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US and EU reach agreement on 15% tariffs for EU goods in order to avoid a trade war
On Sunday, the United States and European Union reached a framework agreement on trade. The deal imposes a 15% U.S. tariff on all EU goods. This avoids a spiraling battle between the two allies, who account for nearly a third percent of global trade. The announcement was made after Ursula von der Leyen, President of the European Commission, met with Donald Trump on his golf course in Western Scotland to finalize a deal that had been hard-fought. After an hour-long discussion with von der Leyen who claimed that the 15% tariff was "across the Board", Trump told reporters: "I think this deal is the biggest ever made." "We've got a deal between two of the largest economies in the World. It's a huge deal. It's an important deal. It will bring stability. "It will bring predictability," said she. EU companies will benefit from the deal that includes 600 billion dollars of EU investment in the United States, as well as significant EU purchases of U.S. military and energy equipment. The baseline rate of 15% is still a lower rate than the 30% threatened by the European Union, but it's better than the original goal of zero tariffs. This agreement is similar to the framework agreement that the United States signed with Japan last Thursday. Trump stated, "We have agreed that the tariff...for automobiles and all other products will be a 15% straight-through tariff." The baseline rate of 15% would not be applicable to steel or aluminium. Instead, a 50% tariff will remain. Trump is trying to reorder global trade and reduce the U.S.'s decades-old deficit. He has reached agreements with Britain and Japan. He has repeatedly slammed the European Union, saying that it was "formed in order to screw the United States". Trump, upon his arrival in Scotland, said that the EU "wanted to make a deal" very badly. He also said, when he met von der Leyen that Europe was "very unfair" to the United States. According to U.S. Census Bureau figures, his main concern is the U.S. goods trade deficit with EU. This will reach $235 billion in 2024, according the data. The EU cites the U.S. service surplus as a partial remedy for the imbalance. Trump talked about tariffs on Sunday, claiming that they brought in "hundreds and billions" of dollars. After weeks of failed negotiations, Trump threatened to impose a 30% tariff starting August 1 on imports from Europe. In the event that there is no agreement and Trump continues with his 30% tariffs, the EU has prepared countertariffs for 93 billion euro ($109 billion) worth of U.S. products. Several member states also wanted the bloc to use the most powerful tool in its arsenal, the anticoercion weapon, to target U.S. service providers in the event of no deal.
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After a long delay due to rain, the Belgian Grand Prix begins.
After a delay of almost an hour and half caused by rain and poor visibility on the Spa-Francorchamps track, the Belgian Formula One Grand Prix began after four laps. The starting procedure was stopped after the first formation lap, which took place behind the safety vehicle. Lando Norris of McLaren, who sits nine points behind his championship-leading teammate Oscar Piastri on the podium, told the team's radio, "I don't know what's going on behind the safety vehicle." The FIA finally cleared the race for start after a long wait. The safety car led the field to evaluate visibility, before deciding on a rolling starting. The 2021 Belgian Grand Prix, which was shortened by rain and safety cars, is the shortest in Formula One's history. Only three laps were completed with half-points awarded. Max Verstappen, Red Bull's champion and reigning world champion, said over the radio that he should have run when the red flags appeared. They're too cautious. Nico Rosberg, the former world champion 2016, told Sky Sports that drivers had little choice but to wait. The German said, "The conditions are terrible and the race will start in extremely difficult circumstances." You can't see anything. You're on long straights, must remain flat, and are blind. So you look left or right to the wall for a brake marking board. (Reporting Alan Baldwin; editing Christian Radnedge).
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US and China resume tariff talks to extend truce
Senior U.S.-Chinese negotiators met in Stockholm, Sweden on Monday to address long-standing economic disputes that are at the heart of the trade war between the two countries. They hope to extend a ceasefire to keep tariffs from rising sharply. China faces a deadline of August 12 to reach a durable agreement on tariffs with the administration of President Donald Trump, after Beijing reached a preliminary agreement in June. This was to put an end to weeks' worth of escalating tariffs. If there is no agreement, the global supply chain could be thrown into turmoil by duties of more than 100%. The Stockholm talks are led by U.S. Treasury Sec. Scott Bessent, and Chinese Vice Premier He Lifeng. They take place a few days after European Commission president Ursula von der Leyen met Trump on his golf course in Scotland, to try to clinch a possible deal with a baseline of 15% tariffs for most EU products. Analysts on both sides of Pacific believe that the talks in Sweden's capital will not produce any breakthroughs, but they could help prevent further escalation. They also say it may create the conditions for Trump to meet with Chinese President Xi Jinping later this year. The previous U.S.-China talks held in Geneva and London between May and June were aimed at reducing the U.S. and Chinese tariffs from triple-digit rates and restoring the flow for rare earth minerals that China had stopped and Nvidia AI chips, and other goods, which the United States had stopped. The talks so far have not covered broader economic topics. The U.S. has complained that China's export-driven, state-led model floods the world's markets with cheap products, while Beijing complains that U.S. export controls on technology goods are meant to stunt Chinese economic growth. Bo Zhengyuan of China's consultancy firm Plenum, a Shanghai-based partner, said that Stockholm would be the first meaningful round in U.S. China trade talks. DEALS! DEALS! Trump has succeeded in getting other trading partners to accept higher U.S. Tariffs, such as Japan, Vietnam, and the Philippines. He said that there was a 50% chance that the U.S. could reach an agreement with the 27 members of the European Union, and that Brussels "wanted to make a deal extremely badly". Two of Trump's most senior trade officials will travel to Stockholm after the Scotland talks. They are Commerce Secretary Howard Lutnick, and U.S. Representative Jamieson Greer. Analysts believe that the U.S. and China negotiations will take more time because they are more complex. China's hold on the global rare earth mineral and magnet market, which is used in everything from car windshield wiper motors to military hardware, has proven to be a powerful leverage point for U.S. industry. TRUMP-XI MEETING? The background to the discussions is speculation regarding a possible Trump-Xi meeting in late October. Trump said that he would decide in the near future whether to travel to China for a historic trip to resolve trade and security tensions. Any plans to meet with Xi would be derailed by a new flare-up in tariffs and export control. The Stockholm meeting provides an opportunity to lay the foundation for a Trump China visit, said Wendy Cutler. Vice president of the Asia Society Policy Institute. Bessent already stated that he would like to extend the deadline of August 12 to avoid tariffs reverting to 145% for the U.S. and 125% for the Chinese. Analysts said that China would likely ask for a further easing of U.S. export controls on high-tech products and a reduction in the multi-layered U.S. duties totaling 55 percent. Beijing has claimed that these purchases will help reduce the U.S.-China trade deficit, which is expected to reach $295.5 billion by 2024. China faces a 20% tariff on fentanyl related goods, a reciprocal 10% tariff and 25% duty on industrial goods. These tariffs were imposed by Trump during his first term. Bessent also stated that he would be discussing with He China's need to rebalance the economy from exports towards domestic consumer demand. China would have to end a long-running property crisis and increase social safety nets in order to encourage spending by households. Michael Froman, former U.S. Trade Representative during Barack Obama's Administration, said that such a change has been the goal of U.S. Policymakers for 20 years. Can we use tariffs effectively to force China to change its economic strategy fundamentally? Froman, who is now the president of the Council on Foreign Relations, said that it remains to be determined. Reporting by David Lawder, Additional reporting by Laurie Chen at Beijijng and Editing by Helen Popper
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Twins win series vs. Nats despite Byron Buxton's uncertainty
The Minnesota Twins' most crucial moment on Sunday could happen before the first pitch. The Twins will be playing the Washington Nationals at Minneapolis's Target Field on Sunday, and All-Star outfielder Byron Buxton will undergo tests on his injured left leg. Buxton, 31, left the game on Saturday due to a left-side ache. Washington's 9-3 victory over the Twins, which evened the three-game Series, added insult to injury. Buxton may not be on the Twins' roster for the rubber game. Minnesota wants to win the series, regardless of how it happens. It has lost its first two after the All Star break. Rocco Balidelli, the Twins' manager, said that the series finale is a chance to make a new start. Baldelli stated, "Not the game that we had planned to play." "Friday's game was brilliant, but then on Saturday we played this way." I would like to win (the series) on Sunday and go back to playing baseball. The list may be incomplete. Buxton left the game on Saturday after experiencing pain. The team is hoping that the injury won't be serious. However, Buxton has had a history of injuries in his career. He has a.282 batting average, 23 home runs, 59 RBIs, and 17 steals. Baldelli stated, "He seemed to be in a good mood." "I spoke to him during his game and I went upstairs to check up on him. ... We'll just get him imaged on Sunday morning to see how we are doing. He felt the pain more when he was running. You can feel a soreness on your side, but you won't feel as much when you're swinging or running. I won't speculate further. "We're going Sunday to have him examined." Jake Irvin, the Nationals' right-hander (7-5 with a 4.81 ERA), will face the team he grew to love. Irvin, who was born in Bloomington, Minn. and attended Jefferson High School, then the Oklahoma Sooners, is the pitcher for the Nationals. Irvin has a career record of 0-1 and a 2.84 ERA against the Twins. This was a 3-2 Minnesota victory on May 22, 2024. It was a Nationals home game, and it will be his first time pitching in Minnesota. Irvin stated, "It's everything." It's important to keep everything in perspective. What got me to this point: Growing up as a Twins Fan, falling in Love with the Twins, and how much they meant in developing my love for baseball. "I get to see many of my high school friends. I got to play with them when I was younger. I'm able to spend time with my family and parents, as well as everyone who has supported me on my journey. "It's super, super exciting to see it all come together." The Twins are not announcing a starter for Sunday's game and will instead use a bullpen. Travis Adams, a rookie right-hander with a 6.50 ERA and a 1-0 record in three relief appearances, is likely to see a lot of action. Adams has allowed just 12 hits in nine innings. He also walked only one batter and struck out six. He has never faced the Nationals. Field Level Media
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In an attack on a east Congo church, Islamic State-backed rebels killed 38 people
Officials from the city of Kinshasa said that Islamic State-backed militants attacked a church on Sunday, killing 38 people. Officials have confirmed that ADF rebels wielding machetes and guns are believed to be responsible for the assault on Komanda in northeastern Democratic Republic of Congo. Jean Kato, a city official, told reporters that worshippers were attending a night-time mass at the time the rebels stormed into the church early on Sunday morning. Officials reported that 38 people had died, 15 were injured, and several more were still missing. Christophe Munyanderu is a human-rights activist who was present on the scene of Komanda. He said that people initially thought they were thieves when they heard shots overnight. Munyanderu said that the rebels attacked primarily Christians who spent the night at the Catholic Church. These people were unfortunately killed by machetes or bullets. The United Nations Organisation Stabilisation Mission has condemned a recent resurgence of violence in the province in which this attack occurred.
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The finance minister of Turkey says that the Turkish economy is returning to a "positive cycle".
Mehmet Simsek, the Finance Minister of Turkey, said that after March's market turmoil, Turkey has now returned to a positive cycle. Simsek, in an interview live with Kanal 7, said that all financial indicators have returned to the mid-March level with the measures taken to manage the economic situation. Detention of Istanbul mayor Ekrem Imamoglu on 19 March, the main political rival to President Tayyip Erdoan, triggered market turmoil, which led to an increase in emergency interest rates and depleted foreign currency reserves. The Turkish central bank cut its benchmark rate this week by more than expected 300 basis points, to 43%. This is a return of the easing cycle which was interrupted in March. Moody's, the credit rating agency, upgraded Turkey's ratings to "Ba3", from "B1" on Friday. The upgrade was based on improved monetary policy credibility and lower inflation. The Turkish government anticipates that the inflation rate will be "between the mid-point and high forecast range" of the central bank by the end of the year. Simsek stated that he expected a figure of below 29%. The annual inflation rate for Turkish consumer prices slowed in June to 35%, continuing its decline from a high of 75% in may 2024. The mid-point of the central bank's forecast for year-end inflation is currently at 24%. Simsek stated that the Turkish economy has been growing below expectations in recent months. There is "a high probability" that budget revenue targets will be met with a small deviation, he said. According to its policy roadmap for the next three years, published in September last year, the government expects a 4.0% growth of gross domestic product this year. According to the median prediction of 34 economists who participated in the poll conducted between July 18 and 23, the growth of Turkey's GDP this year is expected to be slower than the 3.2% projected for 2024. Reporting by Huseyin Haatsever, Editing by Peter Graff
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Rain in Northern China kills 2 and forces thousands of people to relocate
Authorities have warned that further rain could bring disasters such as landslides, flooding and landslides. CCTV, the state broadcaster, reported that two people were missing and two others dead in Hebei Province on Sunday morning. Fuping, a city in Baoding's industrial district, received 145 mm (5.8 inches) of rain per hour overnight. China's Water Resources Ministry issued flood warnings for 11 provinces, including Beijing and the neighbouring Hebei region, due to small and midsize river flooding and mountain torrents. CCTV reported that floods and landslides have affected many villages within the Miyun district in the capital. The rural town of Fengjiayu was the most severely affected, and in some villages electricity and communication has been cut off. Beijing News Radio reported that more than 3,000 people had been evacuated from the area. Beijing has issued a warning for geological disasters including mudslides and landslides after heavy rains unleashed a second year's worth in Baoding. In recent years, the north of China has seen record rainfall, which puts densely-populated cities like Beijing at risk of flooding. Scientists attribute the increase in rainfall in China's normally arid north region to global warming. These storms are part a larger pattern of extreme weather in China caused by the East Asian Monsoon. This has led to disruptions for the second largest economy of the world. Baoding Xizhuang's station recorded 540 mm over an 8-hour period. This is more than Baoding average annual rainfall, which is 500 mm. CCTV reported that the deluge forced 4,655 people to evacuate. It affected over 46,000 people. Chinese authorities closely watch extreme rainfall and severe floods as they threaten to displace thousands and wreck havoc on China’s $2.8 trillion agriculture sector. (Reporting and editing by William Mallard; Farah master, Farah)
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Ziad Rahabi, Lebanese music giant and sardonic sarcastist, has died at the age of 69
Ziad Rahbani was a Lebanese musician and composer who created an original Lebanese musical sound by combining Western and Arabic roots. His sardonic criticism of the country's political sectarian divisions resonated with Lebanese from all walks of life. He was 69. Rahbani's words were relevant to all generations, whether they were those who knew him from the Civil War of 1975-1990 or the post-war generation that has struggled to overcome the legacy of the war. The hospital reported that he died at a Beirut hospital on Saturday morning, after a long illness. Ziad Rahbani is the son of Fairuz Rahbani - a living legend and one of the most innovative composers in the Arab world - and Assi Rahbani. His talents range from playing the piano to writing plays and acting. Rahbani, who pioneered oriental jazz, which blended Western standards and Arabic quarter-notes in 1978's Arabic funk album Abu Ali exemplified this style, once described Lebanon as "Falafel combined with Hamburger", a tiny country on the eastern border of the Mediterranean, between Europe an the Arab World. He was dubbed a musical genius by composers who knew him. His satire on the Lebanese culture was a huge cultural critic for Arabic-speaking people. Lubnan Bálbaki, conductor at the Lebanon National Orchestra, said: "You just feel like you're not able to comprehend some of Ziad's works, or write anything similar to them." Rahbani is best known for his 1985 song, "I am Not an Infidel", which was re-released by the same label in 2008. The lyrics of this song urge both Muslim and Christian leaders to help the poor. One song mentions that Lebanese sold gold and diamonds to buy food during the war, whereas "O, the Era of Sectarianism", notes the ease with which money is transferred between the military barricades keeping people apart. Jad Ghosn is a Lebanese film maker who created a documentary about Rahbani in 2021. He said that Rahbani was "a middle finger raised to this system reminding it of their true worth, and reminding us our potential". 'THE WILDERNESS' Ziad Rahbani, born in 1956, grew up hearing his father compose songs on the piano. By the age of 12, a collection of his poems was published, and at 18, he performed his first play. Rahbani’s parents’ music was influenced by Lebanese Folklore, including traditional stone arches and mountain villages. It also reflected the return of overseas emigrants. It was the soundtrack to the "golden age", or 1960s, in which Beirut became known as the Paris of Middle East. Before Rahbani reached the age of 20, Lebanon was engulfed in a 15-year Civil War that lasted from 1975 to 1990. His music took on a critical, lamenting tone that reflected his fall from grace. Rahbani, according to those who knew him, became reclusive and depressed as he aged. He called Lebanon's power outages, which destroy musical instruments, "the wilderness". Rahbani, a Greek Orthodox Christian living in Antelias (a coastal town north of Beirut), was a leftist communist who had been devoted to the cause for his entire life. He attributed his political awakening to the siege and murder of Palestinians in 1976 by right-wing Christian militants at the Tal el-Zaatar Camp. He was a staunch advocate of the Palestinian struggle for independence until his death. Some of Rahbani’s fans were turned off by his political alignment during the Syrian Civil War with Hezbollah, and the Syrian Government of Bashar al-Assad. Many people continued to enjoy his comedic, bitter musings about life. In his later years he said in an interview with Hezbollah’s Al-Manar TV that the corruption of Lebanon was so bad that it contaminated Seven Spice, which is a popular Levantine spice mixture. He says, "There are not seven spices." "There are only three spices, and nobody knows what the others are." (Reporting and editing by Jan Harvey; Laila Basam and Timour Azhari)
Turkey evacuates thousands of people as firefighters battle wildfires
Wildfires raged across Turkey Sunday, amid a scorching Mediterranean heat wave. Authorities evacuated more than 3,600 residents from two provinces.
Ibrahim Yumakli, Minister of Agriculture and Forestry, told reporters that wildfires were mostly under control in southern provinces Mersin, Antalya, and Usak, as well as in central province Usak. However, blazes were still raging in Bursa, in the northwest, and in Karabuk, in the north.
On Saturday, a wildfire broke out between the Gursu district and Kestel district of Bursa. Bursa is home to a large part of Turkey's automotive industry. The fire forced the closure of part of the highway linking Istanbul to Izmir in western Turkey.
Video footage shows that smoke was covering the sky above Bursa, and huge flames were engulfing trees near homes.
Yumakli reported that 1,765 residents of Bursa’s Kestel District were evacuated. He added that 2,000 firefighters battled the wildfire with the aid of six firefighting aircraft and four helicopters.
Yumakli reported that in the province of Karabuk (northern Iraq), where a wildfire had been burning for 5 days, 1839 people from 19 villages were evacuated. In difficult conditions, three planes and sixteen helicopters are fighting the fires in the region.
We are living in dangerous times. "This does not appear to be ending in two or even three days," Yumakli, who was referring to the current heat wave, said.
The Turkish meteorological service predicted temperatures in some regions to exceed 40 degrees Celsius Sunday, which is 6-12 degrees higher than the seasonal norm. On Saturday, thermometers reached 50 degrees Celsius for the first recorded time in history in the southeast of the country.
(source: Reuters)