The European Union has rejected Russia’s request to open WTO consultations over its carbon border tariff, saying talks are not possible due to Russia’s ongoing war against Ukraine.
Russia filed the request earlier this month, challenging the EU’s new carbon border adjustment mechanism (CBAM), which imposes climate-related fees on imports. The move was the first step toward a formal trade dispute.
But in a document submitted to the World Trade Organization on May 26, the EU said the conditions for talks were not met.
Brussels stated it “does not believe that the consultations requested by the Russian Federation can be fruitful,” given what it called Russia’s "war of aggression" against Ukraine.
The rejection effectively blocks further WTO proceedings on the issue for now.
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U.S. President Donald Trump has announced sweeping 50% tariffs on Brazilian imports, citing concerns over judicial overreach and human rights violations. Yet major economic sectors were spared, following weeks of negotiations and lobbying from businesses on both sides.
An estimated 80,000 children are vulnerable to cholera in West and Central Africa amid ongoing outbreaks and the onset of heavy rains, according to the United Nations.
With just one day left until Donald Trump’s 1 August tariff deadline, the U.S. has announced trade deals with several countries, but many remain incomplete or lacking firm commitments.
U.S. Commerce Secretary Howard Lutnick confirmed that South Korea’s reciprocal and auto tariff rate will be set at 15%, averting a steeper 25% levy ahead of the 1 August deadline.
Microsoft expects to invest about $30 billion in capital expenditures this quarter, part of an overall record of more than $80 billion planned for fiscal 2025, as its AI-powered cloud services continue to accelerate revenue and market value.
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