Latest news with #TradeDeal
France 24
a day ago
- Business
- France 24
Israel begins to acknowledge Gaza's need for humanitarian aid under US pressure
01:40 29/07/2025 Trump issues new ultimatum calling on Putin to end Ukraine war in '10 or 12 days' 28/07/2025 'There is no alternative to the two-state solution to end the Israeli-Palestinian conflict' Middle East 28/07/2025 'EU has a lot to lose': US-EU trade deal with Trump counter to 'what EU should be standing for' Europe 28/07/2025 Rajab's Ramp: A skateboarder's call from a starving Gaza 28/07/2025 Russia: Numerous flights cancelled after massive cyberattack 28/07/2025 Impact of US tariffs varies across European Union 28/07/2025 Trump says many are starving in Gaza, vows to set up food centres 28/07/2025 Thailand and Cambodia agree to ceasefire to end deadly border row 28/07/2025 Starmer–Trump meeting: US president sees signs of 'real starvation' in Gaza"
Arab News
a day ago
- Business
- Arab News
Oil Updates — prices steady amid economic concerns, US rate decision awaited
SINGAPORE: Oil prices were steady on Tuesday amid uncertainty about the global economic outlook following the US-EU trade deal, and as investors awaited the US Federal Reserve's interest rate decision. Brent crude futures were up 1 cent at $70.05 a barrel at 8:10 a.m. Saudi time, while US West Texas Intermediate crude was at $66.69, down 2 cents. Both contracts settled more than 2 percent higher in the previous session, and Brent touched its highest level since July 18 on Monday. The trade agreement between the US and the European Union, while imposing a 15 percent import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. The agreement also calls for $750 billion of EU purchases of US energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the US over the course of President Donald Trump's second term. While the US-EU trade deal finalization came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, said ANZ analysts in a note. 'We think the 15 percent rate will pose headwinds to the Euro area's growth outlook but is unlikely to push the economy into recession.' Meanwhile, top economic officials from the US and China met in Stockholm on Monday for more than five hours of talks to resolve longstanding economic disputes at the center of a trade war between the world's top two economies. The discussions are expected to resume on Tuesday. Oil market participants are also awaiting the US Federal Open Market Committee meeting on July 29-30, where the Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. 'Momentum favors the upside in the near term, but the market is vulnerable to volatility triggered by central bank surprises or a breakdown in trade negotiations,' said Sachdeva. 'The likelihood of an economic slowdown and the Federal Reserve's potential rate cuts remain uncertain, limiting the upside in oil.' Meanwhile, Trump set a new deadline on Monday of '10 or 12 days' for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made.
Reuters
a day ago
- Business
- Reuters
Oil steady amid economic concerns, US rate decision awaited
SINGAPORE, July 29 (Reuters) - Oil prices were steady on Tuesday amid uncertainty about the global economic outlook following the U.S.-EU trade deal, and as investors awaited the U.S. Federal Reserve's interest rate decision. Brent crude futures were up 1 cent at $70.05 a barrel at 0610 GMT, while U.S. West Texas Intermediate crude was at $66.69, down 2 cents. Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday. The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. The agreement also calls for $750 billion of EU purchases of U.S. energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over the course of President Donald Trump's second term. While the U.S.-EU trade deal finalisation came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, said ANZ analysts in a note. "We think the 15% rate will pose headwinds to the Euro area's growth outlook but is unlikely to push the economy into recession." Meanwhile, top economic officials from the U.S. and China met in Stockholm on Monday for more than five hours of talks to resolve longstanding economic disputes at the centre of a trade war between the world's top two economies. The discussions are expected to resume on Tuesday. Oil market participants are also awaiting the U.S. Federal Open Market Committee meeting on July 29-30, where the Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. "Momentum favors the upside in the near term, but the market is vulnerable to volatility triggered by central bank surprises or a breakdown in trade negotiations," said Sachdeva. "The likelihood of an economic slowdown and the Federal Reserve's potential rate cuts remain uncertain, limiting the upside in oil." Meanwhile, Trump set a new deadline on Monday of "10 or 12 days" for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made.
Time of India
a day ago
- Business
- Time of India
Hungary Slams Lopsided EU Deal Favouring US, Questions- Who Will Pay?
US President Donald Trump decisively dominated European Commission President Ursula von der Leyen during recent trade negotiations, resulting in a deal widely criticised as unfavorable to the European Union. The pact imposes a 15% tariff on EU exports to the US, while American goods will face no retaliatory tariffs inside Europe. Europe has committed to investing hundreds of billions in US industries, energy, and weapons purchases over the next three years, raising concerns about who will finance these obligations. Hungarian Prime Minister Viktor Orban and other EU officials denounced the deal as heavily lopsided and questioned the European Commission's authority to sign such terms. French leaders also condemned the agreement, with calls for economic retaliation. Russian officials warned the pact will accelerate Europe's deindustrialization. The deal has sparked debates about Europe's strategic autonomy and the growing influence of US pressure in transatlantic relations.#TrumpVsEU #TradeDeal #EUUSRelations #TariffWar #OrbanCriticism #EuropeanUnion #EconomicPressure #Deindustrialization #VonDerLeyen #GlobalTrade Read More
The Guardian
a day ago
- Business
- The Guardian
Key takeaways from Trump's press Q&As in Scotland
Donald Trump has held not one but two lengthy and freewheeling press Q&As on his visit to Scotland, both of them in the company of a notably less voluble Keir Starmer. Here are some takeaways from the US president's many, many opinions. The US president re-entered office promising to end the Russia-Ukraine conflict within 24 hours, and to more generally bring peace elsewhere. For all his talk about halting six wars – it was not clear what at least two of these were – you could sense Trump's frustration at the lack of progress with both Ukraine and Gaza. He showed signs of frustration with Vladimir Putin and Benjamin Netanyahu, leaders he generally respects. As well as hinting at a swift imposition of sanctions in Russia, Trump said he was 'not so interested in talking any more' with the Russian leader. With Netanyahu, the tone was less openly aggrieved, but the US president made it clear that a different approach was needed given the ongoing starvation of many in Gaza. 'I want to make sure they get the food, every ounce of food,' he said. Even though Trump and Starmer brandished a newly signed trade deal the last time they met, at the G7 summit in Canada in June, there are numerous issues on tariffs and market access still to be decided, and Trump did not seem in the mood for giving way. Asked about UK access to the US pharmaceuticals market, the president talked about wanting to 'bring a lot of the pharmaceuticals back to America, where they should be'.Asked about exempting Scottish whisky from tariffs he dodged the question. When the issue was raised of reducing tariffs on UK aluminium and steel entering the US, Trump merely said this should happen 'pretty soon', one of those timescales used by politicians when they either don't know or don't wish to say. Whereas Starmer at times appears to feel more at ease with international diplomacy than everyday politics, Trump is a creature of his domestic base, and felt quite hazy when questioned on UK issues. When asked about 'small boats', one of the most salient issues to British voters at the moment, Trump replied: 'I know nothing about the boats,' with Starmer having to explain. Similarly, Trump argued confidently that his host was a small-state 'tax cutter'. Asked about a new Scottish independence referendum, Trump's main reference point was the idea that he predicted its result – when in fact this was about the EU referendum, and it wasn't a prediction as he was speaking after the result. Continuing the theme of all their recent encounters, Trump could hardly have been warmer about the prime minister, calling him a friend, albeit one who was 'slightly liberal'. On the subject of Victoria Starmer, to whom he has taken an apparent shine, Trump said she was 'a respected person all over the United States', which might be news to the PM, not to mention to his wife. Joe Biden's apparent mental fragility was an understandable area of scrutiny during his final period in office, but it is also worth pointing out that Trump is not just often long-winded and meandering, but sometimes veers into impossible-to-follow near-nonsense. Consider this answer to a question on rate cuts, which moved from the refurbishment of the US Treasury to building work on the Trump-owned Turnberry golf course in Scotland: 'Now, this is a brand new building, but if you look outside, it's equally opulent and beautiful. And we didn't do that by spending, you know, hundreds of millions of dollars in surrounding a railing underneath the area that you're painting … 'Brand new, beautiful plywood, very expensive, wrapped around a figurine or a railing to preserve it. But you don't have to do that. You can just wrap a cloth. They call it a blanket. And you don't even have to do that if you're careful when you're doing the ceiling. But I don't know what they did. They take down the ceiling and put up a new ceiling, and the new ceiling had no opulence, or they fixed the ceiling, but I would say that all I need is a good plaster and a can of paint.' Eventually, a reporter interrupted to ask again about rate cuts.
