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| Juncker tells Trump that US and EU are "friends, not enemies" as trade talks begin – business live | |
| (35 minutes later) | |
| Newsflash: European Commission president Jean-Claude Juncker has declared that America and Europe are “friends, not enemies’, as he sits down with Donald Trump for talks on trade. | |
| Juncker to Trump: „We‘re friends, not enemies.“ pic.twitter.com/vUdnZWVv0d | |
| In response, Trump has told reporters at the White House that Juncker is “very smart” and “tough”, as they prepare to lock horns about tariffs. | |
| Trump about Juncker: He is a very smart and a very tough guy. pic.twitter.com/KtqPrYjYTb | |
| There’s a media scrum at the White House as reporters prepare to hear from presidents Juncker and Trump. | |
| Auf dem Weg ins Oval Office werden alle Journalisten zu Disziplin, Ruhe und Ordnung aufgefordert. #Trump #Juncker pic.twitter.com/d3iDhqMUHW | |
| We’re expecting the two men will hold a “pool spray”* in the Oval Office (* - a chance for journalists to ask questions, not a refreshing blast from a hose) | |
| Donald Trump limbered up for his talks with Jean-Claude Juncker over trade today, by declaring he would show “No weakness”. | Donald Trump limbered up for his talks with Jean-Claude Juncker over trade today, by declaring he would show “No weakness”. |
| Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking? Are we just going to continue and let our farmers and country get ripped off? Lost $817 Billion on Trade last year. No weakness! | Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking? Are we just going to continue and let our farmers and country get ripped off? Lost $817 Billion on Trade last year. No weakness! |
| When you have people snipping at your heels during a negotiation, it will only take longer to make a deal, and the deal will never be as good as it could have been with unity. Negotiations are going really well, be cool. The end result will be worth it! | When you have people snipping at your heels during a negotiation, it will only take longer to make a deal, and the deal will never be as good as it could have been with unity. Negotiations are going really well, be cool. The end result will be worth it! |
| As explained in the introduction, the EU hope to talk Trump away from imposing tariffs on European car imports, but there’s not much hope of a big breakthrough today. | As explained in the introduction, the EU hope to talk Trump away from imposing tariffs on European car imports, but there’s not much hope of a big breakthrough today. |
| Now this is interesting... | Now this is interesting... |
| Donald Trump’s top economic advisor, Larry Kudlow, has told Fox News he held constructive talks with EU officials over trade yesterday. | Donald Trump’s top economic advisor, Larry Kudlow, has told Fox News he held constructive talks with EU officials over trade yesterday. |
| That could be an encouraging sign for the Trump-Juncker talks, which are due to start soon in Washington. | That could be an encouraging sign for the Trump-Juncker talks, which are due to start soon in Washington. |
| #Trump advisor Larry #Kudlow told Fox he met with EU senior staff, "including #Juncker’s right hand man, for a long time yesterday," adding "they have a positive attitude; so do we. Expectations are so low, people may be very surprised by the outcome." 1 on 1 to start in 1 hour. | #Trump advisor Larry #Kudlow told Fox he met with EU senior staff, "including #Juncker’s right hand man, for a long time yesterday," adding "they have a positive attitude; so do we. Expectations are so low, people may be very surprised by the outcome." 1 on 1 to start in 1 hour. |
| In London, the FTSE 100 index of top shares has fallen 50 points, or 0.66% today, to close at 7658. | In London, the FTSE 100 index of top shares has fallen 50 points, or 0.66% today, to close at 7658. |
| Chinese president Xi has fired a warning to the White House not to launch a global trade war. | Chinese president Xi has fired a warning to the White House not to launch a global trade war. |
| Speaking at the annual summit of BRICS (emerging market) economies in Johannesburg, Xi warned that countries who pursue “economic hegemony” will end up hurting themselves | Speaking at the annual summit of BRICS (emerging market) economies in Johannesburg, Xi warned that countries who pursue “economic hegemony” will end up hurting themselves |
| Xi declared that leaders must choose between cooperation and confrontation, adding. | Xi declared that leaders must choose between cooperation and confrontation, adding. |
| “Unilateralism and protectionism are mounting, dealing a severe blow to multilateralism and the multilateral trading regime”. | “Unilateralism and protectionism are mounting, dealing a severe blow to multilateralism and the multilateral trading regime”. |
| Trump, meanwhile has accused China of being ‘vicious’, by imposing retaliatory tariffs in response to his push for freer trade. | Trump, meanwhile has accused China of being ‘vicious’, by imposing retaliatory tariffs in response to his push for freer trade. |
| China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice - until now! China made $517 Billion on us last year. | China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt. We were being nice - until now! China made $517 Billion on us last year. |
| Motor racing chief Jean Todt, who ran the Ferrari Formula 1 team for several years, says Sergio Marchionne was a “visionary leader”. | Motor racing chief Jean Todt, who ran the Ferrari Formula 1 team for several years, says Sergio Marchionne was a “visionary leader”. |
| Todt, now president of the FIA (Fédération Internationale de l’Automobile), writes: | Todt, now president of the FIA (Fédération Internationale de l’Automobile), writes: |
| “It is with great sadness that I learned that Sergio Marchionne tragically and unexpectedly passed away. Sergio achieved a colossal amount for the automotive industry and motor sport worldwide. He dedicated himself fully to turn around the FIAT-Chrysler group and put all his energy to bring Scuderia Ferrari back to the top. | “It is with great sadness that I learned that Sergio Marchionne tragically and unexpectedly passed away. Sergio achieved a colossal amount for the automotive industry and motor sport worldwide. He dedicated himself fully to turn around the FIAT-Chrysler group and put all his energy to bring Scuderia Ferrari back to the top. |
| He was an endearing, upstanding and brave man, an unconventional and visionary leader. He was an eminent member of the FIA F1 Strategy Group and of the FIA High-Level Panel for Road Safety. His death is a considerable loss. | He was an endearing, upstanding and brave man, an unconventional and visionary leader. He was an eminent member of the FIA F1 Strategy Group and of the FIA High-Level Panel for Road Safety. His death is a considerable loss. |
| On behalf of the entire FIA community, all my thoughts go out to his family, his friends and his Ferrari and Fiat-Chrysler group teams”. | On behalf of the entire FIA community, all my thoughts go out to his family, his friends and his Ferrari and Fiat-Chrysler group teams”. |
| Sergio achieved a colossal amount for the automotive industry and motor sport worldwide. He was an endearing, upstanding and brave man, an unconventional and visionary leader.My tribute to Sergio Marchionne: https://t.co/33twI5k2EY | Sergio achieved a colossal amount for the automotive industry and motor sport worldwide. He was an endearing, upstanding and brave man, an unconventional and visionary leader.My tribute to Sergio Marchionne: https://t.co/33twI5k2EY |
| Another carmarker, General Motors, has spooked the markets by slashing its profit forecasts. | Another carmarker, General Motors, has spooked the markets by slashing its profit forecasts. |
| GM blamed rising commodity costs -- following Donald Trump’s decision to impose 25% tariffs on steel imports, and 10% on aluminium. That has pushed up GM’s raw materials bill, hitting profitability. | GM blamed rising commodity costs -- following Donald Trump’s decision to impose 25% tariffs on steel imports, and 10% on aluminium. That has pushed up GM’s raw materials bill, hitting profitability. |
| Chuck Stevens, GM’s executive vice president and CFO says: | Chuck Stevens, GM’s executive vice president and CFO says: |
| Our operating performance was impacted by significant headwinds from commodity costs and currency devaluations in South America. | Our operating performance was impacted by significant headwinds from commodity costs and currency devaluations in South America. |
| For the rest of the year we will focus on flawlessly executing our full-size truck launches and continue managing the business with discipline in a more challenging environment.” | For the rest of the year we will focus on flawlessly executing our full-size truck launches and continue managing the business with discipline in a more challenging environment.” |
| GM now expects to make between $5.80 to $6.20 per share this year, down from $6.30 to $6.60 previously. | GM now expects to make between $5.80 to $6.20 per share this year, down from $6.30 to $6.60 previously. |
| This makes GM one of the biggest companies to warn that Trump’s trade disputes are hurting business. The warning comes just a few hours before the president sits down with EC president Jean-Claude Juncker for talks to (possibly) stave off a trade war. | This makes GM one of the biggest companies to warn that Trump’s trade disputes are hurting business. The warning comes just a few hours before the president sits down with EC president Jean-Claude Juncker for talks to (possibly) stave off a trade war. |
| Wall Street has taken the news badly; shares in GM are down almost 7% today. | Wall Street has taken the news badly; shares in GM are down almost 7% today. |
| Italy’s Cgil union has given a guarded tribute to Sergio Marchionne, reports Associated Press: | Italy’s Cgil union has given a guarded tribute to Sergio Marchionne, reports Associated Press: |
| The Cgil union, Italy’s most powerful, praised Marchionne for having “saved a dying company.” But it faulted him for having failed to negotiate with “an important sector of Italian workers,” which it said created conflict and divisions that are still being felt. | The Cgil union, Italy’s most powerful, praised Marchionne for having “saved a dying company.” But it faulted him for having failed to negotiate with “an important sector of Italian workers,” which it said created conflict and divisions that are still being felt. |
| Cgil’s Fiom metalworkers union clashed with Marchionne over changes he brought to Italian plants to increase productivity. | Cgil’s Fiom metalworkers union clashed with Marchionne over changes he brought to Italian plants to increase productivity. |
| Ford’s executive chairman, Bill Ford, says the auto industry will miss Sergio Marchionne badly: | Ford’s executive chairman, Bill Ford, says the auto industry will miss Sergio Marchionne badly: |
| “Sergio Marchionne was one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker. | “Sergio Marchionne was one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker. |
| His extraordinary leadership, candor and passion for the industry will be missed by everyone who knew him. Our thoughts and prayers go out to his family at this difficult time.” | His extraordinary leadership, candor and passion for the industry will be missed by everyone who knew him. Our thoughts and prayers go out to his family at this difficult time.” |