Brussels plans new tax on big companies to boost EU budget

One of Hungary’s wealthiest individuals, István Tiborcz, the son-in-law of Prime Minister Viktor Orbán, faces scrutiny over his rapid wealth accumulation amid allegations of cronyism and political favoritism. Despite denying political involvement and claiming his business success is independent, Tiborcz's lucrative ventures, particularly in real estate and tourism, have drawn parallels to U.S. figures like Jared Kushner, reflecting a growing discontent among Hungarians over elite wealth. Explain It To Me Like I'm 5: Hungarian Businessman...

The US commerce department has initiated two national security investigations that may result in tariffs on drone imports and polysilicon, a key material for chips and solar panels, due to concerns about foreign subsidies and trade practices. These probes continue the ongoing trade tensions under President Trump, who has previously applied significant tariffs on various imports, including steel and aluminum. Explain It To Me Like I'm 5: The US government is looking into whether to...

This article discusses the recent chaotic developments in U.S. trade under President Trump, particularly surrounding tariff threats and their implications. It highlights reader participation in predicting the number of tariff letters sent, discusses Trump's coercive tactics towards Brazil's President Lula, and notes the unpredictability of Trump's decisions leading to potential political backlash for both leaders. Explain It To Me Like I'm 5: Last week, President Trump sent a lot of letters threatening tariffs on other...

The Northwood declaration from the recent UK-French summit, emphasizing joint nuclear policy and defense capabilities, marks a significant shift in European security dynamics amid concerns over US commitment and recent geopolitical challenges. As German Chancellor Friedrich Merz prepares for a visit to London, the focus on trilateral cooperation among the UK, France, and Germany aims to enhance Europe’s military autonomy and response to threats. Explain It To Me Like I'm 5: The leaders of France...

Trade between the EU and US could become "almost impossible" if President Trump enforces a 30% tariff, warns EU trade commissioner Maroš Šefčovič, highlighting significant impacts on transatlantic supply chains. As the EU prepares retaliatory measures, Šefčovič will engage with US officials to seek a resolution, while larger EU states express caution against escalating tensions. Explain It To Me Like I'm 5: Trade between the EU and the US might stop almost completely if President...

Germany's economy could have seen a 50% increase in growth from 2021 to 2024 if not hindered by labor shortages and bureaucracy, according to a Bundesbank study. While GDP grew by 4.6% overall, it shrank in the last two years due to structural issues, with calls for reforms to address these challenges, as export losses to China and competition from the US continue to rise. Explain It To Me Like I'm 5: Germany's economy could...