German Chancellor Friedrich Merz stated that the compromise in the tariff dispute with the administration of US President Donald Trump would significantly harm the German economy and lead to higher inflation. He thanked the European Commission for the negotiations, noting that it was the best possible outcome, although it cannot satisfy Germany.
The Russian government extended restrictions on gasoline exports until August 31 to direct producers of petroleum products. This decision was made "to stabilize the domestic fuel market during periods of high demand and agricultural work."
The US and China will resume talks in Stockholm on August 12 to try to resolve long-standing economic disputes and extend a tariff truce. Without a deal, global supply chains could face new shocks from a sharp increase in US tariffs.
According to the German Chancellor, the trade agreement between the EU and the US helped avoid a conflict that could have harmed Germany's export-oriented economy. In particular, tariffs on cars will decrease from 27.5% to 15%, which is key for the German automotive industry.
The European Union and the United States of America have signed a trade agreement. The EU plans to use American energy resources to achieve energy independence from Russia, replacing Russian gas and oil with purchases of American LNG, oil, and nuclear fuel.
The US and the EU have concluded a large-scale trade agreement, under which the EU will purchase $750 billion worth of energy carriers and invest $600 billion in the US. The EU will also open its countries to zero-tariff trade, including military equipment.
President Zelenskyy and European Commission President von der Leyen discussed the anti-corruption bodies bill, which is to be adopted next week. Ukraine continues reforms to receive financial assistance and synchronizes sanctions against the Russian Federation.
European Commission President Ursula von der Leyen will meet with US President Donald Trump in Scotland to conclude a trade deal before Friday's deadline. If no agreement is reached, 30% tariffs on EU exports to the US will come into effect.
US President Donald Trump called the leaders of Thailand and Cambodia, urging them to cease hostilities that erupted at the beginning of the week, and warned about the absence of trade agreements. Both countries face economic challenges, including the threat of high US tariffs, and Thailand, which depends on exports, has not yet concluded agreements with the US.
The Ministry of Economy of Ukraine states that it has fulfilled its obligations to the EU, expecting €12. 5 billion in support for 2025. This comes amid a reduction in the next aid tranche due to reform delays, although Ukraine claims that 13 out of 16 necessary reforms have been completed.
European Commission President Ursula von der Leyen will meet with US President Donald Trump in Scotland to discuss a trade deal. European diplomats do not expect a quick agreement due to Trump's tendency for last-minute cancellations and the complexity of decision-making in the EU.
US President Donald Trump said the chances of reaching a trade deal with the European Union are "50-50, maybe even less. " He noted that for an agreement, Europe would have to lower its tariffs.
This will increase the burden on Ukraine's state budget, whose deficit exceeded 20% of GDP last year.
Chinese Foreign Ministry spokesperson Guo Jiakun stated that cooperation between China and Russia is not directed against other states and should not be influenced by third parties. This was a response to EU calls for China to limit trade and industrial cooperation with Russia amid the war in Ukraine.
Chinese engines are secretly supplied to the Russian drone manufacturer IEMZ Kupol through shell companies, which has allowed for an increase in the production of Harpy-A1 attack drones despite Western sanctions. The new Chinese firm Beijing Xichao International Technology and Trade began supplying L550E engines to Kupol after sanctions were imposed on Xiamen Limbach Aviation Engine Co.
European Commission President Ursula von der Leyen and European Council President António Costa met with Chinese leader Xi Jinping in Beijing. They urged China to use its influence on Russia to end its aggressive war against Ukraine, acknowledging that relations between Beijing and Brussels have reached a "watershed moment."
European Commission President Ursula von der Leyen and European Council President António Costa will meet with the leaders of Japan and China. In Tokyo, agreements on cooperation in the defense industry and economic security are planned to be signed, while no significant agreements are expected from the summit in Beijing.
The European Union has approved the 18th package of sanctions against Russia, covering the banking, energy, and military-industrial sectors. The package includes a new dynamic oil price cap, and Slovakia supported it after receiving guarantees regarding gas prices.
Slovakia will allow the approval of the 18th package of EU sanctions against Russia on July 18. Prime Minister Robert Fico agreed with Ursula von der Leyen on guarantees regarding gas prices and its possible shortage.
The head of the European Commission, Ursula von der Leyen, congratulated Yulia Svyrydenko on her appointment as Prime Minister of Ukraine. She also thanked Denys Shmyhal for his work and wished him success in his new position as Minister of Defense.
The German government expressed disagreement with the European Commission's proposal for the EU budget, which included €100 billion in aid to Ukraine. Berlin considers an increase in the budget unacceptable when member states are consolidating their own budgets.
The European Commission has temporarily suspended its investigation into the social network X for violating digital transparency rules. This decision is related to trade negotiations between the EU and the US to avoid escalating tensions with Washington.
Iceland has sufficient public support to resume EU accession talks, despite trade disputes and US threats. 58% of Icelanders support resuming negotiations, and the foreign minister considers it vital.
Slovak Prime Minister Robert Fico stated that the country will not support the EU's REPowerEU initiative to abandon Russian gas from 2028. Slovakia links this issue to the 18th package of sanctions against the Russian Federation, demanding a postponement of the vote.
The European Commission presented a proposal for the EU budget for 2028-2034 amounting to 2 trillion euros. Of this amount, 100 billion euros are planned to be allocated to Ukraine to support its recovery and path to EU membership.
The European Commission plans to increase the EU budget to €1. 717 trillion for the next 7 years, of which €88 billion could be allocated to support Ukraine. European Commission President Ursula von der Leyen will present this budget plan for 2028-2035.
The European Commission is working with Slovakia to address its concerns about the EU's plan to phase out Russian gas imports by 2028. Bratislava is blocking a sanctions package, fearing shortages and rising prices.
The President of the European Commission and the Prime Minister of Canada discussed strengthening economic and strategic cooperation. The leaders focused on competitiveness, defense procurement, and clean technologies.
German Chancellor Friedrich Merz stated that the possible introduction of 30% tariffs by the US would "hit German exports in the heart. " Germany is considering counter-tariffs and coordinating actions with EU leaders to prevent this.
Following the URC2025 conference, Ukraine received EUR 232. 7 million for recovery. The funds will be used for compensation for destroyed housing, restoration of cultural heritage and irrigation systems in Odesa region, as well as transport networks.
