Today’s agenda: Moët Hennessy’s sexual harassment case; American Federal Reserve Independence; Madrid political crisis; and summer book choices
Good morning. Donald Trump has threatened to touch Brazil with rates of 50 percent and accused the attack of freedom of expression and the unfair treating of former President Jair Bolsonaro, in an important escalation of tensions between the American and Latin -America’s largest economy.
What happened: In a letter that was placed in the truth yesterday, Trump said that the trial against Bolsonaro about an alleged coup was a “witch hunt that should end up immediately!” He added that the rate, in order to be in force from 1 August, would be partly applied because of the “treacherous attacks of Brazil on free elections and the fundamental freedom of expression of Americans”. He also accused the Supreme Court of Brazil of publishing “hundreds of secret and illegal censorship assignments” against American social media platforms.
The reaction of Brazil: President Luiz Inácio Lula da Silva indicated that his country was ready to respond using a law that enables Brasília to take revenge against trade barriers imposed on his export. The vice-president and Brazil minister, Minister of Trade Geraldo Alckmin, said that his country had no problem for the US, adding that “the US has a trade deficit, but it has a surplus with Brazil”. The Real fell 2.3 percent compared to the US dollar, while the futures of the Bovespa index fell by 1.4 percent.
What this means: In recent days, the letter to Brazil as part of a wider barrage against 22 countries, because the US president has increased the pressure on trading partners to close deals or make levies. He also confirmed that a levying of 50 percent would take effect on the buyer on 1 August. Mining entrepreneur Robert Friedland, the billionaire founder of the Canadian Ivanhoe -Mijnen, welcomed the copper rates and welcomed them as “clear and intelligent” and claimed that the domestic production of the metal was “fundamental to American safety”.
Read the full story about Trump’s latest Trade War Salvo.
This is what we keep an eye on today:
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Jamie Dimon: The Chief Executive of JPMorgan Chase will give a speech and participate in a Q&A at the Irish Ministry of Foreign Affairs in Dublin.
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Pharma -Right case: The London Court of Appeal belongs to the next round in Pfizer and Moderna’s Covid-19 vaccine legal battle.
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Economic data: Germany releases the consumer price index and the harmonized index of consumer prices figures.
Five more top stories
1. Exclusive: Moët Hennessy is confronted with accusations of sexual harassment, Genderdisrimination and unfair dismissal in a lawsuit who, according to people who have worked at the company, say that he is symptomatic of broader cultural problems at LVMH’s € 6 billion drink department. Adrienne Klasa has more details about the business.
2. American energy providers try to impose large price increases to the consumer In the midst of the energy-intensive requirements of data centers for artificial intelligence. An Energy Advocacy group said that utilities in the first half of 2025 were looking for legal approval for 142 percent higher rates, which emphasizes whether the rising electricity costs will be shared among all users, or will be charged directly to the large industrial customers who stimulate the new demand.
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Anthropic: Amazon weighs a different investment of millions of dollars in the AI model builder to act as a stronghold to the rival Microsoft-Opendai tie-up.
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Ai fighter jets: Europe is only a few years away from being able to use detached flights, according to the most valuable start-up of the continent.
3. Grant Thornton’s UK and American companies compete to take over their German sister company, In a private equity-driven race to secure a larger part of the global network of the accountancy firm. People who are familiar with the case said that discussions about the German company can be replicated in similar deals, with affiliated companies in Spain and India also open to acquisition.
4. Car makers and shipowners say that Trump’s port costs will harm US consumers and exporters. The call to reconsider the steep new costs on auto-behavioral vessels “per net ton” costs of $ 14 that came into effect on October 14 from the World Shipping Council and important American companies, including Ford and Caterpillar.
5. A catastrophic flood that has killed more than 100 people in Texas has strengthened worries That countries are poorly prepared to warn citizens of approaching dangers, even if climate change makes extreme weather events more frequent and more intensive. “It is especially shocking and worrying that the flood was so deadly in a place that knows that they are at risk of flashing floods,” said a senior adviser at the Red Cross Red Crescent Climate Center.
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The Great Lecture
The US president has performed his criticism of the Federal Reserve chairman Jay Powell, so that some wonder how long the central bank can stay above politics.
We also read and listen to. . .
Graph of the day
This year, Dutch pension funds will put pressure on European government debt markets with the sale of approximately € 125 billion in long -term bonds. It is the newest example of the falling demand for long-term debts, which contributed to increasing the yields and increased tensions for policy makers, because Europe increases the loans to finance its defense and energy ambitions.
Take a break of the news
Become a member of the Books Editors of the FT, Frederick Studemann and Maria Crawford for a virtual Q&A today to help you find the perfect summer books. Leave a comment behind the story and tell Fred and Maria briefly about what you like to read. They will take almost 30 categories of fiction and non-fiction to offer you a recommendation.
