| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.Work by EU officials con |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Work by EU officials continued over the weekend to try and secure a trade deal with the US as the July 9 deadline nears. Emboldened by his recent economic policy victory in Congress, President Donald Trump said he "signed some letters" warning governments of the impending tariffs, which will "go out on Monday." Treasury Secretary Scott Bessent added that countries receiving letters will face the most extreme US tariffs — some, including those targeting the EU, as high as 50% — starting Aug. 1. Last week, member states briefed on the status of negotiations were told that a technical agreement in principle was close, while some EU carmakers and capitals were pushing for a deal that would bring tariff relief in return for increased investment in the US. As the recent Canadian experience showed, surprises can never be completely ruled out. — Gian Volpicelli | |
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| Chinese Curbs | China announced on Sunday it would impose reciprocal curbs on EU medical devices. EU-based companies will be excluded from Chinese government procurement for equipment with a value of more than 45 million yuan (€5.35 million), while goods made by EU-funded companies in China are not impacted. Facing Parliament | Commission President Ursula von der Leyen will face a confidence vote in the European Parliament on Thursday. She is likely to coast to victory — most political groups back her — but the challenge shows lasting discontent over her secret texts with Pfizer's boss while negotiating Covid-19 vaccine deals. Euro Flaws | The euro can't quickly supplant the dollar as the anchor of the world's financial system, given that countries using it are not sufficiently financially and economically integrated, ECB Governing Council member Gabriel Makhlouf said. The Central Bank of Ireland Governor said dollar dominance will dwindle over time, but for now Europe lacks a single fiscal capacity of a safe asset. US Flex | NATO Secretary General Mark Rutte said he was hoping for US "flexibility" so Ukraine has the resources to defend itself after Washington halted deliveries. On Friday, Rutte told reporters that the US should make sure its stockpiles are adequate as that is "crucial for our collective defense." | |
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| Border Checks | Poland's checks at its borders with Germany and Lithuania start on Monday in a retaliatory move by Prime Minister Donald Tusk against recent actions by Berlin aimed at curbing irregular migration. He said the German border checks had created an "asymmetry" in how the two nations police their frontier. Ukrainian Strike | Ukraine's military said it had struck Russia's Borysoglebsk airfield, as Kyiv continues to look for ways to degrade Moscow's aerial capabilities. The facility in southwest Russia is the "home base" of the Su-34, Su-35S and Su-30SM fighter jets, Ukraine's general staff said. The strike came a day after Ukraine was hit by the largest Russian air attack of the war to date. Mobile Talks | France's three major mobile phone companies are in preliminary talks to divide up rival SFR, Orange Chairman Jacques Aschenbroich said. Billionaire Patrick Drahi is looking to sell the mobile phone carrier, and the question would then be whether European regulators are willing to allow ditch their "dogma" of requiring four operators per country, he said. Russian Leak | Russia reported an ammonia leak at the Ust-Luga seaport in the Leningrad region. Authorities said the incident occurred during loading operations on the LPG tanker Eco Wizard and described it as "minor." | |
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| A supply squeeze is set to hit the hazelnuts that go into making the chocolaty Nutella spread. Wholesale prices in Turkey, which accounts for around 65% of global hazelnut output, have jumped by around 30% since April following the worst spring frost in more than a decade. That could be bad news for the world's biggest buyer, Italy's Ferrero, which takes around a quarter of Turkey's crop. | |
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| All times CET - 4:15 p.m. Commission President Ursula von der Leyen meets Parliament President Roberta Metsola
- EU finance ministers meet in Brussels for Eurogroup.
- EU Energy chief Dan Jorgensen visits Cattenom nuclear power plant in France.
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