Long Government Formation Will Be Difficult for Germany's European Partners, Daniela Schwarzer Says
"The longer it takes to shape a government, the more uncertainty will there be for Germany's role in European affairs and particular on security and defense matters." says Daniela Schwarzer, senior board member of the Bertelsmann Foundation. "A long government formation can be very difficult for European partners to work with.". She speaks to Bloomberg TV's Francine Lacqua and Chad Thomas. (Source: Bloomberg)
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The Hill
9 hours ago
- The Hill
As Trump goes to G7 summit, other world leaders aim to show they're not intimidated
WASHINGTON (AP) — President Donald Trump has long bet that he can scare allies into submission — a gamble that is increasingly being tested ahead of the Group of Seven summit beginning Monday in Canada. He's threatened stiff tariffs in the belief that other nations would crumple. He's mused about taking over Canada and Greenland. He's suggested he will not honor NATO's obligations to defend partners under attack. And he's used Oval Office meetings to try to intimidate the leaders of Ukraine and South Africa. But many world leaders see fewer reasons to be cowed by Trump, even as they recognize the risks if he followed through on his threats. They believe he will ultimately back down — since many of his plans could inflict harm on the U.S. — or that he can simply be charmed and flattered into cooperating. 'Many leaders still seem intimidated by Trump, but increasingly they are catching on to his pattern of bullying,' said Jeremy Shapiro, research director at the European Council on Foreign Relations. 'In places as diverse as Canada, Iran, China and the EU, we are seeing increasing signs that leaders now recognize that Trump is afraid of anything resembling a fair fight. And so they are increasingly willing to stand up to him.' In the 22 instances in which Trump has publicly threatened military action since his first term, the U.S. only used force twice, according to a May analysis by Shapiro. Ahead of the G7 summit, there are already signs of subtle pushback against Trump from fellow leaders in the group. French President Emmanuel Macron planned to visit Greenland over the weekend in a show of European solidarity. Canadian Prime Minister Mark Carney has said the U.S. is no longer the 'predominant' force in the world after Trump's tariffs created fissures in a decades-long partnership between the U.S. and its northern neighbor. 'We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a predominant role on the world stage,' Carney said this past week in French. 'Today, that predominance is a thing of the past.' The new prime minister added that with the fall of the Berlin Wall in 1989, the U.S. became the global hegemon, a position of authority undermined by Trump's transactional nature that puts little emphasis on defending democratic values or the rule of law. 'Now the United States is beginning to monetize its hegemony: charging for access to its markets and reducing its relative contributions to our collective security,' Carney said. Israel's attack on Iran has added a new wrinkle to the global picture as the summit leaders gather to tackle some of the world's thorniest problems A senior Canadian official said it was decided early on that the G7 won't be issuing a joint communiqué as it has at past summits — an indication of how hard it can be to get Trump on the same page with other world leaders. The White House said individual leader statements will be issued on the issues being discussed. Speaking last month at a conference in Singapore, Macron called France a 'friend and an ally of the United States' but pushed back against Trump's desire to dominate what other countries do. Macron said efforts to force other nations to choose between the U.S. and China would lead to the breakdown of the global order put in place after World War II. 'We want to cooperate, but we do not want to be instructed on a daily basis what is allowed, what is not allowed, and how our life will change because of the decision of a single person,' Macron said. Japanese Prime Minister Shigeru Ishiba pushed back against Trump's agenda of levying higher tariffs on imported goods, arguing it would hurt economic growth. The Japanese leader specifically called Trump ahead of the summit to confirm their plans to talk on the sidelines, which is a greater focus for Japan than the summit itself. 'I called him as I also wanted to congratulate his birthday, though one day earlier,' Ishiba said. Sen. Jeanne Shaheen, D-N.H., the ranking member of the Foreign Relations Committee, said the summit was an opportunity for Trump to 'mend' relationships with other countries so China would be unable to exploit differences among the G7. She said other foreign leaders are 'not intimidated' by Trump's actions, which could be driving them away from tighter commitments with the U.S. 'The conversations that I've had with those leaders suggest that they think that the partnership with the United States has been really important, but they also understand that there are other opportunities,' Shaheen said. The White House did not respond to emailed questions for this story. Having originally made his reputation in real estate and hospitality, Trump has taken kindly to certain foreign visitors, such as U.K. Prime Minister Keir Starmer, German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni. Starmer has sought to keep Trump in line with Europe in supporting Ukraine and NATO instead of brokering any truces that would favor Russia. He has echoed the president's language about NATO members spending more on defense. But in his Oval Office visit, Starmer also pleased Trump by delivering an invite for a state visit from King Charles III. The German government said it, too, wanted to send a public signal of unity, saying that while Trump's recent meeting with Merz at the White House went harmoniously, the next test is how the relationship plays out in a team setting. There will also be other world leaders outside of the G7 nations attending the summit in mountainous Kananaskis, including Ukrainian President Volodymyr Zelenskyy, whom Trump dressed down in the Oval Office. Italy's Meloni has positioned herself as a 'bridge' between the Trump administration and the rest of Europe. But Italy's strong support of Ukraine and Trump's threatened tariffs on European goods have put Meloni, the only European leader to attend Trump's inauguration, in a difficult position. Mark Sobel, U.S. chair of the Official Monetary and Financial Institutions Forum, an independent think tank, said Trump's 'trade policies, backing for right wing European movements, seeming preference for dealing with authoritarians and many of his other actions are alienating our G7 allies,' even if the U.S. president is correct that Europe needs to do more on defense. But even as other G7 leaders defuse any public disputes with Trump, the U.S. president's vision for the world remains largely incompatible with they want. 'In short, behind the curtains, and notwithstanding whatever theater, the Kananaskis summit will highlight a more fragmented G7 and an adrift global economy,' Sobel said. ___ AP reporters Rob Gillies in Toronto, Mari Yamaguchi in Tokyo, Sylvie Corbet in Paris, Jill Lawless in London, Geir Moulson in Berlin and Nicole Winfield in Rome contributed to this report.
CNBC
12 hours ago
- CNBC
Boeing trims projection for 20-year jet demand
Boeing expects global demand for air travel to increase by more than 40% by 2030, driving the need for thousands of new jetliners in the next few years, according to its 20-year demand forecast for commercial airliners released Sunday ahead of the Paris Airshow. The company expects demand for 43,600 new airliners through 2044. That is essentially the same as last year's edition, which projected demand for 43,975 new deliveries through 2043. European rival Airbus last week revised up its own 20-year commercial demand forecast by 2% to 43,420 jets, saying the air transport industry was expected to ride out current trade tensions. Boeing's delivery projection includes nearly 33,300 single-aisle airliners, just over 7,800 widebody jets, 955 factory-built freighters and 1,545 regional jets. Single-aisle jets include the 737 MAX and competitor Airbus's A320neo family and make up roughly four of every five deliveries now. While Boeing's deliveries projection is roughly the same, it pared down its 20-year forecast for passenger traffic growth from 4.7% in last year's outlook to 4.2% this year. Likewise, it lowered its global economic growth forecast from 2.6% to 2.3%, cargo traffic growth from 4.1% to 3.7% and fleet growth from 3.2% to 3.1%. Despite the lower projection for cargo traffic, Boeing Vice President of Commercial Marketing Darren Hulst told reporters in a briefing that trade volatility is not expected to significantly shift long-term demand. "I think we need to point back to the perspective that the last 20, 40, 60 years have given us in terms of the value of air cargo, and the fact that it's roughly a 4% growth market through all this time," he said. Since Covid-19, air travel demand has bounced back, but airplane production is only half or even less than what it was before the pandemic, resulting in a shortage of 1,500 to 2,000 airliners, he said. Both Airbus and Boeing have struggled to return aircraft production to pre-pandemic levels. Boeing has been dealing with production safety concerns following a 2024 mid-air blowout of a panel on a nearly new Alaska Airlines 737 Max. As a result, the U.S. Federal Aviation Administration capped 737 production at 38 airplanes a month. Boeing has significantly improved production quality in recent months, but the crash of an Air India Boeing 787-8 Dreamliner on Thursday put it back in crisis mode. CEO Kelly Ortberg cancelled his plans to attend the Paris Airshow in order to assist with the crash investigation. Global air travel is projected to increase by more than 40% by 2030, compared to the pre-pandemic high, according to the forecast. During the next 20 years, Boeing expects about 51% of demand for new aircraft to come from growth rather than replacing older airplanes. China and South/Southeast Asia, which includes India, are expected to account for half of that additional capacity, according to the outlook. North America and Eurasia account for more than half of projected deliveries for replacing older aircraft. China makes up an estimated 10% of Boeing's existing order backlog. The country paused taking delivery of new Boeing aircraft as China and the U.S. clashed over tariffs. However, deliveries are expected to resume this month, Ortberg said in May during an investors conference.
Yahoo
15 hours ago
- Yahoo
Litecoin Price Struggles Despite ETF Optimism as War Tensions Rattle Market
Litecoin LTC fell more than 4.3% over the past week, and is down more than 14% for the last 30-day period, with the latest sell-off coming as part of a wider risk asset sell-off. That sell-off came after Israel attacked Iran in a bid to put an end to its nuclear program and harm its missile capabilities, and Iran later retaliated with a salvo of missiles. The conflict has spooked global markets, reducing the total cryptocurrency market capitalization by more than $150 billion. LTC was severely affected by the sell-off. As the dust settled, Litecoin attempted a fragile rebound, climbing back above $86. But the recovery has stalled under mounting technical resistance. The $97.80 level, coinciding with the 23.6% Fibonacci retracement according to to CoinDesk Research's technical analysis data model, has proven difficult to breach. Momentum indicators like RSI at 43.46 and a flat MACD histogram show limited energy behind the move, suggesting a phase of consolidation. Volume tells a similar story. Litecoin's trading activity dropped 42% following the initial plunge, even as it briefly surged through the $85.90 resistance level during a high-volume spike late Friday. That breakout, however, was quickly met with profit-taking that brought it back down to $85. Looming in the background is hope for a spot litecoin ETF. Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% chance of approval. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
