| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.The EU and the US have b |
| |
| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. The EU and the US have barely six weeks before the tariff clash triggered by Donald Trump escalates with fresh duties. As both sides are still trying to find some common ground to resolve the dispute, European Commission President Ursula von der Leyen agreed with the US leader to "fast-track" negotiations to avoid total confrontation. That came shortly after Trump threatened EU exports with a 50% tariff. The first test of the new momentum in the talks, now backed by Trump himself, some say, came yesterday as EU trade chief Maros Sefcovic held with he called "good" talks with his American counterparts. The readout on social platform X was more moderate in tone, with no reference to potential retaliatory measures. But doubts remained in European capitals whether a deal can be reached on time. — Jorge Valero | |
| |
| Keep Talking | Sefcovic and his Chinese counterpart Wang Wentao plan to meet early next month in Paris, for the third time this year, to deepen relations as they navigate the new trade order. With some signals of warmer ties, the EU and China will hold a summit in July to celebrate the 50th anniversary of their bilateral relations. Serious Warning | Shein Group was told by EU regulators that it could face fines unless the Singapore-based e-commerce firm clamps down on consumer protection violations. The list of grievances includes touting fake discounts, using digital cues to pressure users into buying, featuring misleading information and hiding details to contact customer service. Rogue Members | The EU should consider suspending common funding for rule-of-law breakers, German Chancellor Friedrich Merz said yesterday when asked about Hungary and Slovakia. Slovak Prime Minister Robert Fico has adopted a confrontational tone toward the EU and attracted criticism over a recent visit to Moscow to meet with Russian president Vladimir Putin. Madrid's Troubles | EU ministers are expected to decide today on whether to accept Catalan, Galician and Basque as official languages of the bloc as requested by the Spanish government. Some member states remain unconvinced, while the Council's legal service has questioned the legality and financial logic of the proposal, we're told. The plan is aimed at appeasing Catalan parties that backed Spain's Pedro Sanchez in the early days of his mandate but whose support he has struggled to keep. | |
| |
| No Limits | The Kremlin described Trump's criticism as an "emotional reaction" after the US president said Putin was "absolutely crazy" for the recent killing of civilians with attacks. Ukrainian President Volodymyr Zelenskiy is meanwhile set to travel to Berlin tomorrow for talks with Merz, we're told. The German chancellor said Kyiv has been given permission to launch deep strikes with "no range limits anymore" to attack military positions in Russia. Dieselgate Ruling | After a four-year trial, four former Volkswagen AG managers were convicted by a German court for their roles in the diesel-emission scandal, involving the manipulation of millions of cars and causing €2.1 billion in damages. Among them, Jens Hadler, who led diesel-engine development from 2007 to 2011, was sentenced to 4 1/2 years in prison. Court Clearing | An Austrian appeals court acquitted former Chancellor Sebastian Kurz of perjury saying he answered parliamentary questions correctly as chancellor in 2020 as part of a corruption investigation. The verdict may help smooth the path for Kurz's expansion into finance, following his exit from politics in 2021. Defense Spending | NATO Secretary General Mark Rutte confirmed the alliance will seek to adopt a new defense spending target of 5% of GDP at a June summit, meeting a demand by US President Donald Trump that had originally seemed unrealistic. | |
| |
| ECB President Christine Lagarde has been one of the most prominent voices calling on policymakers to seize the "prime opportunity" brought by Trump's erratic policies and push Europe to the front, including the role of the euro. "The ongoing changes create the opening for a 'global euro moment,'" she said yesterday. "But this is not a privilege," she said, "we have to earn it." If the region takes steps like lowering barriers of its internal market, including in financial services, the EU could benefit from some of the privileges reserved for the US and the dollar, such as lower borrowing costs or protection from currency fluctuations and sanctions. | |
| |
| All times CET -
10:30 a.m. Parliament President Roberta Metsola addresses the Confindustria Assembly in Bologna, Italy -
EU European affairs ministers meet in Brussels -
MEPs from the parliament's international trade committee in DC to discuss trade and tariffs (May 27-29) - Climate and tax commissioner Wopke Hoekstra meets Greek Prime Minister Kyriakos Mitsotakis in Athens
| |
| |
| |
| You received this message because you are subscribed to Bloomberg's Brussels Edition newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. | | |
