Stocks in the US are at record levels ahead of key reports
The S&P 500 and Nasdaq stock indices set new records — up 0.1% and 0.3%, respectively. The Dow fell by 0.1%. The market is awaiting earnings data from Big Tech and economic indicators. Shares of Samsung, Tesla, and AMD rose after announcing a $16.5 billion deal.
Trump wants to shorten the 50-day deadline he gave to Putin
Trump said this during a conversation with journalists on July 28 during a meeting with British Prime Minister Keir Starmer in Scotland.
“I am disappointed in President Putin, very disappointed. So we will have to review everything, and I will shorten the 50 days I gave him to a shorter period,” said the President of the United States.
At the same event, he stated that he would set a new deadline for Moscow — “10 or 12” days. This way, the politician is trying to increase pressure and force the Russian Federation to end the war in Ukraine.
“I will set a new deadline — about 10 or 12 days from today. There’s no point in waiting. Previously it was 50 days, I wanted to be generous, but we just don’t see any progress,” added Donald Trump. (babel)
Merz: The deal with the US will significantly harm the German economy
German Chancellor Friedrich Merz stated that the trade agreement between the European Union and the United States, which includes a 15 percent customs tariff on most imports from the EU, will cause "significant damage" to Germany's export-oriented economy. Speaking on Monday, July 28, Merz described the result as the best possible under the circumstances. "Given the starting position we had with the United States, achieving more was simply not possible," Reuters quoted him. "The German economy will suffer significant damage from these tariffs," Merz pointed out. "I personally did not expect more than this outcome," he said. "These tariffs, in my firm belief, are also not in the interest of the United States of America," said Merz.
The Prime Minister of France stated that the trade agreement between the US and the EU is a “black day” for Europe
Trump's 15% tariff means that European exporters will face more than three times the average tariff of 4.8% currently in effect. The euro fell nearly 1% against the US dollar, dropping one cent to 1.163. French Prime Minister François Bayrou stated that the EU capitulated to Donald Trump’s threats of continuous tariff increases, calling the framework agreement reached in Scotland on Sunday a “black day” for the EU. “This is a black day when a union of free peoples, united to uphold shared values and protect common interests, agrees to submission,” Bayrou wrote on X on Monday. High-level criticism from France and Emmanuel Macron's silence since the agreement was signed between Trump and European Commission President Ursula von der Leyen indicate potential disagreements as Brussels seeks approval of the agreement from member states. Giorgia Meloni welcomed the agreement, stating that it allowed avoiding “potentially devastating” consequences. Speaking at a summit in Ethiopia, the Italian Prime Minister said that “the escalation of trade between Europe and the US would have unpredictable and potentially devastating consequences,” adding that Rome would need to “study the details” of the agreement. The Prime Minister of Spain, Pedro Sánchez, stated that he supported the agreement “without any enthusiasm.” French Trade Minister Laurent Saint-Martin criticized the EU's actions in the negotiations, stating that the bloc should not have refrained from retaliatory strikes in what he called a power struggle initiated by Trump. Zero tariffs will apply to EU exports in key sectors, including aircraft parts, certain chemicals, semiconductor equipment, and some agricultural products. Even if Trump decides to impose tariffs on pharmaceuticals in the future, EU officials secured a commitment that they will not exceed 15%.
New US-China negotiations: extension of the tariff moratorium
In Stockholm, the third round of negotiations between the US and China has started this summer. On the agenda — a possible extension of the 90-day moratorium on high tariffs (30% US, 10% China), which expires on August 12. The parties are expected to agree on an extension under moderate conditions, but China expresses a desire for an agreement on favorable terms.
European allies intend to appeal to the EU for billion-euro loans for arms purchases for Ukraine
Ukraine's main allies in Europe intend to appeal to the European Union for tens of billions of euros in loans for joint arms purchases for Ukraine and to strengthen their own defense, reports Politico. “Several EU countries have indicated that they are considering using these funds to assist Ukraine in defending against Russia’s full-scale invasion,” Politico reports. “Finland, Denmark, Estonia, Lithuania, and Slovakia are considering obtaining loans, while Poland, the Czech Republic, Latvia, Bulgaria, and Greece have confirmed that they will do so,” the report states, citing information from diplomats. “France is likely to also apply for loans, while Germany, Sweden, and the Netherlands are expected to decline, sources familiar with these governments’ plans say,” the portal reports.
The EU's energy promise to Trump of $750 billion appears unrealistic
The EU narrowly avoided a full-scale trade war with the US by promising to buy $750 billion worth of American oil and gas by the end of Trump's presidential term. However, achieving this will be practically impossible. Limited supplies from the US, technical obstacles, and the EU's weak authority over import agreements mean that reaching the goal will be extremely challenging, regardless of the details. “Purchasing American energy products will diversify our supply sources and contribute to Europe’s energy security,” said European Commission President Ursula von der Leyen, noting that this step will also help the bloc in its ongoing efforts to “replace Russian gas and oil with significant purchases of American LNG, oil, and nuclear fuel.” “We are ready to make these purchases,” repeated the EU's trade chief Maros Sefcovic on Monday. “We believe these figures are achievable.” Last year, the EU spent €375 billion on energy imports, including €76 billion from the US, meaning that the bloc will effectively have to triple its imports from America over the next three years, while avoiding other suppliers like Norway, which supplies cheaper pipeline gas. Additionally, excluding Russian energy from the equation wouldn’t make a significant difference: the bloc spent only €23 billion on oil, gas, and nuclear energy imports from Moscow last year. At the same time, last year, the US exported only $166 billion worth of oil and gas, meaning they would have to redirect all their exports to the EU — and even more. This “will simply never happen,” particularly considering that US LNG exports are not tied to a single destination and typically go to whoever offers the highest price globally. This is not the only technical complication. EU refineries can only process a limited share of the specific blend of oil from the US. Another issue is how Brussels will facilitate these purchases, given that it plays no role in the buying process itself. An EU official stated that this goal “is not something that the EU as a government can guarantee,” but rather “something that is based on the intentions of private companies.” “The EU is not a company,” said a gas specialist at a well-known energy trading company. “Will they force EU companies to buy gas and oil from the US?”
Britain: over 600,000 high school graduates receive social benefits
According to official data, over 630,000 graduates are applying for state aid. This is 11.9% of all aid applicants. According to data released by the UK Statistics Office, the number of those without any qualifications receiving universal credit was 849,000, accounting for 15.9% of all applicants. This data comes amid a drop in the full employment rate of graduates from 61% to 59%, with some scholars warning that too many graduates leave universities without the skills needed for employment. Data showed that individuals who completed their academic careers with the highest GCSE scores accounted for the largest share of universal credit applicants — 26.7%. In total, there were 1.4 million such individuals. Those with a diploma but not attending university numbered 1.1 million, accounting for 20.6% of applicants.
Staffing problem: 20% of new candidates for air traffic controller positions do not complete training
Nearly 20% of FAA candidates enrolled in air traffic controller training programs do not pass initial training. In some centers, the failure rate reaches as high as 45–69%. This exacerbates the staffing shortage in the field, causes flight delays, and increases the workload on experienced controllers.
News in Brief
In the Zaporizhzhia region, Russians struck a correctional colony. As a result of the attack, 16 people died, and 35 were injured.
In Kamianske, 2 people died due to an attack by the Russian Federation; a pregnant woman is in serious condition, medical facilities were damaged.
The US has likely moved its nuclear weapons to the UK for the first time since 2008.