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President Trump has told The New York Post that France is at risk of a fresh trade war with the United States unless Paris ditches its 3% digital tax on American tech companies. The US would “have no choice” but to impose 100% tariffs on French wines, Trump said. The American market accounts for a fifth of the French wine industry’s global sales. “I asked [French President Emmanuel Macron] not to charge American companies, and if they do, I have no choice but to charge a 100% tariff on all champagnes and all wines coming out of France,” Trump told The Post. “All [Macron] has to do is get rid of the sales tax, and he wouldn’t have that kind of pressure.”

 

New York Post

According to the biennial Coffee Barometer, a major coffee sector report, none of the world's top coffee roasters and ​traders have committed to paying farmers a living income under the EU's landmark Corporate Sustainability Due Diligence ​Directive (CSDDD), which is set to become a legal obligation for large companies operating in the EU from 2029. The CSDDD obliges large companies to remedy human rights and environmental issues ​in their supply chains or face penalties of up to 3% ⁠of global turnover. The report says these companies will need to have set up their compliance systems well ​in advance of 2029 in order to comply. "Pricing structures, contract duration and payment terms ​are no longer purely commercial decisions; where they are linked to adverse human rights impacts, ‌companies ⁠are required to change them," the report observes.

 

Reuters

EU countries have agreed to strengthen the carbon border adjustment mechanism (CBAM), the bloc’s tool to fight carbon leakage and promote global decarbonisation, to almost 400 new types of steel and aluminium imports in a bid to stop circumvention of the levy. "The EU remains committed to reducing climate emissions both within the Union and globally. Strengthening the CBAM and closing loopholes that can circumvent our rules is a key part in fulfilling that goal. The position agreed today is the first step in making the system more robust," said Makis Keravnos, Minister of Finance of the Republic of Cyprus.

 

Council of the EU and the European Council

Financial Times

Ukraine has opened the first phase of membership talks with the ‌European Union after Hungary lifted its veto on the legislative alignment Kyiv must complete to join the bloc. The election of a new Hungarian government in April paved the way for EU member states to agree unanimously to open “the first cluster”, the chapters of the EU rulebook covering rule of law and democracy. "For us, this is really a Rubicon, a milestone . . . moment," Ukrainian Deputy Prime Minister Taras Kachka said. "All Ukrainian society believes that joining the European Union ​is our dream."

 

Financial Times

Reuters

The Guardian

Former European Commission president Jean-Claude Juncker says the UK would be “cold-shouldered” by “wounded” EU member states if it applied to rejoin the bloc: “I don’t think [rejoining] is possible.”

 

Financial Times

ECB President Christine Lagarde has said she welcomes news of a U.S.-Iran ceasefire, saying it could help ​reopen the Strait of Hormuz. "If ​this news is confirmed by developments in the coming days and the signing of a memorandum of ​understanding . . . it is good news," Lagarde told France Culture ⁠radio. But ECB Governing Council member Joachim Nagel has said he remains more cautious about the impact of a ceasefire on euro ‌zone inflation. "No relief is in sight for the foreseeable future," Nagel said. "On the contrary: even if the Strait of Hormuz were to become navigable again soon, it ​will take months for the ​oil supply to return ⁠to normal."

 

Financial Times

Reuters

Thursday’s Monetary Policy Committee meeting is set to reflect rising anxiety within the Bank of England about the inflation risks posed by the prolonged energy crisis, the FT reports.

 

Financial Times

Palantir has lost a legal bid to force Swiss magazine Republik to publish its responses to articles detailing how the country’s government repeatedly rejected its services. Zurich’s commercial court dismissed 22 out of 23 counterstatement requests filed by the data analytics company and its Swiss subsidiary, finding that only a single passage in one article warranted a published response. Jennifer Steiner, co-founder of Swiss research collective WAV, which conducted and published the one-year investigation with Republik, said: “It was a lot of work and time invested. After four months waiting for a verdict, it’s good to have such a ruling now.”

 

Financial Times

The Guardian

UK Prime Minister Sir Keir Starmer's ban on under-16s accessing social media has been criticised by large technology companies, who say it will deny young people the benefits of interacting online and push them towards more harmful platforms. Meanwhile, some internet safety campaign groups such as the Molly Rose Foundation argued that the focus should have been on preventing platforms from using harmful algorithms rather than introducing a blanket ban, although others said they were satisfied the move would save children's lives. Starmer has been accused by his political opponents of rushing through the ban in order to secure a legacy before he’s ousted in a likely upcoming leadership race.

 

Financial Times

The Daily Telegraph

The Guardian

The UK's Financial Conduct Authority plans to impose larger fines for misconduct, adjusting penalties based on income and wealth, while increasing minimum fines for serious market abuse.

 

Financial Times

German auto supplier Bosch has announced a strategic shift towards humanoid robotics amid challenges in its traditional business caused by fierce overseas competition and weak demand. The company is a key producer of the tiny sensors which are crucial in robotics. These sensors determine whether a robot "should tighten its grip or not, whether it is dealing with a sturdy object, or whether it needs to act delicately because it is an egg," explained Bosch CEO Stefan Hartung, who added: "Humans have four million touch sensors. If we were to build robots equipped with as many sensors, four years of global sensor production would barely be enough to equip 12,500 robots." Hartung forecast: "With the advent of humanoid robotics, the demand for Bosch components and solutions is increasing." 

 

France 24

Geopolitical instability and the struggle to absorb energy charges has made electrification more urgent for four in five business executives, according to a survey of almost 2,000 executives across 18 countries.

 

Financial Times

OpenAI has said in a reports that Chinese propagandists have been trying to use its ChatGPT platform to foment opposition to Donald Trump's tariffs and intervene in American debates over ​data centres and AI. The company said it had identified Chinese-speaking users using its flagship chat to generate slogans and cartoons critiquing White House trade and tech ​policy that were later posted to X. The ​Chinese Embassy in Washington said that it was not familiar with OpenAI's research, but "we firmly ​oppose any groundless attacks or smears against China."

 

Reuters