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EU trade ministers agreed Monday that U.S. President Donald Trump‘s announcement of 30% tariffs on the European Union was absolutely unacceptable,” and they are studying a new set of countermeasures to respond to the move. The ministers met Monday in Brussels following Trumps surprise announcement over the weekend of such hefty tariffs, which could have repercussions for governments, companies and consumers on both sides of the Atlantic. The EU is Americas biggest business partner and the worlds largest trading bloc. Maroš Šefčovič, the EUs trade representative in its talks with the U.S., said after the meeting that it was very obvious from the discussions today, the 30% is absolutely unacceptable. He said that the commission was sharing proposals with the 27 member countries for the second list of goods accounting of some 72 billion euros ($84 billion) worth of U.S imports. They will now have a chance to discuss it. This does not exhaust our toolbox and every instrument remains on the table. Lars Lkke Rasmussen, foreign minister of Denmark, which recently assumed the presidency of the EU, said the ministers vowed to work together in negotiating a trade deal with Washington or agreeing on countermeasures. The EU remains ready to react and that includes robust and proportionate countermeasures if required and there was a strong, feeling in the room of unity,” Rasmussen told reporters after the meeting. The tariffs, also announced for Mexico, are set to start on Aug. 1 and could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the U.S., and destabilize economies from Portugal to Norway. Meanwhile, Brussels decided to suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month. The countermeasures by the EU, which negotiates trade deals on behalf of its 27 member countries, will be delayed until Aug. 1. Trumps letter shows that we have until the first of August to negotiate, European Commission President Ursula von der Leyen told reporters in Brussels on Sunday. Maroš Šefčovič, the EU’s trade representative in its talks with the U.S., said negotiations would continue Monday. Im absolutely 100% sure that a negotiated solution is much better than the tension which we might have after the 1st of August,” he told reporters in Brussels on Monday. But he added that we must be prepared for all outcomes. I cannot imagine walking away without genuine effort. Having said that, the current uncertainty caused by unjustified tariffs cannot persist indefinitely and therefore we must prepare for all outcomes, including, if necessary, well-considered proportionate countermeasures to restore the balance in our transit static relationship. The letters to the EU and Mexico come in the midst of an on-and-off Trump threat to impose tariffs on countries and right an imbalance in trade. Trump imposed tariffs in April on dozens of countries, before pausing them for 90 days to negotiate individual deals. As the three-month grace period ended this week, he began sending tariff letters to leaders, but again has pushed back the implementation day for what he says will be just a few more weeks. If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy. The American Chamber of Commerce in the European Union, an influential industry group representing major American corporations in Europe, said the tariffs could generate damaging ripple effects across all sectors of the EU and US economies and praised the EU’s delay of countermeasures. In the wake of the new tariffs, European leaders largely closed ranks, calling for unity but also a steady hand to not provoke further acrimony. Just last week, Europe was cautiously optimistic. Officials told reporters on Friday they weren’t expecting a letter like the one sent Saturday and that a trade deal was to be inked in the coming days.” For months, the EU has broadcast that it has strong retaliatory measures ready if talks fail. Reeling from successive rebukes from Washington, Šefčovič said Monday the EU is doubling down on efforts to open new markets and pointed to a new economic agreement with Indonesia as one. The EU top brass will visit Beijing for a summit later this month while courting other Pacific nations like South Korea, Japan, Vietnam, Singapore, the Philippines, and Indonesia, whose prime minister visited Brussels over the weekend to sign a new economic partnership with the EU. It also has mega-deals in the works with Mexico and a trading bloc of South American nations known as Mercosur, and Šefčovič will meet with his counterpart from the United Arab Emirates next week. While meeting with Indonesia’s president on Sunday, Von der Leyen said that when economic uncertainty meets geopolitical volatility, partners like us must come closer together. Sam McNeil, Associated Press
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This weekend, dozens of CEOs, tech tycoons, and billionaires packed their bags and jetted out of Sun Valley, Idaho, after the annual four-day Sun Valley conference (nicknamed summer camp for billionaires) came to a close. Hosted by the investment banking firm Allen & Co., the conference is essentially a yearly opportunity for some of the worlds most influential businesspeople to rub elbows and talk shop over scenic mountain views. Aside from giving its attendees a chance to break out their best polos and khakis for an expectant clutch of paparazzi, the secretive retreat has also served as the site of some of the most significant deals in the past four decades. Those include Disneys acquisition of ABC in 1995, Googles acquisition of YouTube in 2006, and Amazon founder Jeff Bezoss purchase of The Washington Post in 2013. This years star-studded cast included OpenAIs Sam Altman, Apples Tim Cook, and Microsofts Satya Nadella, to name a few. Heres everything we know about the 2025 conference so far: Skydance discusses purchase of ‘The Free Press’ According to a report from The New York Times, one potential deal on the table at this years gathering was an acquisition of the online publication The Free Press by the media company Skydance. David Ellison, Skydances CEO, attended the conference alongside Bari Weiss, cofounder of The Free Press. Sources close to the discussion told The Times that Ellison has previously offered Weiss a wide variety of options in terms of potential working arrangements were Skydance to purchase The Free Pressincluding one scenario in which Weiss would take a major role in shaping the editorial direction of CBS News. Still, no official agreement has been announced, and The Times did not learn the terms of any potential deals. Fast Company reached out to Skydance and The Free Press for comment. In the meantime, Ellison is also in the midst of attempting to close a proposed merger with Paramount. Disney looking to sell A&E Global Media On July 8, just before the start of this years Sun Valley conference, Disney and Hearst, co-owners of the cable network A&E Global Media, announced that they were looking to sell the network. The news follows a larger trend of media companies like Comcast and Warner Bros. Discovery spinning off their respective cable networks in an attempt to purge underperforming arms of the business, as traditional pay TV continues down a path of rapid decline. Its quite a turn from just a few years ago, when media companies were opting to acquire their rivals in what Variety has called an arms race to compete with streaming competitors. In the wake of the news that A&E is seeking a new buyer, Disney CEO Bob Iger attended Sun Valley alongside media moguls including Comcast head Brian Roberts, Sony Pictures Entertainment CEO Ravi Ahuja, and Warner Bros. Discovery head David Zaslav. One topic was top of mind At the end of the conference, Business Insider caught up with Flowcode CEO Tim Armstrong, who has attended Sun Valley annually for more than a decade. Armstrong shared that, unsurprisingly, this years hottest topic of discussion was AI. It was the “1,000-pound gorilla” in “every conversation, every meeting,” Armstrong told the publication, adding that executives spent a good chunk of the retreat sharing their ideas on how to implement new AI tools. The year of weird sunglasses and Western cosplay While the general public waits to hear more details about deals made behind closed doors at this years conference, there is one element of the retreat that the average American had full access to: the fashion. This year, like the years before it, saw an excess of bland polo shirts, jeans, ball caps, and button-downs. In an interview with Fast Company, L.A.-based personal stylist Mary Komick explained that quiet luxury is the generally accepted dress code at Sun Valley, with execs opting for neutral shades and understated cuts. Theyre showing off to each other, with their stealth luxe style noticeably recognized by those in these circles, Komick noted. Still, there were a couple of new trends to emerge this year. Ivanka Trump and Spanx founder Sara Blakley both opted for Western-inspired accessories, while several other attendees stepped out in simple outfits accented with over-the-top sunglasses, including Altman (who donned a $400 pair of sunnies inspired by 70s ski masks) and Ferrari chairman John Elkann (who wore a vintage pair of Tom Fords that were chunky enough to resemble an Apple Vision Pro).
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IShowSpeed and Jynxzi are teaming up to host a $100,000 Fortnite tournament, bringing together 100 top creators for whats shaping up to be the biggest celebrity Fortnite match to date. During one of IShowSpeeds streams last week, he FaceTimed fellow streamer Jynxzi, and the two broke the news: a $100,000 Fortnite tournament featuring 100 streamers is coming soon. While the FNCS (Fortnite Champion Series) is the official Fortnite tournamenttaking place between September 6 and 7 in Lyon, Francecreator-led events like IShowSpeed and Jynxzis are increasingly stealing the spotlight. With competitive prize pools and added entertainment value, theyre drawing in casual fans who might not typically follow formal esports. Insane for smaller streamers. This will change a life! wrote one X user in response to the news. $100K and 100 streamers? Chaos loading added another. Insane for smaller streamers. This will change a life!— Chloe Donald (@ChloeDonald_) July 8, 2025 Speed got his start streaming from his bedroom in Cincinnati. Today, he boasts over 41.9 million YouTube subscribers and 874,000 Twitch followers, and was named Streamer of the Year at the 2024 Streamer Awards. Like Speed, Jynxzi is an avid gamer. With 7.6 million Twitch followers, he ranks as the sixth most-subscribed Twitch streamer of all time. He was voted Best Breakthrough Streamer and Gamer of the Year at the 2024 Streamer Awards. The tournament will likely be streamed live across both Speed and Jynxzis Twitch and YouTube channels, as multi-platform broadcasting becomes the norm for creators aiming to reach wider audiences. The event will exclusively feature content creator participants, who are also expected to stream their own POVs. This will give fans the chance to follow gameplay from their favorite channels in real time. Its another example of gaming and digital entertainment continuing to converge, with creators driving cross-genre, community-centered events. No official date has been confirmed, but Speed hinted it would happen in the next upcoming weeks. Stay tuned.
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