EU offered ‘zero-for-zero’ deal to US weeks before tariff announcement

Nato allies have committed to increasing defense spending to 5% of GDP by 2035 to secure U.S. support under President Trump, who emphasized the need for European nations to contribute more. The summit at The Hague reaffirmed collective defense while addressing concerns over the fiscal implications and included a review of the spending goal in 2029, despite some allies not meeting previous targets. Explain It To Me Like I'm 5: NATO countries have agreed to...

Sir Keir Starmer will unveil a new trade strategy aimed at enhancing UK services exports and strengthening anti-dumping measures amid global tariff tensions. The policy emphasizes pragmatic free trade, seeks to dismantle regulatory barriers, and targets support for small businesses, while fostering ties with markets like China and the Gulf, despite concerns over workers' rights in trade agreements. Explain It To Me Like I'm 5: Summary Sir Keir Starmer is set to unveil a new...

Monte dei Paschi di Siena announced that the European Central Bank approved its €13.3bn takeover of Mediobanca, despite initial expectations for shareholder hurdles due to cross shareholdings. Mediobanca, which rejected the offer as contrary to its interests, has postponed a shareholder meeting for a competing acquisition, while MPS plans to report to the ECB on its control of Mediobanca if investor backing falls below 50%. Explain It To Me Like I'm 5: Monte dei Paschi...

Brussels to Regulate Stablecoins Amid ECB ConcernsBrussels plans to announce new regulations for stablecoins, despite the ECB's warnings about potential risks to financial stability during market volatility. The European Commission aims to clarify the legal status of non-EU stablecoins, which may be treated similarly to EU-issued tokens, while addressing concerns over reserve management and cross-border risks. Explain It To Me Like I'm 5: Brussels is getting ready to set new rules for stablecoins, a type...

New EU cultural property laws, effective June 28, aim to prevent the trade of illegally exported goods but may overwhelm art dealers with excessive bureaucracy. While intended to protect cultural property, these regulations require proof of legitimate export for items over 200 years old valued above €18,000, posing significant challenges for the art market and potentially driving dealers out of the EU. Explain It To Me Like I'm 5: New EU laws aimed at preventing...

Nato leaders are concerned that Donald Trump may redefine the alliance's mutual defence pact, jeopardizing US security commitments to Europe. As Trump meets with 31 allies in The Hague, European leaders hope their increased defence spending will reassure him, despite his ambiguous statements on Article 5 and demands for equalized defence spending among members. Explain It To Me Like I'm 5: Nato leaders are worried that Donald Trump might change the rules about how they...