Latest news with #Handelsblatt
Yahoo
a day ago
- Automotive
- Yahoo
Disenchanted Aston Martin Valkyrie Owner Files A Dramatic Lawsuit
Disenchanted Aston Martin Valkyrie Owner Files A Dramatic Lawsuit originally appeared on Autoblog. We've all seen a new hypercar and dreamed that, in the right circumstances, we'd gladly make numerous comfort and practicality concessions to experience their brilliance in other areas. But one such buyer in Germany believes the incomparable Aston Martin Valkyrie pushes the limits of one's compromise beyond all reasonable measure. With a Cosworth-developed naturally aspirated 6.5-liter V12 capable of delivering over 1,000 horsepower at 10,500 rpm (with a redline at 11,100), it's to be expected that the highly strung engine will be fairly loud, but a new lawsuit suggests that the visceral noise it makes is dangerous, and wearing the protective headphones that must be used whenever the car is driven could actually put drivers of the Valkyrie in danger. And that's far from the only issue he's faced in his time owning the car, reports local publication Handelsblatt. The publication protected the disenchanted owner's identity with the alias Sebastian Kunze. Herr Kunze claims that on the 27th of August, the headphone system failed. As a result of the extreme noise, he alleges, he nearly crashed into an ambulance, despite the latter blowing its horn. The publication did not use the German word for siren, but one should surely be able to hear any car horn when driving anyway. After that encounter, Kunze's lawyer, Marco Rogert, says he hasn't dared drive the car again. Not that Kunze appears to want to, anyway. Kunze bought the car in February 2022 for €3 million, or around $3.5 million. But in the three years and 271 miles since, he's allegedly had numerous issues. One of the biggest was an issue with the "Rocket Locker," a locking system that keeps the car's hydraulic suspension from sagging when power is cut off. This was allegedly removed without Kunze's knowledge, causing the car to rest on its wheels. He claims this led to visible damage "during transport and visits to the workshop." Following this, and a claim of numerous warning lights related to the high-voltage hybrid system shortly after taking delivery, he wanted to return the car, but then Aston Martin told him to pay a usage fee of roughly €55,000 (~$63,000) for the 441 km/271 miles he'd done. View the 3 images of this gallery on the original article An Aston Martin statement obtained by Handelsblatt, apparently in response to the cost-per-mile Kunze was asked to pay, reportedly said, "Most owners drive around 300, and certainly no more than 1,000 kilometers per year." Kunze also reportedly took issue with the short service intervals, perhaps not understanding the highly specific nature of this barely legal hypercar. This isn't a Bugatti Tourbillon, meant to crush continents at 250 mph without breaking a sweat or allowing its occupants to. This is an Adrian Newey-designed aerodynamic wonder that does the bare minimum to meet regulations. It's not meant to be used as a daily driver, and Kunze's argument that the Valkyrie had more defects "than all my other cars combined" might seem a little sensational. Moreover, Aston Martin says that the blame for the damaged wheels lies not at the feet of the Rocket Locker system, but with the owner himself, saying that the car's issues are "typical signs of wear or marks that arise from improper wheel replacement. In this context, we point out that the plaintiff insisted on changing the wheels on the vehicle himself and even purchased a jack set from the defendant specifically for this purpose." Unfortunately, this case will likely drag on a little longer. The presiding judge suggested a mutual settlement, but after arguments about where the case could be tried, and two earlier attempts by Aston Martin to arrange trade-ins for the Valkyrie, a court ruling of some sort seems to be the objective. Each side has six weeks to submit further statements, and if the Aachen Regional Court declines jurisdiction, the case may have to be argued back in the United Kingdom, where Aston wanted the case heard in the first place. Disenchanted Aston Martin Valkyrie Owner Files A Dramatic Lawsuit first appeared on Autoblog on Jun 19, 2025 This story was originally reported by Autoblog on Jun 19, 2025, where it first appeared.
Miami Herald
a day ago
- Automotive
- Miami Herald
Disenchanted Aston Martin Valkyrie Owner Files A Dramatic Lawsuit
We've all seen a new hypercar and dreamed that, in the right circumstances, we'd gladly make numerous comfort and practicality concessions to experience their brilliance in other areas. But one such buyer in Germany believes the incomparable Aston Martin Valkyrie pushes the limits of one's compromise beyond all reasonable measure. With a Cosworth-developed naturally aspirated 6.5-liter V12 capable of delivering over 1,000 horsepower at 10,500 rpm (with a redline at 11,100), it's to be expected that the highly strung engine will be fairly loud, but a new lawsuit suggests that the visceral noise it makes is dangerous, and wearing the protective headphones that must be used whenever the car is driven could actually put drivers of the Valkyrie in danger. And that's far from the only issue he's faced in his time owning the car, reports local publication Handelsblatt. The publication protected the disenchanted owner's identity with the alias Sebastian Kunze. Herr Kunze claims that on the 27th of August, the headphone system failed. As a result of the extreme noise, he alleges, he nearly crashed into an ambulance, despite the latter blowing its horn. The publication did not use the German word for siren, but one should surely be able to hear any car horn when driving anyway. After that encounter, Kunze's lawyer, Marco Rogert, says he hasn't dared drive the car again. Not that Kunze appears to want to, anyway. Kunze bought the car in February 2022 for €3 million, or around $3.5 million. But in the three years and 271 miles since, he's allegedly had numerous issues. One of the biggest was an issue with the "Rocket Locker," a locking system that keeps the car's hydraulic suspension from sagging when power is cut off. This was allegedly removed without Kunze's knowledge, causing the car to rest on its wheels. He claims this led to visible damage "during transport and visits to the workshop." Following this, and a claim of numerous warning lights related to the high-voltage hybrid system shortly after taking delivery, he wanted to return the car, but then Aston Martin told him to pay a usage fee of roughly €55,000 (~$63,000) for the 441 km/271 miles he'd done. An Aston Martin statement obtained by Handelsblatt, apparently in response to the cost-per-mile Kunze was asked to pay, reportedly said, "Most owners drive around 300, and certainly no more than 1,000 kilometers per year." Kunze also reportedly took issue with the short service intervals, perhaps not understanding the highly specific nature of this barely legal hypercar. This isn't a Bugatti Tourbillon, meant to crush continents at 250 mph without breaking a sweat or allowing its occupants to. This is an Adrian Newey-designed aerodynamic wonder that does the bare minimum to meet regulations. It's not meant to be used as a daily driver, and Kunze's argument that the Valkyrie had more defects "than all my other cars combined" might seem a little sensational. Moreover, Aston Martin says that the blame for the damaged wheels lies not at the feet of the Rocket Locker system, but with the owner himself, saying that the car's issues are "typical signs of wear or marks that arise from improper wheel replacement. In this context, we point out that the plaintiff insisted on changing the wheels on the vehicle himself and even purchased a jack set from the defendant specifically for this purpose." Unfortunately, this case will likely drag on a little longer. The presiding judge suggested a mutual settlement, but after arguments about where the case could be tried, and two earlier attempts by Aston Martin to arrange trade-ins for the Valkyrie, a court ruling of some sort seems to be the objective. Each side has six weeks to submit further statements, and if the Aachen Regional Court declines jurisdiction, the case may have to be argued back in the United Kingdom, where Aston wanted the case heard in the first place. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Yahoo
2 days ago
- Automotive
- Yahoo
A German Valkyrie Owner Is Suing Aston Martin Over His Car's Alleged Flaws: Report
The Aston Martin Valkyrie may be the single most extreme performance car ever to wear a license plate — a distinction that comes with plenty of sacrifices for buyers used to the creature comforts and general reliability of a more typical road car not built like a top-level endurance racing machine. One German Valkyrie owner has apparently had enough, however, and is now reportedly suing the company after driving just 274 miles in his car. As originally reported by German outlet Handelsblatt and brought to broader attention via Carscoops, the driver is suing after multiple reported system failures, claims of delivery-related damage to the otherwise brand-new hypercar, and one apparent worrying run-in with an ambulance. Issues allegedly included a high-voltage system failure, an uninstalled locker system meant to keep the car at ride height when hydraulic pressure is low, and a flurry of other, unrelated warning lights. Based on his account, the incident with the ambulance seems particularly troubling. The interior of the Valkyrie is exceptionally loud, so Aston Martin recommends that drivers wear a headset that protects the driver's ears and transmits outside noises into the car's cabin. That system allegedly malfunctioned last summer when the suing owner encountered an ambulance, however, reportedly leading the Valkyrie driver to miss the sirens and narrowly avoid a collision. According to Handselblatt, Aston Martin asked for a usage fee of more than $63,000 if the car were to be returned, reflecting a price of about $231 per mile driven to date. The car has apparently not yet been returned or resold, however — and for now, the unsettled dispute continues in German court. You Might Also Like You Need a Torque Wrench in Your Toolbox Tested: Best Car Interior Cleaners The Man Who Signs Every Car
Yahoo
4 days ago
- Business
- Yahoo
Trump tariffs live updates: Trump, Starmer say US-UK trade deal signed as G7 kicks off
President Trump and British Prime Minister Keir Starmer said they had signed a trade deal that the leaders had agreed to last month. Trump said the relationship with Britain was "just fantastic," as he stood to Starmer. The president waved and dropped a document, which he "We signed it and it's done," he added. The president dropped a document, which he said he had just signed. US trade and tariff talks with the European Union and Canada are in focus this week as President Trump attends the G7 summit in Canada. A report in the German newspaper Handelsblatt on Monday hinted the EU could agree to a baseline 10% US tariff on all European Union exports, in exchange for avoiding higher tariffs on cars, medicines, and electronics. The European Commission denied that report. Meanwhile, Trump said on the first day of the G7 gathering that a trade deal with Canada was possible. "We have different concepts. I have a tariff concept. Mark has a different concept," Trump said, standing alongside Canadian Prime Minister Mark Carney. "We're going to see if we can get to the bottom of it today." Canada's exports have been hit hard in Trump's trade salvos so far, as Trump has doubled duties on steel and aluminum imports to 50%. Meanwhile, Canada's auto exports to the US face 25% duties. Some products not included in the countries' existing trade agreement also face 25% levies. The US is also on track to formalize a trade agreement with the UK during the G7, reports said Monday. The furious push comes after Trump told reporters last week that he would soon send letters to trading partners setting unilateral tariff rates, raising questions about the status of negotiations — as well as fears of a possible escalation back to his "Liberation Day" tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9. The diverging signals came as the US made key progress with China, as the nations agreed to a framework and implementation plan to ease tariff and trade tensions. Trump and other US officials indicated the deal should resolve issues between the two countries on rare earth mineral exports. Trump said the US would impose a total of 55% tariffs on Chinese goods. Yahoo Finance's Ben Werschkul reports, citing a White House official, that Trump arrived at that figure by adding together an array of preexisting duties and not any new tariffs. Meanwhile last week, a federal appeals court held a decision saying his tariffs can temporarily stay in effect. The US Court of International Trade had blocked their implementation last month, deeming the method used to enact them "unlawful." Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. The US and United Kingdom are on track to begin implementing their trade agreement, Bloomberg reported Monday. The deal, announced early last month, is the sole agreement President Trump has reached with trade partners during his 90-day "pause" from the steep tariffs he announced in early April. Bloomberg reports: Read more here. President Trump kicked off three days of meetings in Canada, where trade will be front and center as well as a focus on national security issues. "I'm a tariff person, I've always been a tariff person," Trump said after meeting with Canadian Prime Minister Mark Carney at the start of a G7 summit in Kananaskis, Alberta. Yahoo Finance's Ben Werschkul reports: Read more here. Frank-Steffen Walliser, the CEO of luxury British automaker Bentley, said that trade remains an overhanging issue for the brand despite a preliminary agreement between the US and UK. Bentley, a subsidiary of Volkswagen (VWAGY), is coming off a tough year as it looks to electrify its vehicle lineup. Yahoo Finance's Pras Subramanian reports: Read more here. With US trade talks with the European Union in focus, there's a lot at stake for the two sides as they look to complete a preliminary deal by President Trump's July 9 deadline. If no agreement is reached by July 9, the US is set to increase broad tariffs on EU imports to 50% from 10%. The EU is hoping to have that deadline extended while negotiations continue. The European trading bloc is the US's largest trading partner; in 2024, it exported $600 billion worth of goods and imported $370 billion of US products. Despite the Trump administration's tariffs, the EU's trade surplus with the US has expanded each month since January. Both imports and exports increased in April, netting a total US trade deficit of around $115 billion. President Trump originally pegged his "Liberation Day" tariff rates to trade deficits, suggesting that this metric would be important to any final proposal, though the talks have also highlighted specific sectors and other areas of cooperation. President Trump on Monday suggested he was optimistic about trade negotiations with Canada during the opening day of the G7 meeting. "I think our primary focus will be trade, and trade with Canada, and I'm sure we can work something out," he said, per Yahoo Finance Canada. "We have different concepts. I have a tariff concept. Mark has a different concept," Trump added, standing alongside Canadian Prime Minister Mark Carney. "We're going to see if we can get to the bottom of it today." Trade is one of several items taking focus at the G7 gathering, with Trump's latest self-imposed tariff deadline is looming in July. Canada already faces a bevy of duties that affect its imports: 50% on steel and aluminum and 25% on foreign autos. Read more here. At Home filed for bankruptcy on Monday and said tariffs played a central role in its financial struggles. The chain of 260 stores sells home goods and has been struggling to manage its debt load for several years as the housing market slowed down and inflation-wary customers pulled back on spending. This year, tariffs proved to be a final blow, the company's CFO wrote in court documents. "The volatility of the current tariff environment came at a time when the management team was working to address the company's existing issues," CFO Jeremy Aguilar wrote. "These newly imposed tariffs and the uncertainty of ongoing U.S. trade negotiations intensified the financial pressure on the company, accelerating the need for a comprehensive solution." At Home sources a large percentage of its goods from China, and the tariff uncertainty made it hard for it to plan its key Halloween and Christmas orders ahead of time. Earlier this year, it was in talks to raise money and amend an agreement with lenders to shore up its finances but realized it needed a more "comprehensive strategy" after the new tariffs were announced. The chain is entering bankruptcy with a plan to continue operating, close some stores, and hand ownership to its lenders. Trump's Tariffs are affecting consumers beyond retail — they are also impacting aspects of everyday life. Families who would typically avoid the big amusement parks like Disney World in favor of more regional parks, which allow them to travel locally and avoid expensive flights are now saying they may stay home due to the economic uncertainty brought on by tariffs. AP reports: Read more here. CNN reports: Read more here. As President Trump's tariff deadline looms, what will happen when the countdown ends on Liberation Day 2.0? Yahoo Finance's Washington Correspondent Ben Werschkul looks into Trump's plan of action: Read more here. Despite a trade truce between the US and China last week in London, a key area remains unresolved. Export restrictions tied to national security are still being discussed, and Beijing has not committed to grant export clearance for some specialized rare earth magnets, according to two sources. Reuters reports: Read more here. Reuters reports: Read more here. According to reports in the German newspaper Handlesblatt, senior Brussels negotiators are considering whether to accept US tariffs of 10% on all EU exports into the US, in hopes it will prevent higher duties on cars, drugs, and electronics. Per Reuters, EU officials said the offer would come under certain conditions and would not be permanent. Handelsblatt reported that the EU is ready to cut tariffs on US-made vehicles and may ease technical and legal hurdles to make it easier for US manufacturers to sell their cars in Europe. Reuters reports: Read more here. China reported mixed economic performance for May on Monday, as retail sales jumped while factory output slowed due to higher US tariffs. AP reports: Read more here. Thailand's commerce minister has expressed confidence that he will be able to negotiate tariffs as low as 10% with the US. Reuters reports: Read more here. Reuters reports: Read more here. As part of tariff negotiations, the US has requested that Vietnam reduce the use of Chinese tech devices that are assembled in the country before exporting to America, according to several people familiar with the matter. Reuters reports: Read more here. South Korea has launched a task force to help handle tariff and non-tariff negotiations with the US. The group will manage discussions across industry and the energy sector, a statement from the Industry Ministry for South Korea revealed on Monday. Reuters reports: Read more here. Canada will host world leaders from across the globe at the G7 summit this week in Kananaskis. Among the many goals for Canadian Prime Minister Mark Carney: Demonstrate he can handle US President Donald Trump, the Financial Times reports, with one Canadian official characterizing the gathering as "preparing the red carpet for Godzilla." Read more here (premium) As leaders gather this week in Canada for the G7 summit, Israel's strike on Iran is sure to be a topic of discussion among the gathering. But as CNN reports, world trade and President Donald Trump's tariffs will also be top of mind: Read more here The Trump administration's 50% steel tariffs will soon apply to consumer appliances like refrigerators and dishwasher, CNN reports: Read more here The US and United Kingdom are on track to begin implementing their trade agreement, Bloomberg reported Monday. The deal, announced early last month, is the sole agreement President Trump has reached with trade partners during his 90-day "pause" from the steep tariffs he announced in early April. Bloomberg reports: Read more here. President Trump kicked off three days of meetings in Canada, where trade will be front and center as well as a focus on national security issues. "I'm a tariff person, I've always been a tariff person," Trump said after meeting with Canadian Prime Minister Mark Carney at the start of a G7 summit in Kananaskis, Alberta. Yahoo Finance's Ben Werschkul reports: Read more here. Frank-Steffen Walliser, the CEO of luxury British automaker Bentley, said that trade remains an overhanging issue for the brand despite a preliminary agreement between the US and UK. Bentley, a subsidiary of Volkswagen (VWAGY), is coming off a tough year as it looks to electrify its vehicle lineup. Yahoo Finance's Pras Subramanian reports: Read more here. With US trade talks with the European Union in focus, there's a lot at stake for the two sides as they look to complete a preliminary deal by President Trump's July 9 deadline. If no agreement is reached by July 9, the US is set to increase broad tariffs on EU imports to 50% from 10%. The EU is hoping to have that deadline extended while negotiations continue. The European trading bloc is the US's largest trading partner; in 2024, it exported $600 billion worth of goods and imported $370 billion of US products. Despite the Trump administration's tariffs, the EU's trade surplus with the US has expanded each month since January. Both imports and exports increased in April, netting a total US trade deficit of around $115 billion. President Trump originally pegged his "Liberation Day" tariff rates to trade deficits, suggesting that this metric would be important to any final proposal, though the talks have also highlighted specific sectors and other areas of cooperation. President Trump on Monday suggested he was optimistic about trade negotiations with Canada during the opening day of the G7 meeting. "I think our primary focus will be trade, and trade with Canada, and I'm sure we can work something out," he said, per Yahoo Finance Canada. "We have different concepts. I have a tariff concept. Mark has a different concept," Trump added, standing alongside Canadian Prime Minister Mark Carney. "We're going to see if we can get to the bottom of it today." Trade is one of several items taking focus at the G7 gathering, with Trump's latest self-imposed tariff deadline is looming in July. Canada already faces a bevy of duties that affect its imports: 50% on steel and aluminum and 25% on foreign autos. Read more here. At Home filed for bankruptcy on Monday and said tariffs played a central role in its financial struggles. The chain of 260 stores sells home goods and has been struggling to manage its debt load for several years as the housing market slowed down and inflation-wary customers pulled back on spending. This year, tariffs proved to be a final blow, the company's CFO wrote in court documents. "The volatility of the current tariff environment came at a time when the management team was working to address the company's existing issues," CFO Jeremy Aguilar wrote. "These newly imposed tariffs and the uncertainty of ongoing U.S. trade negotiations intensified the financial pressure on the company, accelerating the need for a comprehensive solution." At Home sources a large percentage of its goods from China, and the tariff uncertainty made it hard for it to plan its key Halloween and Christmas orders ahead of time. Earlier this year, it was in talks to raise money and amend an agreement with lenders to shore up its finances but realized it needed a more "comprehensive strategy" after the new tariffs were announced. The chain is entering bankruptcy with a plan to continue operating, close some stores, and hand ownership to its lenders. Trump's Tariffs are affecting consumers beyond retail — they are also impacting aspects of everyday life. Families who would typically avoid the big amusement parks like Disney World in favor of more regional parks, which allow them to travel locally and avoid expensive flights are now saying they may stay home due to the economic uncertainty brought on by tariffs. AP reports: Read more here. CNN reports: Read more here. As President Trump's tariff deadline looms, what will happen when the countdown ends on Liberation Day 2.0? Yahoo Finance's Washington Correspondent Ben Werschkul looks into Trump's plan of action: Read more here. Despite a trade truce between the US and China last week in London, a key area remains unresolved. Export restrictions tied to national security are still being discussed, and Beijing has not committed to grant export clearance for some specialized rare earth magnets, according to two sources. Reuters reports: Read more here. Reuters reports: Read more here. According to reports in the German newspaper Handlesblatt, senior Brussels negotiators are considering whether to accept US tariffs of 10% on all EU exports into the US, in hopes it will prevent higher duties on cars, drugs, and electronics. Per Reuters, EU officials said the offer would come under certain conditions and would not be permanent. Handelsblatt reported that the EU is ready to cut tariffs on US-made vehicles and may ease technical and legal hurdles to make it easier for US manufacturers to sell their cars in Europe. Reuters reports: Read more here. China reported mixed economic performance for May on Monday, as retail sales jumped while factory output slowed due to higher US tariffs. AP reports: Read more here. Thailand's commerce minister has expressed confidence that he will be able to negotiate tariffs as low as 10% with the US. Reuters reports: Read more here. Reuters reports: Read more here. As part of tariff negotiations, the US has requested that Vietnam reduce the use of Chinese tech devices that are assembled in the country before exporting to America, according to several people familiar with the matter. Reuters reports: Read more here. South Korea has launched a task force to help handle tariff and non-tariff negotiations with the US. The group will manage discussions across industry and the energy sector, a statement from the Industry Ministry for South Korea revealed on Monday. Reuters reports: Read more here. Canada will host world leaders from across the globe at the G7 summit this week in Kananaskis. Among the many goals for Canadian Prime Minister Mark Carney: Demonstrate he can handle US President Donald Trump, the Financial Times reports, with one Canadian official characterizing the gathering as "preparing the red carpet for Godzilla." Read more here (premium) As leaders gather this week in Canada for the G7 summit, Israel's strike on Iran is sure to be a topic of discussion among the gathering. But as CNN reports, world trade and President Donald Trump's tariffs will also be top of mind: Read more here The Trump administration's 50% steel tariffs will soon apply to consumer appliances like refrigerators and dishwasher, CNN reports: Read more here
Yahoo
4 days ago
- Business
- Yahoo
Trump tariffs live updates: US trade talks with EU, Canada in focus as G7 kicks off
US trade and tariff talks with the European Union and Canada are in focus to start the week as President Trump attends the G7 summit in Canada. A report in the German newspaper Handelsblatt on Monday hinted the EU could agree to a baseline 10% US tariff on all European Union exports, in exchange for avoiding higher tariffs on cars, medicines, and electronics. The European Commission denied that report. Meanwhile, Trump said on the first day of the G7 gathering that a trade deal with Canada was possible. "We have different concepts. I have a tariff concept. Mark has a different concept," Trump said, standing alongside Canadian Prime Minister Mark Carney. "We're going to see if we can get to the bottom of it today." Canada's exports have been hit hard in Trump's trade salvos so far, as Trump has doubled duties on steel and aluminum imports to 50%. Meanwhile, Canada's auto exports to the US face 25% duties. Some products not included in the countries' existing trade agreement also face 25% levies. Trump told reporters last week that he would soon send letters to trading partners setting unilateral tariff rates, raising questions about the status of negotiations — as well as fears of a possible escalation back to his "Liberation Day" tariffs that roiled markets. Trump instituted a pause on his most punishing duties that expires July 9. The diverging signals came as the US made key progress with China, as the nations agreed to a framework and implementation plan to ease tariff and trade tensions. Trump and other US officials indicated the deal should resolve issues between the two countries on rare earth mineral exports. Trump said the US would impose a total of 55% tariffs on Chinese goods. Yahoo Finance's Ben Werschkul reports, citing a White House official, that Trump arrived at that figure by adding together an array of preexisting duties and not any new tariffs. Meanwhile last week, a federal appeals court held a decision saying his tariffs can temporarily stay in effect. The US Court of International Trade had blocked their implementation last month, deeming the method used to enact them "unlawful." Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. With US trade talks with the European Union in focus, there's a lot at stake for the two sides as they look to complete a preliminary deal by President Trump's July 9 deadline. If no agreement is reached by July 9, the US is set to increase broad tariffs on EU imports to 50% from 10%. The EU is hoping to have that deadline extended while negotiations continue. The European trading bloc is the US's largest trading partner; in 2024, it exported $600 billion worth of goods and imported $370 billion of US products. Despite the Trump administration's tariffs, the EU's trade surplus with the US has expanded each month since January. Both imports and exports increased in April, netting a total US trade deficit of around $115 billion. President Trump originally pegged his "Liberation Day" tariff rates to trade deficits, suggesting that this metric would be important to any final proposal, though the talks have also highlighted specific sectors and other areas of cooperation. President Trump on Monday suggested he was optimistic about trade negotiations with Canada during the opening day of the G7 meeting. "I think our primary focus will be trade, and trade with Canada, and I'm sure we can work something out," he said, per Yahoo Finance Canada. "We have different concepts. I have a tariff concept. Mark has a different concept," Trump added, standing alongside Canadian Prime Minister Mark Carney. "We're going to see if we can get to the bottom of it today." Trade is one of several items taking focus at the G7 gathering, with Trump's latest self-imposed tariff deadline is looming in July. Canada already faces a bevy of duties that affect its imports: 50% on steel and aluminum and 25% on foreign autos. Read more here. At Home filed for bankruptcy on Monday and said tariffs played a central role in its financial struggles. The chain of 260 stores sells home goods and has been struggling to manage its debt load for several years as the housing market slowed down and inflation-wary customers pulled back on spending. This year, tariffs proved to be a final blow, the company's CFO wrote in court documents. "The volatility of the current tariff environment came at a time when the management team was working to address the company's existing issues," CFO Jeremy Aguilar wrote. "These newly imposed tariffs and the uncertainty of ongoing U.S. trade negotiations intensified the financial pressure on the company, accelerating the need for a comprehensive solution." At Home sources a large percentage of its goods from China, and the tariff uncertainty made it hard for it to plan its key Halloween and Christmas orders ahead of time. Earlier this year, it was in talks to raise money and amend an agreement with lenders to shore up its finances but realized it needed a more "comprehensive strategy" after the new tariffs were announced. The chain is entering bankruptcy with a plan to continue operating, close some stores, and hand ownership to its lenders. Trump's Tariffs are affecting consumers beyond retail — they are also impacting aspects of everyday life. Families who would typically avoid the big amusement parks like Disney World in favor of more regional parks, which allow them to travel locally and avoid expensive flights are now saying they may stay home due to the economic uncertainty brought on by tariffs. AP reports: Read more here. CNN reports: Read more here. As President Trump's tariff deadline looms, what will happen when the countdown ends on Liberation Day 2.0? Yahoo Finance's Washington Correspondent Ben Werschkul looks into Trump's plan of action: Read more here. Despite a trade truce between the US and China last week in London, a key area remains unresolved. Export restrictions tied to national security are still being discussed, and Beijing has not committed to grant export clearance for some specialized rare earth magnets, according to two sources. Reuters reports: Read more here. Reuters reports: Read more here. According to reports in the German newspaper Handlesblatt, senior Brussels negotiators are considering whether to accept US tariffs of 10% on all EU exports into the US, in hopes it will prevent higher duties on cars, drugs, and electronics. Per Reuters, EU officials said the offer would come under certain conditions and would not be permanent. Handelsblatt reported that the EU is ready to cut tariffs on US-made vehicles and may ease technical and legal hurdles to make it easier for US manufacturers to sell their cars in Europe. Reuters reports: Read more here. China reported mixed economic performance for May on Monday, as retail sales jumped while factory output slowed due to higher US tariffs. AP reports: Read more here. Thailand's commerce minister has expressed confidence that he will be able to negotiate tariffs as low as 10% with the US. Reuters reports: Read more here. Reuters reports: Read more here. As part of tariff negotiations, the US has requested that Vietnam reduce the use of Chinese tech devices that are assembled in the country before exporting to America, according to several people familiar with the matter. Reuters reports: Read more here. South Korea has launched a task force to help handle tariff and non-tariff negotiations with the US. The group will manage discussions across industry and the energy sector, a statement from the Industry Ministry for South Korea revealed on Monday. Reuters reports: Read more here. Canada will host world leaders from across the globe at the G7 summit this week in Kananaskis. Among the many goals for Canadian Prime Minister Mark Carney: Demonstrate he can handle US President Donald Trump, the Financial Times reports, with one Canadian official characterizing the gathering as "preparing the red carpet for Godzilla." Read more here (premium) As leaders gather this week in Canada for the G7 summit, Israel's strike on Iran is sure to be a topic of discussion among the gathering. But as CNN reports, world trade and President Donald Trump's tariffs will also be top of mind: Read more here The Trump administration's 50% steel tariffs will soon apply to consumer appliances like refrigerators and dishwasher, CNN reports: Read more here A delegation of US lawmakers and other state officials will attend the Paris Airshow this week to shore up economic partnerships with the US's allies in aerospace and aviation, Reuters reports. The group, which includes about a dozen governors — Virginia Governor Glenn Youngkin and Arkansas Governor Sarah Huckabee Sanders among them — is expected to make the case for greater investments in US aerospace companies amid concerns the Trump administration will raise tariffs on aircraft, jet engines, and parts. Aerospace companies and airlines face 10% tariffs on imported planes and parts as part of President Trump's 'Liberation Day' tariffs, and the Commerce Department is looking into additional Section 232 imported goods, which could lead to higher tariffs for the industry. Read more here. In case you missed it, bank executives gathered at a Morgan Stanley conference this past week, where they shared their views on the path forward for tariffs. And as Yahoo Finance's David Hollerith noted, JPMorgan Chase (JPM) CEO Jamie Dimon sounded a little more optimistic about the effect tariffs may have on the US economy over the next several months. "Maybe in July, August, September, October, you'll start to see 'did it have an effect?'" Dimon said of tariffs. "My guess is it did, hopefully not dramatic. May just make the soft landing a little bit softer as opposed to the ship go down." Dimon also guessed that tariffs will cause inflation to rise and employment to "come down a little bit." Meanwhile, clients at Citigroup's (C) global investment bank are evaluating a baseline level of tariffs of between 10% and 20%, according to Viswas Raghavan, Citigroup's head of banking. Read more here. The summer travel season is underway, and many foreign visitors are steering clear of the US amid ongoing trade tensions. Yahoo Finance's Ines Ferré reports: Read more here. With US trade talks with the European Union in focus, there's a lot at stake for the two sides as they look to complete a preliminary deal by President Trump's July 9 deadline. If no agreement is reached by July 9, the US is set to increase broad tariffs on EU imports to 50% from 10%. The EU is hoping to have that deadline extended while negotiations continue. The European trading bloc is the US's largest trading partner; in 2024, it exported $600 billion worth of goods and imported $370 billion of US products. Despite the Trump administration's tariffs, the EU's trade surplus with the US has expanded each month since January. Both imports and exports increased in April, netting a total US trade deficit of around $115 billion. President Trump originally pegged his "Liberation Day" tariff rates to trade deficits, suggesting that this metric would be important to any final proposal, though the talks have also highlighted specific sectors and other areas of cooperation. President Trump on Monday suggested he was optimistic about trade negotiations with Canada during the opening day of the G7 meeting. "I think our primary focus will be trade, and trade with Canada, and I'm sure we can work something out," he said, per Yahoo Finance Canada. "We have different concepts. I have a tariff concept. Mark has a different concept," Trump added, standing alongside Canadian Prime Minister Mark Carney. "We're going to see if we can get to the bottom of it today." Trade is one of several items taking focus at the G7 gathering, with Trump's latest self-imposed tariff deadline is looming in July. Canada already faces a bevy of duties that affect its imports: 50% on steel and aluminum and 25% on foreign autos. Read more here. At Home filed for bankruptcy on Monday and said tariffs played a central role in its financial struggles. The chain of 260 stores sells home goods and has been struggling to manage its debt load for several years as the housing market slowed down and inflation-wary customers pulled back on spending. This year, tariffs proved to be a final blow, the company's CFO wrote in court documents. "The volatility of the current tariff environment came at a time when the management team was working to address the company's existing issues," CFO Jeremy Aguilar wrote. "These newly imposed tariffs and the uncertainty of ongoing U.S. trade negotiations intensified the financial pressure on the company, accelerating the need for a comprehensive solution." At Home sources a large percentage of its goods from China, and the tariff uncertainty made it hard for it to plan its key Halloween and Christmas orders ahead of time. Earlier this year, it was in talks to raise money and amend an agreement with lenders to shore up its finances but realized it needed a more "comprehensive strategy" after the new tariffs were announced. The chain is entering bankruptcy with a plan to continue operating, close some stores, and hand ownership to its lenders. Trump's Tariffs are affecting consumers beyond retail — they are also impacting aspects of everyday life. Families who would typically avoid the big amusement parks like Disney World in favor of more regional parks, which allow them to travel locally and avoid expensive flights are now saying they may stay home due to the economic uncertainty brought on by tariffs. AP reports: Read more here. CNN reports: Read more here. As President Trump's tariff deadline looms, what will happen when the countdown ends on Liberation Day 2.0? Yahoo Finance's Washington Correspondent Ben Werschkul looks into Trump's plan of action: Read more here. Despite a trade truce between the US and China last week in London, a key area remains unresolved. Export restrictions tied to national security are still being discussed, and Beijing has not committed to grant export clearance for some specialized rare earth magnets, according to two sources. Reuters reports: Read more here. Reuters reports: Read more here. According to reports in the German newspaper Handlesblatt, senior Brussels negotiators are considering whether to accept US tariffs of 10% on all EU exports into the US, in hopes it will prevent higher duties on cars, drugs, and electronics. Per Reuters, EU officials said the offer would come under certain conditions and would not be permanent. Handelsblatt reported that the EU is ready to cut tariffs on US-made vehicles and may ease technical and legal hurdles to make it easier for US manufacturers to sell their cars in Europe. Reuters reports: Read more here. China reported mixed economic performance for May on Monday, as retail sales jumped while factory output slowed due to higher US tariffs. AP reports: Read more here. Thailand's commerce minister has expressed confidence that he will be able to negotiate tariffs as low as 10% with the US. Reuters reports: Read more here. Reuters reports: Read more here. As part of tariff negotiations, the US has requested that Vietnam reduce the use of Chinese tech devices that are assembled in the country before exporting to America, according to several people familiar with the matter. Reuters reports: Read more here. South Korea has launched a task force to help handle tariff and non-tariff negotiations with the US. The group will manage discussions across industry and the energy sector, a statement from the Industry Ministry for South Korea revealed on Monday. Reuters reports: Read more here. Canada will host world leaders from across the globe at the G7 summit this week in Kananaskis. Among the many goals for Canadian Prime Minister Mark Carney: Demonstrate he can handle US President Donald Trump, the Financial Times reports, with one Canadian official characterizing the gathering as "preparing the red carpet for Godzilla." Read more here (premium) As leaders gather this week in Canada for the G7 summit, Israel's strike on Iran is sure to be a topic of discussion among the gathering. But as CNN reports, world trade and President Donald Trump's tariffs will also be top of mind: Read more here The Trump administration's 50% steel tariffs will soon apply to consumer appliances like refrigerators and dishwasher, CNN reports: Read more here A delegation of US lawmakers and other state officials will attend the Paris Airshow this week to shore up economic partnerships with the US's allies in aerospace and aviation, Reuters reports. The group, which includes about a dozen governors — Virginia Governor Glenn Youngkin and Arkansas Governor Sarah Huckabee Sanders among them — is expected to make the case for greater investments in US aerospace companies amid concerns the Trump administration will raise tariffs on aircraft, jet engines, and parts. Aerospace companies and airlines face 10% tariffs on imported planes and parts as part of President Trump's 'Liberation Day' tariffs, and the Commerce Department is looking into additional Section 232 imported goods, which could lead to higher tariffs for the industry. Read more here. In case you missed it, bank executives gathered at a Morgan Stanley conference this past week, where they shared their views on the path forward for tariffs. And as Yahoo Finance's David Hollerith noted, JPMorgan Chase (JPM) CEO Jamie Dimon sounded a little more optimistic about the effect tariffs may have on the US economy over the next several months. "Maybe in July, August, September, October, you'll start to see 'did it have an effect?'" Dimon said of tariffs. "My guess is it did, hopefully not dramatic. May just make the soft landing a little bit softer as opposed to the ship go down." Dimon also guessed that tariffs will cause inflation to rise and employment to "come down a little bit." Meanwhile, clients at Citigroup's (C) global investment bank are evaluating a baseline level of tariffs of between 10% and 20%, according to Viswas Raghavan, Citigroup's head of banking. Read more here. The summer travel season is underway, and many foreign visitors are steering clear of the US amid ongoing trade tensions. Yahoo Finance's Ines Ferré reports: Read more here. 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
