A resilient US economy can withstand the Trump tariff shock

Former European Commission chief Jean-Claude Juncker criticized his successor Ursula von der Leyen for not personally addressing Donald Trump's trade war, emphasizing that active engagement is essential for a successful deal. He noted that while Trump's hostility is more pronounced now, effective strategies, such as targeted negotiations and respect, are crucial to manage the ongoing trade tensions, which have escalated with the threat of new tariffs on EU imports. More Context

The European Commission plans to propose an EU-wide ban on all new Russian gas contracts, circumventing potential vetoes from Hungary and Slovakia by using trade law, allowing the ban to pass with majority approval. Existing contracts will need to be phased out by 2026-2028, with Hungary and Slovakia receiving an exemption until 2027, while measures will require companies to prove gas imports do not originate from Russia. More Context

Proposed EU safety regulations for chemicals may hinder the growth of a domestic critical minerals sector essential for the energy transition, according to industry groups including Anglo American and Rio Tinto. They argue that stringent rules could deter investment and deepen reliance on China, jeopardizing Europe's 2030 targets for mineral extraction and processing while warning that current policies may lead to further deindustrialization. More Context

Iran launched a missile barrage on Israel as the Middle East conflict escalates, prompting Israel to strike missile sites in Iran. The G7 summit in Canada, now overshadowed by this crisis, will focus on geopolitical tensions and energy security, while EU leaders discuss plans to end reliance on Russian energy imports amidst concerns from Hungary and Slovakia. More Context

The EU plans to legally ban Russian fossil fuel imports but is delaying the phaseout of Russian nuclear technology, which poses a complex challenge due to reliance on Moscow for 20-25% of uranium. While the EU aims for a complete transition by the 2030s, concerns about supply security and price volatility persist, particularly from member states like Hungary and Slovakia, which heavily depend on Russian nuclear infrastructure. More Context

The lack of a comprehensive list detailing the blocked Russian central bank assets highlights the EU's ad hoc sanctions policy, which, despite initial success, suffers from political uncertainty and ineffective enforcement. To enhance its global influence and deterrence, the EU needs a dedicated sanctions agency and should consider majority voting to streamline decision-making. More Context