Latest news with #EuropeanDefence
Bloomberg
4 days ago
- Business
- Bloomberg
EU Proposes Using Unspent Covid Funds for Defense
Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. The EU is rushing to get its European Defence Industry Programme, or EDIP, over the line before leaders meet in Brussels at the end of June. The instrument will serve as a vehicle for the bloc's future defense funding. While seemingly small with just €1.5 billion from the EU budget for 2025-2027, it may grow rapidly. The commission is offering member states the option to channel unspent pandemic recovery money into the fund, we've learned. What's still to be sorted is the level of openness to use those resources to buy US weapons, a thorny issue given delicate trade talks with Washington. Separately, the commission is proposing to cut red tape to accelerate the continent's defense build-up.
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Not the time to mess with EU-US trade, says EU's Costa
European Commission President Ursula von der Leyen and EU President António Costa took part in a press conference during the G7 Leaders' Summit in Alberta. (EPA Images pic) KANANASKIS : Europe and the US should focus on how the bloc takes more responsibility for its defence rather than creating economic uncertainty through trade tensions, EU President Antonio Costa said yesterday. Speaking to reporters with European Commission President Ursula von der Leyen ahead of a gathering of G7 leaders in the Canadian Rockies, Costa said the two days of meetings provide an opportunity to talk about 'some problems' between the allies and friends. 'The main issue between Europe and the US is precisely about European defence, and we should focus on (this),' Costa said, referring to Washington's rebalancing of foreign policy towards countering China. 'Because this is the main issue, we should avoid introducing other issues that undermine our economic capacity to assume greater responsibility on our own defence,' he said. US President Donald Trump backed away from his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. Trump's haphazard imposition of tariffs across the world has created uncertainty among key US allies, and raised pressure on the global economy. Speaking alongside Costa, von der Leyen said the trade talks with Washington were now focusing on the details, but there was no guarantee of a deal. 'That's why this is not the right moment to create uncertainty on economics. 'It is not the right moment to create problems on trade, because we need to strengthen our economic basis,' Costa said. 'We are talking about the most relevant trade relations in the world, then we need to protect this and focus on what is the most important which is to have a good agreement between the EU and the US about the burden sharing on defence,' he said. Underscoring Costa's comments, von der Leyen said the G7 had to avoid protectionism. 'This is an important message. A message that the G7 can send to the markets and to the world,' she said.
Yahoo
6 days ago
- Business
- Yahoo
Not the time to mess with EU-US trade, EU's Costa says
By John Irish KANANASKIS, Alberta, Reuters) -Europe and the United States should focus on how the bloc takes more responsibility for its defence rather than creating economic uncertainty through trade tensions, European Union President Antonio Costa said on Sunday. Speaking to reporters with European Commission President Ursula von der Leyen ahead of a gathering of G7 leaders in the Canadian Rockies, Costa said the two days of meetings provide an opportunity to talk about "some problems" between the allies and friends. "The main issue between Europe and the United States is precisely about European defence, and we should focus on (this)," Costa said, referring to Washington's rebalancing of foreign policy towards countering China. "Because this is the main issue we should avoid introducing other issues that undermine our economic capacity to assume greater responsibility on our own defence." U.S. President Donald Trump backed away from his threat to impose 50% tariffs on imports from the European Union next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. Trump's haphazard imposition of tariffs across the world has created uncertainty among key U.S. allies, and raised pressure on the global economy. Speaking alongside Costa, von der Leyen said the trade talks with Washington were now focussing on the details, but there was no guarantee of a deal. "That's why this is not the right moment to create uncertainty on economics. It is not the right moment to create problems on trade, because we need to strengthen our economic basis," Costa said. "We are talking about the most relevant trade relations in the world, then we need to protect this and focus on what is the most important which is to have a good agreement between the EU and the United States about the burden sharing on defence." Underscoring Costa's comments, von der Leyen said the G7 had to avoid protectionism. "This is an important message. A message that the G7 can send to the markets and to the world," she said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
6 days ago
- Business
- Reuters
Not the time to mess with EU-US trade, EU's Costa says
KANANASKIS, Alberta, June 15, Reuters) - Europe and the United States should focus on how the bloc takes more responsibility for its defence rather than creating economic uncertainty through trade tensions, European Union President Antonio Costa said on Sunday. Speaking to reporters with European Commission President Ursula von der Leyen ahead of a gathering of G7 leaders in the Canadian Rockies, Costa said the two days of meetings provide an opportunity to talk about "some problems" between the allies and friends. "The main issue between Europe and the United States is precisely about European defence, and we should focus on (this)," Costa said, referring to Washington's rebalancing of foreign policy towards countering China. "Because this is the main issue we should avoid introducing other issues that undermine our economic capacity to assume greater responsibility on our own defence." U.S. President Donald Trump backed away from his threat to impose 50% tariffs on imports from the European Union next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. Trump's haphazard imposition of tariffs across the world has created uncertainty among key U.S. allies, and raised pressure on the global economy. Speaking alongside Costa, von der Leyen said the trade talks with Washington were now focussing on the details, but there was no guarantee of a deal. "That's why this is not the right moment to create uncertainty on economics. It is not the right moment to create problems on trade, because we need to strengthen our economic basis," Costa said. "We are talking about the most relevant trade relations in the world, then we need to protect this and focus on what is the most important which is to have a good agreement between the EU and the United States about the burden sharing on defence." Underscoring Costa's comments, von der Leyen said the G7 had to avoid protectionism. "This is an important message. A message that the G7 can send to the markets and to the world," she said.
Yahoo
6 days ago
- Business
- Yahoo
Not the time to mess with EU-US trade, EU's Costa says
By John Irish KANANASKIS, Alberta, Reuters) -Europe and the United States should focus on how the bloc takes more responsibility for its defence rather than creating economic uncertainty through trade tensions, European Union President Antonio Costa said on Sunday. Speaking to reporters with European Commission President Ursula von der Leyen ahead of a gathering of G7 leaders in the Canadian Rockies, Costa said the two days of meetings provide an opportunity to talk about "some problems" between the allies and friends. "The main issue between Europe and the United States is precisely about European defence, and we should focus on (this)," Costa said, referring to Washington's rebalancing of foreign policy towards countering China. "Because this is the main issue we should avoid introducing other issues that undermine our economic capacity to assume greater responsibility on our own defence." U.S. President Donald Trump backed away from his threat to impose 50% tariffs on imports from the European Union next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. Trump's haphazard imposition of tariffs across the world has created uncertainty among key U.S. allies, and raised pressure on the global economy. Speaking alongside Costa, von der Leyen said the trade talks with Washington were now focussing on the details, but there was no guarantee of a deal. "That's why this is not the right moment to create uncertainty on economics. It is not the right moment to create problems on trade, because we need to strengthen our economic basis," Costa said. "We are talking about the most relevant trade relations in the world, then we need to protect this and focus on what is the most important which is to have a good agreement between the EU and the United States about the burden sharing on defence." Underscoring Costa's comments, von der Leyen said the G7 had to avoid protectionism. "This is an important message. A message that the G7 can send to the markets and to the world," she said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
