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Reuters
17 hours ago
- Business
- Reuters
Gaza war testing Germany's long unconditional commitment to Israel
BERLIN, May 28 (Reuters) - A photograph of Zikim Beach in southwestern Israel near Gaza, attacked by Hamas militants in boats in both the 2014 and current Gaza wars, hangs on the wall of new German Chancellor Friedrich Merz's office. The idyllic shot of a row of beach huts restored after the Hamas raids attests to the arch-conservative being a passionate supporter of Israel, in keeping with Germany's long-time solidarity in atonement for the Nazi-era Holocaust. So Merz's rebuke of Israel on Tuesday over its widening military operations in Gaza was a remarkable turnabout for many. "What the Israeli army is doing in the Gaza Strip, I no longer understand the goal," he said. "To harm the civilian population in such a way, as has increasingly been the case in recent days, can no longer be justified as a fight against terrorism." Foreign Minister Johann Wadephul then said there could be unspecified "consequences" in a sequence of conservative remarks coordinated with Social Democrat coalition partners, marking a rhetorical break from decades of unconditional German backing for a country to which Berlin feels committed by history. Separately, Merz's fellow German conservative, European Commission President Ursula von der Leyen, said deaths of children in the Gaza war have been "abhorrent", reflecting the breadth of disquiet in German elite circles. Alongside membership of NATO and the European Union, backing for Israel was the third pillar of Germany's quest for international rehabilitation after the Holocaust against Europe's Jews in World War Two. While some antisemitism lingered - Konrad Adenauer, post-war Germany's first chancellor, justified restitution payments for Israel that laid the foundation of German-Israeli relations by the need to appease "the power of the Jews" - the commitment to Israel's security shaped generations of German politicians. But the intensity of Israel's war in Gaza, which has killed over 53,000 Palestinians and was triggered by Hamas' October 7, 2023 cross-border attack that killed around 1,200 people, has contributed to a pronounced shift in German public opinion. Only 36% of Germans now have a positive view of Israel, a 10 percentage point fall from four years ago, a survey for the Bertelsmann Foundation found. Germans under 40 consider themselves less informed about Israel than the over-60s, and are also less likely to believe relations should be shaped by memory of the Holocaust. This shift has imposed a dilemma on Merz, who on winning February's national election had promised Benjamin Netanyahu he would help the Israeli prime minister defy an International Criminal Court arrest warrant if he visited Germany. "They understand they have two opposing obligations and have to choose between them," said Moshe Zimmermann, an eminent historian of Germany at Israel's Hebrew University. "In the past they would have said our obligation to Israel is primary. Now they have to weigh the alternatives differently." Germany and other European countries condemn Russia for violating international law with its invasion of Ukraine and have imposed unprecedented punitive sanctions on Moscow, seeking backing for isolating it from countries as diverse as South Africa, Brazil and Saudi Arabia. Western powers have not taken the same approach to Israel amidst steady accusations by rights and humanitarian groups of international law violations in its conduct of the war in Gaza, with many Palestinian civilian deaths, widespread devastation of infrastructure and a rising famine risk under Israeli blockade. "Times change," said Zimmermann. The trigger for German leaders' rhetorical shift came when a May 25 deadline passed without Israel heeding a European call to completely lift a blockade of humanitarian aid into Gaza. Wadephul said there could be now no "obligatory solidarity" with Israel, while Finance Minister Lars Klingbeil, the Social Democratic leader, said human rights standards were being violated in the Gaza Strip. The shift brings Germany into line with major European partners that have also been loath to pointedly criticise Israel over Gaza. France and Britain, joined by Canada, aired a similar message last week. Italy echoed it on Wednesday. In response, Netanyahu has accused British, French and Canadian leaders of being "on the wrong side of history". At a conference on antisemitism in Jerusalem on Wednesday, Foreign Minister Gideon Saar said Israel was "the most attacked and threatened country in the world", adding: "The attempt to deny Israel its right to defend itself is horrific." Israel has denied violating international law in Gaza, saying it is targeting only Hamas militants and accusing them of using civilian buildings for operational cover. Hamas denies this. The change in Germany's tone also reflects a country that is far more ethnically and culturally diverse than in decades past. Fully a quarter of Germany's 80 million people now have a migration background - meaning at least one parent is an immigrant - and many of them are of Middle Eastern or Muslim heritage with an affinity for the Palestinians. "If you're asking a German-Syrian to come to terms with Germany's responsibility for the Holocaust, that's really strange," said Omer Bartov, a Holocaust historian at Brown University in the U.S. The consequences for German policy are unclear, Bartov said. Germany continues to sell weaponry to Israel, remains its largest European trade partner as well as on Israel's side in South Africa's genocide case against Israel in the International Criminal Court in The Hague. "It's a rhetorical shift and it could be very significant," Bartov said. "But the Israeli navy is made in Germany and right now the Israeli navy is firing shells into Gaza. "As long as they (Germany) don't take some (concrete) step, Netanyahu has no reason to worry right now."
Daily Mail
19 hours ago
- Business
- Daily Mail
The four-letter Trump code that Wall Street brokers are using to make millions
Wall Street traders have coined a new acronym mocking President Trump as they game his wild tariff policies to make millions. Stockbrokers have taken to telling each other to TACO when hedging their bets on Trump's market-altering trade policies - stood for 'Trump Always Chickens Out.' The term has reportedly gained traction among investors and day traders who say they have found a strategy to make huge profits off Trump's predictable tariff rollouts. The president has made a habit of threatening massive tariffs on nations and industries around the world, which send markets plunging, before he 'chickens out' days later and doesn't actually go ahead with the levies. In an example just this past weekend, Trump announced a crippling 50 percent tariff on European imports, which dropped the Nasdaq by 1.5 percent while treasury yields and the dollar plummeted. But just two days later, Trump abruptly paused the move after he said he received a 'very nice call' from European Union President Ursula von der Leyen, quickly repairing the market's losses. Trump also dropped his 145 percent tariff on China down to 30 percent earlier this month, which again sent stocks surging after his 'Liberation Day' market meltdown. The seeming reliability of Trump walking back his tariffs has allowed the TACO strategy to reportedly become openly embraced on Wall Street. Financial advisory firm Exit Stage Left Advisors told the New York Post that they have seen traders make huge profits off the dips in Trump's tariff rollouts. 'Once he delivers bad news, investors are buying those stocks when they are beaten down waiting for him to chicken out and watching those stocks rebound in value,' the firm's president Ted Jenkin told the outlet. University of Michigan economist Justin Wolfers added to Barron that this emerging strategy is unprecedented in the way the financial markets work with the White House. Wolfers noted that 'there was no BACO trade' under President Joe Biden and 'no CACO trade' when Bill Clinton was in office, for example. 'It was always taken as a given that when the president spoke on Monday, he would likely still mean it on Tuesday,' he said. 'That's no longer true. But what's really hard is that it's not even obvious when it'll be true, and when it won't be. Madness.' Trump's latest moves on his tariffs saw a continuation of his announce-then-backdown strategy as he admitted a 'very nice call' was enough to halt his levies on the European Union. The president said a call from von der Leyen earlier this week led him to agree to extend his deadline for trade talks until July 9, because they needed more time to 'reach a good deal.' 'I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European Union,' Trump revealed on Truth Social. 'I agreed to the extension — July 9, 2025. 'It was my privilege to do so. The Commission President said that talks will begin rapidly. Thank you for your attention to this matter.' Trump threatened on Friday to intensify his trade war after expressing frustrations that trade talks were not moving quickly enough, saying he wanted steep new import taxes to start on June 1. The threat sent global stock markets plunging. The president took to Truth Social on Friday morning to accuse the EU of being 'very difficult to deal with' and 'taking advantage' of the US. But European Commission President Ursula von der Leyen urged him to delay the tariffs until July, which was the deadline he had originally set when he announced new tariffs in April.
BBC News
19 hours ago
- General
- BBC News
EU says Israeli strikes in Gaza go beyond what is necessary to fight Hamas
The EU's top diplomat, Kaja Kallas, has said that "Israeli strikes in Gaza go beyond what is necessary to fight Hamas" as the death toll there continues to also said that the EU did not support a new aid distribution model backed by the US and Israel which bypasses the UN and other humanitarian organisations."We don't support the privatisation of the distribution of humanitarian aid. Humanitarian aid can not be weaponised", she air strikes and other military actions since it resumed the war in March following a ceasefire have killed 3,924 people, the Hamas-run health ministry says. Israel says it is acting to destroy Hamas and get back hostages the group holds. Kallas' remarks follows an intervention by new German Chancellor Friedrich Merz who declared he "no longer understands" Israel's objectives in the besieged enclave. "The way in which the civilian population has been affected... can no longer be justified by a fight against Hamas terrorism," he EU is one of the largest donors of humanitarian aid to Gaza, yet Kallas said most of it was currently unable to get to Palestinians who need it. Israel imposed a complete blockade on Gaza in March and only began allowing a trickle of aid in after 11 weeks."The majority of the aid to Gaza is provided by the EU but it's not reaching the people as it is blocked by Israel," Kallas said."The suffering of the people is untenable."EU Commission President Ursula von der Leyen meanwhile described recent Israeli attacks on Gaza's civilian infrastructure as "abhorrent" and "disproportionate".It also follows the strongest criticism yet by the UK, France and Canada, who demanded Israel end its military offensive in Gaza. The UK later said it was suspending trade talks with EU has launched a formal review of its own trade agreement with Israel and Kallas said she would present "options" at the upcoming EU foreign ministers meeting in Brussels on 23 agencies have warned that Gaza's 2.1 million population is facing catastrophic levels of hunger after an almost three-month Israeli blockade that was eased last and the US are backing a new aid distribution system run by a controversial new group, the Gaza Humanitarian Foundation (GHF).The GHF's aid distribution system uses US security contractors and bypasses the UN, which has rejected it as unethical and unworkable. The US and Israeli governments have said it is preventing aid from being stolen by Hamas, which the armed group denies Israeli Prime Minister Benjamin Netanyahu reiterated on Tuesday plans to relocate Gaza's entire population to a "sterile zone" in the south of the territory while Israeli troops continue fighting Hamas elsewhere. He also vowed to facilitate what he described as the "voluntary emigration" of much of Gaza's population to other countries - a plan many view as forcible launched a military campaign in Gaza in response Hamas' cross-border attack on 7 October 2023, in which about 1,200 people were killed and 251 others were taken least 54,084 people have been killed in Gaza since then, according to the territory's health ministry.
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Heard on the Street Tuesday Recap: European Holiday
Stocks rallied after Trump walked back tariff threats. On Friday, President Trump threatened a 50% tariff on European Union goods at the start of June. But after a weekend phone call with European Commission President Ursula von der Leyen, Trump said he would delay the introduction of new tariffs until July 9 to allow more time for negotiations. The Dow Jones Industrial Average gained 741 points, or 1.8%. The S&P 500 rose about 2% and the Nasdaq Composite climbed 2.5%.
Yahoo
a day ago
- Business
- Yahoo
Germany's DAX hits a new high as Trump expresses optimism on US-EU trade talks
European stock markets extended their rally for a second consecutive trading day on Tuesday as concerns over escalating US-EU trade tensions eased. Germany's DAX rose 0.82% to 24,226.49, marking a fresh record high, while the Euro Stoxx 600 climbed 0.33% to 552.33, edging within 0.2% of its March peak. US President Donald Trump expressed optimism toward the trade negotiations. 'I have just been informed that the EU has called to quickly establish meeting dates,' he wrote in the Truth Social, 'This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America. They will BOTH be very happy, and successful, if they do!!!' The US president's comments also lifted Wall Street, with the Dow Jones Industrial Average up 1.78%, the S&P 500 rising 2.05%, and the Nasdaq composite surging 2.47%. Related Trump Media eyes Bitcoin reserve with €2.3 billion investor backing On Sunday, Trump announced he had agreed to postpone the implementation of a 50% tariff on EU imports until 9 July, following a phone call with European Commission President Ursula von der Leyen. During the call, von der Leyen expressed the EU's readiness 'to advance talks swiftly and decisively' in a bid to avert further trade escalation. Trump had initially announced 20% 'reciprocal tariffs' on EU goods on 2 April before reducing the rate to 10% for 90 days. However, last Friday, he threatened to impose a 50% tariff from 1 June, citing frustration over the pace of negotiations and disagreement among EU member states. While specific meeting dates remain absent publicly, EU Trade Commissioner Maroš Šefčovič is expected to meet his US counterpart in Paris next Tuesday during the Organisation for Economic Co-operation and Development (OECD) summit. Talks are expected to focus on removing bilateral tariffs on industrial goods and addressing US import levies on steel, aluminium, semiconductors, automobiles, and pharmaceutical products, according to sources familiar with the matter. Earlier this month, the EU postponed a proposed package of retaliatory tariffs on up to €95 billion worth of US imports, including wine, spirits, aircraft, auto parts, electrical products, and more. Related What EU exports could be hit hardest by Trump's 50% tariff threat? The DAX is up 22% year-to-date, making it the top performer among major global indices. The index had pulled back sharply in April following Trump's announcement of the reciprocal tariffs but has consistently rebounded on signs of de-escalation in trade tensions. In sectors, the defence and banking stocks led the broad gains, underpinned by optimism over Germany's fiscal and defence spending reforms. In March, Germany's Friedrich Merz announced plans to increase defence spending beyond 1% of GDP and a €500 billion special fund for infrastructure investment. The landmark fiscal package particularly lifted sentiment in European defence and industrial stocks, with Rheinmetall AG shares soaring 207% so far this year, repeatedly hitting new highs. Meanwhile, European banking stocks have been supported by the European Central Bank's accommodative monetary policy stance, which has bolstered investment banking income and lending activity. Shares of Deutsche Bank and Commerzbank soared 50% and 75% respectively this year. Related German consumer confidence creeps up, but shoppers are still wary Despite the bullish momentum in equities, the euro weakened against the US dollar, as the greenback staged a strong rebound following Trump's decision to delay tariffs — a move that mirrored previous dollar rallies during the US-China trade talks. The EUR/USD pair fell to just above 1.13 during Wednesday's Asian session, retreating from over 1.14 on Monday, as markets priced in renewed optimism over US-EU trade negotiations and an improved US economic outlook. Sign in to access your portfolio
