EU Climate Push Comes Under Pressure With France Flagging Risks
The European Union's interim climate plan for 2040 faces a pushback at a summit of the bloc's leaders, where French President Emmanuel Macron plans to stress the need for competitive industry during the green transition.
Macron is seeking to raise the issue during a debate on competitiveness scheduled later on Thursday, setting the stage for other leaders to express their concerns about the climate goal to be proposed next week, according to diplomats familiar with the matter.
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Slovakia Vows to Veto Russia Sanctions Without Gas Guarantees
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Trump tariffs live updates: Trump may extend tariff deadline, CEA chair Stephen Miran says
The White House Council of Economic Advisers chairman Stephen Miran told Yahoo Finance on Thursday that he expects the Trump administration to extend the tariff pause for countries negotiating "in good faith." "I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it," Miran told Yahoo Finance's Brian Sozzi. In recent weeks, President Trump and administration officials have signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds for talks to turn into pacts. From Canada to Japan, key trade deals are struggling to get over the finish line with just two weeks to go. Trump has warned that he would soon tell countries their tariff rates, raising questions about the status of negotiations. Miran said that he doesn't see the aggregate tariff rate falling materially below the 10% level in the long run, but some countries may negotiate more favorable duties while others will see a return of the steeper "Liberation Day" tariffs. So far, Trump has firmed up a trade deal with the United Kingdom. In Canada, Prime Minister Mark Carney's government threatened to hike tariffs by late July on US imports of steel and aluminum, after Trump ballooned US levies on those metals. The countries are aiming for a deal by mid-July. The European Union has also vowed to retaliate if the US sticks with its baseline 10% tariffs, according to a report in Bloomberg. EU leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US or risk a tariff standoff. Trump has threatened tariffs of up to 50% on EU imports. Meanwhile, the US economy is still figuring out the effects of the tariffs while the White House is simultaneously making a push to get the "big, beautiful" tax bill passed in the Senate. Fed Chair Jerome Powell this week reiterated that the central bank is still waiting to see the effects of the tariffs on prices before cutting interest rates. Starting Monday, Trump's tariffs affect washing machines, fridges, and ovens. This could mean higher prices for household goods. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance's Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration's self-imposed July 9 deadline. That deadline marks the end of a tariff pause on the higher levels of "Liberation Day" tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next? "My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense," Miran said on Yahoo Finance's Opening Bid. "I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it." Sozzi adds: Read more here. Associated British Foods may become the first casualty of Britain's tariff deal with the US and have said it may have to close the UK's largest bioethanol plant by September if the government does not provide funding. Reuters reports: Read more here. Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That's left an interim trade deal in jeopardy ahead of President Trump's July 9 deadline. Here are some key issues at stake, according to a Reuters analysis: Read more here. Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It's one of the first signs of how new trade rules are quickly making things more expensive for Americans. The Washington Post reports: Read more here. The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome. Bloomberg News reports: Read more here. The European Union competition chief, Teresa Ribera, told Bloomberg News on Thursday that the EU's crackdown on Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) is not a bargaining chip in trade negotiations with President Trump. Bloomberg News reports: Read more here. One Chinese toymaker has taken drastic action to try and avoid President Trump's tariff blitz. When Trump hiked tariffs on China from 54% to 145% in early April, Ah Biao a toy factory in southern China that makes magnetic puzz and sensory toys for American children, rented a factory in Vietnam. They packed 90 sets of iron and steel molds into 60 boxes, which was then shipped to the Southeast Asian country to avoid high levies. Bloomberg News reports: Read more here. Japan's chief trade negotiator Ryosei Akazawa has reinforced the message that it cannot accept US tariffs of 25% on cars, adding that the country's automakers produce far more cars in the US than they export to America. Bloomberg News reports: Read more here. President Donald Trump is publicly criticizing Spain after the country refused to accept new NATO spending targets and has threatened to double Spanish tariffs as a result. Bloomberg reports: Read more here. The Trump administration is arguing that the president should have the power to impose sweeping global tariffs. His attempts to do so thus far were found unconstitutional in lower courts, but that decision is now being appealed. Bloomberg reports: Read more here. JP Morgan (JPM) analysts have warned that US trade policies will likely cause a slow down in global economic growth and restart inflation in the United States, where there is a 40% chance of a recession in the second half of 2025. Reuters reports: Read more here. General Mills (GIS) projected lower annual profits on Wednesday, causing the stock to fall over 1% before the bell. The consumer group was hurt by weak demand for its refrigerated baked goods and snacks in the US, amid a tough economic environment affected by tariffs and uncertainty. Reuters reports: Read more here. President Trump's trade war leaves little room for error in the Middle East. Another global crisis that drives up inflation could delay rate cuts from the Fed, adding pressure to an already fragile economy. CNN reports: Read more here. Trade talks between the US and Pakistan will conclude next week, the South Asian nation said on Wednesday after a meeting between its Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick. Reuters reports: Read more here. Reuters reports: Read more here. FedEx (FDX) warned of challenges ahead and projected lower-than-expected profit for the current quarter due to volatile global demand, causing shares to fall over 5% before the bell on Wednesday. Reuters reports: Read more here. The European Union plans to hit US imports, including Boeing (BA) planes, with retaliatory tariffs if President Trump sticks with a 10% baseline levy on EU goods, as many expect. Brussels says it's ready to respond if trade talks fail to deliver a fair deal. EU industry chief Stephane Sejourne said the bloc will need to "rebalance" in key sectors if the US insists on keeping tariffs. The EU is racing to reach a deal before July 9, when duties on nearly all its exports to the US could jump to 50%. 'We will need to retaliate and rebalance in some key sectors if the US insists on an asymmetrical deal,' the EU's industry chief, Stephane Sejourne, told Bloomberg News, including if the 'outcome of the negotiations is that a 10% tariff remains.' Talks have gained urgency, but EU officials say Washington's demands, which include quotas on fish and one-sided tariff rules, risk breaching World Trade Organization (WTO) standards. Many expect most US tariffs will stay in place, even with a deal. EU trade chief Maros Sefcovic confirmed rebalancing measures are being prepared to shield European firms if no fair outcome is reached. Consumer confidence unexpectedly retreated in June as Americans grew more pessimistic about the economy and inflation despite delays to the Trump administration's tariffs. Yahoo Finance's Josh Schafer reports: Read more here. Federal Reserve Chair Jerome Powell stated that he anticipates greater inflation from tariffs in the third quarter during his semiannual testimony before House lawmakers Tuesday. However, he reiterated that the Fed remains in "wait-and-see mode" due to a high level of uncertainty around the extent of tariff-related inflation. Powell noted that he met with an "unusually large" number of business leaders in the last FOMC cycle and frequently heard from them that they were selling inventory from February, meaning many of President Trump's tariffs were not factored into the cost of those goods. But he said he expects to see accelerated inflation in the June and July data. "We do expect ... tariff inflation to show up more," Powell said, "but I want to be honest, we really don't know how much of that's going to be passed through to the consumers. We just don't know. We won't know until we see it." Watch Powell's full testimony live: President Trump's tariffs on imported steel and aluminum doubled to 50% on June 4. As a result, many companies in the US have become collateral damage and have been hit hard. Reuters reports: Read more here. White House Council of Economic Advisers chairman Stephen Miran spoke with Yahoo Finance's Brian Sozzi earlier today about the state of tariff negotiations two weeks out for the Trump administration's self-imposed July 9 deadline. That deadline marks the end of a tariff pause on the higher levels of "Liberation Day" tariffs. But with only one interim deal inked with the UK and several ongoing negotiations in play, it raises the question: What happens next? "My expectation would be that for countries that are negotiating in good faith and making progress that rolling back the deadline makes sense," Miran said on Yahoo Finance's Opening Bid. "I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it." Sozzi adds: Read more here. Associated British Foods may become the first casualty of Britain's tariff deal with the US and have said it may have to close the UK's largest bioethanol plant by September if the government does not provide funding. Reuters reports: Read more here. Trade talks between India and the US have hit a roadblock in recent weeks, particularly over the level of tariffs in the auto, steel, and agricultural sectors. That's left an interim trade deal in jeopardy ahead of President Trump's July 9 deadline. Here are some key issues at stake, according to a Reuters analysis: Read more here. Toy prices are going up faster than ever, mainly because of new tariffs in an industry where most toys, about 75%, are made in China. It's one of the first signs of how new trade rules are quickly making things more expensive for Americans. The Washington Post reports: Read more here. The European Union leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US, even if that means accepting less favorable terms, or risk prolonging the standoff in pursuit of a better outcome. Bloomberg News reports: Read more here. The European Union competition chief, Teresa Ribera, told Bloomberg News on Thursday that the EU's crackdown on Apple (AAPL), Meta (META), and Alphabet (GOOG, GOOGL) is not a bargaining chip in trade negotiations with President Trump. Bloomberg News reports: Read more here. One Chinese toymaker has taken drastic action to try and avoid President Trump's tariff blitz. When Trump hiked tariffs on China from 54% to 145% in early April, Ah Biao a toy factory in southern China that makes magnetic puzz and sensory toys for American children, rented a factory in Vietnam. They packed 90 sets of iron and steel molds into 60 boxes, which was then shipped to the Southeast Asian country to avoid high levies. Bloomberg News reports: Read more here. Japan's chief trade negotiator Ryosei Akazawa has reinforced the message that it cannot accept US tariffs of 25% on cars, adding that the country's automakers produce far more cars in the US than they export to America. Bloomberg News reports: Read more here. President Donald Trump is publicly criticizing Spain after the country refused to accept new NATO spending targets and has threatened to double Spanish tariffs as a result. Bloomberg reports: Read more here. The Trump administration is arguing that the president should have the power to impose sweeping global tariffs. His attempts to do so thus far were found unconstitutional in lower courts, but that decision is now being appealed. Bloomberg reports: Read more here. JP Morgan (JPM) analysts have warned that US trade policies will likely cause a slow down in global economic growth and restart inflation in the United States, where there is a 40% chance of a recession in the second half of 2025. Reuters reports: Read more here. General Mills (GIS) projected lower annual profits on Wednesday, causing the stock to fall over 1% before the bell. The consumer group was hurt by weak demand for its refrigerated baked goods and snacks in the US, amid a tough economic environment affected by tariffs and uncertainty. Reuters reports: Read more here. President Trump's trade war leaves little room for error in the Middle East. Another global crisis that drives up inflation could delay rate cuts from the Fed, adding pressure to an already fragile economy. CNN reports: Read more here. Trade talks between the US and Pakistan will conclude next week, the South Asian nation said on Wednesday after a meeting between its Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick. Reuters reports: Read more here. Reuters reports: Read more here. FedEx (FDX) warned of challenges ahead and projected lower-than-expected profit for the current quarter due to volatile global demand, causing shares to fall over 5% before the bell on Wednesday. Reuters reports: Read more here. The European Union plans to hit US imports, including Boeing (BA) planes, with retaliatory tariffs if President Trump sticks with a 10% baseline levy on EU goods, as many expect. Brussels says it's ready to respond if trade talks fail to deliver a fair deal. EU industry chief Stephane Sejourne said the bloc will need to "rebalance" in key sectors if the US insists on keeping tariffs. The EU is racing to reach a deal before July 9, when duties on nearly all its exports to the US could jump to 50%. 'We will need to retaliate and rebalance in some key sectors if the US insists on an asymmetrical deal,' the EU's industry chief, Stephane Sejourne, told Bloomberg News, including if the 'outcome of the negotiations is that a 10% tariff remains.' Talks have gained urgency, but EU officials say Washington's demands, which include quotas on fish and one-sided tariff rules, risk breaching World Trade Organization (WTO) standards. Many expect most US tariffs will stay in place, even with a deal. EU trade chief Maros Sefcovic confirmed rebalancing measures are being prepared to shield European firms if no fair outcome is reached. Consumer confidence unexpectedly retreated in June as Americans grew more pessimistic about the economy and inflation despite delays to the Trump administration's tariffs. Yahoo Finance's Josh Schafer reports: Read more here. Federal Reserve Chair Jerome Powell stated that he anticipates greater inflation from tariffs in the third quarter during his semiannual testimony before House lawmakers Tuesday. However, he reiterated that the Fed remains in "wait-and-see mode" due to a high level of uncertainty around the extent of tariff-related inflation. Powell noted that he met with an "unusually large" number of business leaders in the last FOMC cycle and frequently heard from them that they were selling inventory from February, meaning many of President Trump's tariffs were not factored into the cost of those goods. But he said he expects to see accelerated inflation in the June and July data. "We do expect ... tariff inflation to show up more," Powell said, "but I want to be honest, we really don't know how much of that's going to be passed through to the consumers. We just don't know. We won't know until we see it." Watch Powell's full testimony live: President Trump's tariffs on imported steel and aluminum doubled to 50% on June 4. As a result, many companies in the US have become collateral damage and have been hit hard. Reuters reports: Read more here. 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
Yahoo
an hour ago
- Yahoo
EU leaders call for Gaza ceasefire, discussion on critical Israel report
BRUSSELS (Reuters) -Leaders from the European Union's 27 member countries called on Thursday for an immediate ceasefire in Gaza and said discussions would continue on a report on Israel's compliance with the terms of an agreement with the bloc. "The European Council calls for an immediate ceasefire in Gaza and the unconditional release of all hostages, leading to a permanent end to hostilities," the leaders said in written conclusions after a discussion on the Middle East in Brussels. The EU's diplomatic service said last week there were indications that Israel had breached its human rights obligations under the terms of a pact governing its ties with the bloc. "The European Council takes note of the report on Israel's compliance with Article 2 of the EU-Israel Association Agreement and invites the Council to continue discussions on a follow-up, as appropriate, in July 2025, taking into account the evolution of the situation on the ground," the leaders wrote
