. The agreement calls for EU imports of U.S. energy, which currently are mainly crude oil and liquefied natural gas (LNG), of $250 billion a year for three years. This is a delusional level of imports that the EU has virtually no chance of meeting, and one that U.S. producers would also struggle to supply. Even if the EU did manage somehow to boost its energy imports from the United States to the $250 billion a year mark, it would also prove massively disruptive for energy flows around the rest of the world. The numbers show the scale of the challenge. The 28 members of the EU imported 3.38 billion barrels of seaborne crude oil in 2024, according to data compiled by energy analysts Kpler. Assuming the 2025 volume stays the same and the price paid per barrel averages around $70, this means the EU will pay about $236.6 billion for its crude. The EU's imports from the United States were 573 million barrels in 2024, which if replicated this year would be valued at around $40.1 billion. For LNG, the EU imported 82.68 million metric tons in 2024, which would have cost around $51.26 billion assuming an average price of around $12 per million British thermal units (mmBtu). Imports of the super-chilled fuel from the United States were 35.13 million tons in 2024, worth about $21.78 billion. The EU also buys coal from the United States, the bulk being higher-value metallurgical coal used to make steel. Total EU imports of metallurgical coal in 2024 were worth $6.72 billion, assuming an average price of $200 per ton, with those from the United States valued at $2.67 billion. Putting together the value of EU imports of U.S. crude oil, LNG and metallurgical coal gives a 2024 total of around $64.55 billion. This is about 26% of the $250 billion the EU is supposed to spend on U.S. energy a year under the framework agreement. If the EU did ramp up its imports of U.S. crude, LNG and metallurgical coal to $250 billion, it would account for 85% of its total spending on those energy commodities. The United States exported 1.45 billion barrels of crude in 2024, according to Kpler, which would be worth $101.5 billion at a price of $70 a barrel. U.S. shipments of LNG were 87.05 million tons in 2024, which would be worth about $54 billion at an average price of $12 per mmBtu. The U.S. exported 51.53 million tons of metallurgical coal in 2024, worth $10.3 billion at an average price of $200 a ton. Putting together the value of all three energy commodities gives a total of $165.8 billion, meaning that even if the EU bought the entire volume it would still fall well short of the $250 billion. The scale of the delusion probably exceeds what Trump and China agreed in their so-called Phase 1 trade deal in December 2019, under which China was supposed to buy $200 billion of additional U.S. energy by the end of 2021. The reality is that China never even came close to buying that level, and its imports of U.S. energy didn't even reach what they were before Trump launched his first trade war in 2017. There are a few caveats when looking at the framework agreement between Trump and Von der Leyen. The first is that not all the details are known and the $250 billion of energy is also said to include nuclear fuel, although this will only be a small value even if included. The second is the deal will probably include refined fuels, with U.S. exports to the EU of products such as diesel, being almost 110 million barrels in 2024, worth about $10.9 billion assuming a price of $100 a barrel. But it's still clear that the commitment to buy $250 billion in U.S. energy is completely unrealistic and unachievable. The smart people in the room must know this, begging the question as to why agree to what is obviously a ridiculous number? What happens when the inevitable failure is realised? Perhaps the EU is hoping for the same outcome as China did with the first trade war with Trump in 2019. Run down the clock, talk nice, and hope the next U.S. president is easier to deal with. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab. The views expressed here are those of the author, a columnist for Reuters.

Eroding protections for public lands
Eroding protections for public lands

Reuters

timean hour ago

  • Reuters

Eroding protections for public lands

'Public lands have tremendous bipartisan support in the state,' Lawson said in reference to her home state of Montana, about 30% of which is federal public land. 'Everybody from the wilderness advocates who want public land preserved in perpetuity to the hunters and anglers to the OHV (off-highway vehicle) Jeepers. Everybody loves public lands. Access to those public lands is so integral to daily life.' Deep budget and staffing cuts to the U.S. National Forest Service, National Park Service and Bureau of Land Management could affect their ability to effectively care for these lands at a time when they are experiencing record numbers of visitors. Last year, national parks welcomed more than 332 million visitors, a new high, up 6 million from 2023. The National Park System has lost 24% of its permanent staff since Trump returned to office in January, according to the National Parks Conservation Association, a watchdog advocacy group. The association attributes much of the drop to job cuts and staff taking buyouts offered by Trump's administration. And, the National Forest Service cut about 10% of its workforce as part of the administration's campaign to reduce spending. This legislation that Trump signed also rescinded funding for conservation and climate resilience projects in national parks and Bureau of Land Management land that was provided in a law signed by his predecessor Joe Biden called the Inflation Reduction Act. 'Unleashing America's economic potential goes hand-in-hand with preserving our public lands, as years of mismanagement, regulatory overreach and neglect of routine management have hindered outdoor recreation opportunities,' the White House said in a statement to Reuters. Leshy said budget and staffing cuts could be a strategic move by U.S. officials who have long wanted to dispose of public land, pointing to Russell Vought, director of the White House Office of Management and Budget and a force behind the Project 2025 initiative that laid out a conservative blueprint for reshaping the U.S. government. 'I think they've decided, looking at the opinion polls, that it's not popular and it's not wise to press for outright selling off or disposing, transferring federal lands. So what they're doing instead is hollowing out their management, is slashing their budgets and slashing the personnel,' Leshy said. 'The aim is, 'Let's make federal management so bad and so dismal that it will change public opinion,'' Leshy added.

Indian rupee, bond markets cautious in week dominated by Fed, tariffs
Indian rupee, bond markets cautious in week dominated by Fed, tariffs

Reuters

timean hour ago

  • Reuters

Indian rupee, bond markets cautious in week dominated by Fed, tariffs

MUMBAI, July 28 (Reuters) - The Indian rupee and government bonds will react to a host of cues this week, including a U.S. Federal Reserve policy decision and the August 1 reciprocal tariff deadline, which is likely to keep traders cautious. The rupee closed at 86.5150 against the U.S. dollar on Friday, down 0.4% on the week, as foreign portfolio outflows and uncertainty over a U.S.-India trade agreement kept sentiment tepid. While the Fed is widely expected to keep rates unchanged on Wednesday, investors will pay close attention to commentary from Fed Chair Powell to gauge the outlook for U.S. policy rates. "As long as the jobs picture holds up, firmer inflation may well delay the restart of the Fed easing cycle and provide the dollar with a lift this summer," ING said in a note. Later in the week, data on the U.S. labour market will be in focus alongside an inflation print to gauge how tariffs are affecting the world's largest economy. Meanwhile, the deadline to strike trade deals with the U.S. elapses on August 1. Over the weekend, the United States and the European Union announced a deal, which will result in a 15% tariff on EU goods, half what Trump had threatened to impose from August 1. Japan and the European Union have reached agreements with U.S., alongside others such as Indonesia and Vietnam, even as India's negotiations have appeared to run into roadblocks over key sectors such as dairy and agriculture. Traders reckon that the rupee will continue to hold a slightly bearish bias and hover in a 86.30-87 range in the near term. Heightened risk of "news-led price action" should prompt speculators to keep positions small with tight stop-losses, a trader at a foreign bank said. Meanwhile, India's 10-year benchmark 6.33% 2035 bond yield , which settled last week at 6.3505%, is expected to move in a range of 6.31% to 6.38%. Apart from the Fed guidance, focus will also remain on expectations about any potential rate cut in the RBI's upcoming policy decision, due on August 6. A plunge in India's retail inflation to a more-than-six-year low in June, along with expectations that it will slip to a record low in July, has led to increased talks of a rate cut, with some even expecting action next week. The central bank slashed its key interest rate by a steeper-than-expected 50 bps last month and changed its policy stance to "neutral" from "accommodative", which had fueled speculation that the rate cut cycle may be over. Banks will also gauge the liquidity situation and movement in overnight rates after a volatile last week, which saw rates rising beyond the Marginal Standing Facility rate. Foreign investors have been on the buying side, with net purchases of over 100 billion rupees in the last five weeks, as bets of at least one more rate cut have risen. India's fundamental story remains intact. Inflation is under control and fiscal health is in check, and India is one of the large benchmark weights within the JPMorgan emerging market debt index, said Jean‑Charles Sambor, head of emerging markets debt at TT International Asset Management. "We think that fundamentals will remain very attractive for foreign investors." KEY EVENTS: India ** June fiscal deficit - July 28, Monday (3:30 p.m. IST) ** June industrial output - July 28, Monday (4:00 p.m. IST)(Reuters poll - 2.4%) ** July HSBC manufacturing PMI - August 1, Friday (10:30 a.m.) U.S. ** July consumer confidence - July 29, Tuesday (7:30 p.m. IST) ** April-June GDP advance - July 30, Wednesday (6:00 p.m. IST) ** Federal Reserve monetary policy decision - July 30, Wednesday (11:30 p.m. IST)(Reuters poll - rates unchanged) ** Initial weekly jobless claims for week to July 21 - July 31, Thursday (6:00 p.m. IST) ** June personal consumption expenditure index, core PCE index - July 31, Thursday (6:00 p.m. IST) ** July non-farm payrolls and unemployment rate - August 1, Friday (6:00 p.m. IST) ** July S&P Global manufacturing PMI final - August 1, Friday (7:15 p.m. IST) ** July ISM manufacturing PMI - August 1, Friday (7:30 p.m. IST) ** July U Mich sentiment final - August 1, Friday (7:30 p.m. IST)

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