| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. We're keen to hear your |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. We're keen to hear your views on this newsletter. Please participate in our short survey. The US-EU tariff talks were thrown another curveball after President Donald Trump warned the bloc would face a 30% rate next month if better terms can't be negotiated. German Chancellor Friedrich Merz said the tariff would hit exporters in Europe's largest economy "to the core" if a negotiated solution can't be found. European Commission President Ursula von der Leyen struck a conciliatory tone by extending the suspension of trade countermeasures against the US until Aug. 1 to allow for further negotiations, while continuing to prepare further retaliatory steps. The EU's bazooka anti-coercion instrument won't be used at this point, she said. Meanwhile, the bloc is also preparing to step up its engagement with other countries targeted by Trump's tariff threats, including Japan and Canada, for possible coordination, we've been told. "Europe has the economic power to make its position heard and to reach an equitable and fair deal," Italian Prime Minister Giorgia Meloni said. So for now, negotiations continue. — Andrea Palasciano | |
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| Asian Outreach | As the EU braces for US tariffs, the bloc is looking to deepen trade agreements with India and other countries in the Asia-Pacific region, competition chief Teresa Ribera said on Bloomberg TV. "We need to explore how far, how deep we can go in the Pacific area with other countries," she said, adding that talks with India are "quite important." More Defense | French President Emmanuel Macron said France will make a "new and historic" effort to increase defense spending to counter an acceleration of threats to freedom in Europe and the risk of outright war in the coming years. He will double the annual defense budget from when he took office in 2017 to reach €64 billion by 2027, instead of 2029 as previously planned. Making Deals | Slovakia aims to reach a solution by tomorrow on guarantees against the impact of a planned halt in Russian gas imports, a condition for backing the EU's 18th sanctions package against Moscow, Prime Minister Robert Fico said. It has asked the EU for measures to ease transit costs and provide financial and legal support. Defense Talks | German Defense Minister Boris Pistorius will be in the US today to meet his counterpart Pete Hegseth as Germany hopes to secure Patriot air defense systems for Ukraine. NATO Secretary General Mark Rutte will also be in the US capital, where he will meet Trump and other officials. Both men will also speak with members of Congress. | |
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| Buy Swedish | Sweden's Gripen fighter jet is having a moment. As European defense budgets boom, some are considering alternatives to American-made weapons such as Lockheed Martin's F-35. The Saab jet's affordability over its life cycle and proven reliability have led more casual browsers to seriously consider buying. Balkans Towers | Trump towers are coming to Bucharest and Belgrade. The Trump Organization is planning expansions in the Balkans as the president's family melds business ties with right-wing political influence. Unlike Trump's first term, the organization has embraced overseas partnerships since his return to the White House. Massive Strikes | Kremlin forces fired almost 600 Russian drones and 26 cruise missiles across Ukraine, including near the border with Romania and Moldova. The attack, which also hit areas that have seen few if any strikes in the war, left at least two people dead and damaged residential houses and other civilian infrastructure. Steel Deal | Thyssenkrupp Steel Europe and labor union IG Metall reached a restructuring agreement that will allow planned job cuts to proceed without forced layoffs through 2030. The deal secures long-term investments, limits outsourcing and gives labor representatives a say in efficiency measures. | |
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| The EU has the biggest exposure to US tariff movements. German Chancellor Merz said Trump's threat of 30% tariffs would deliver a momentous blow if a negotiated solution can't be found in the coming weeks. Without a solution, Germany's government may need to postpone parts of its economic policy efforts, Merz said. "That would overshadow everything, and hit the German export industry to the core." | |
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- EU trade council meets in Brussels
- NATO Secretary General Mark Rutte travels to the US to meet President Donald Trump, Secretary of State Marco Rubio, Secretary of Defense Pete Hesgeth and members of Congress
- Commission Executive Vice-President Ribera participates in an environmental dialogue with Chinese Vice Premier Ding Xuexiang in Beijing
- European Council President Antonio Costa and Commission President von der Leyen meet the Prime Minister of Armenia Nikol Pashinyan
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