EU Chief to Defend Trump Trade Deal in Parliament

European Commission President Ursula von der Leyen will look to defend her trade deal with US President Donald Trump when she makes her 'State of the Union' address. ANDREW CABALLERO-REYNOLDS / AFP
European Commission President Ursula von der Leyen will look to defend her trade deal with US President Donald Trump when she makes her 'State of the Union' address. ANDREW CABALLERO-REYNOLDS / AFP
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EU Chief to Defend Trump Trade Deal in Parliament

European Commission President Ursula von der Leyen will look to defend her trade deal with US President Donald Trump when she makes her 'State of the Union' address. ANDREW CABALLERO-REYNOLDS / AFP
European Commission President Ursula von der Leyen will look to defend her trade deal with US President Donald Trump when she makes her 'State of the Union' address. ANDREW CABALLERO-REYNOLDS / AFP

EU chief Ursula von der Leyen will seek to defend her trade deal with Donald Trump in an address to the bloc's lawmakers Wednesday -- with many seething over an outcome they see as a surrender to Washington.

Entering year two of her second mandate, von der Leyen's "State of the Union" speech will aim to rally parliament behind her agenda on the bloc's twin priorities of defense and competitiveness, AFP said.

But she can expect a cool welcome from an assembly that found little to celebrate in the accord with Trump -- despite a broad admission that Europe's security dependence on America left its hands tied for the tariffs fight.

"Everyone agrees it's a bad deal that reflects Europe's weakness," said Valerie Hayer, leader of parliament's centrist bloc Renew.

The July accord locks in a 15-percent tariff on most EU exports to the United States, with exemptions for some areas -- including aircraft -- but not for key others, such as wine and spirits.

In exchange, Europe said it would make massive purchases of US energy, scrap tariffs on US industrial goods, and grant preferential access for a range of seafood and farm goods.

"Von der Leyen will try to sell her deal to lawmakers, to get us to swallow the bitter pill," predicted Marina Mesure, an EU lawmaker with The Left group who called the deal "a surrender to a predatory United States."

More than half of Europeans -- 52 percent -- view the deal as a "humiliation", according to a five-nation poll conducted by Cluster17, for European affairs publication Le Grand Continent.

'Humiliation'

"It's a difficult time," conceded an official inside von der Leyen's European Commission, granted anonymity to discuss sensitive matters. "Europe appears weak."

"But on Trump, what matters at the end of the day is not so much the deal -- it's what comes after," the official added. "If he does not uphold the deal, we will have to be very tough."

With the ink barely dry on the accord, Trump has fired off a new volley of threats targeting the EU's tech regulations -- and most lately the massive antitrust fine against Google last week.

For von der Leyen, selling the deal in parliament is about more than just public relations: in the coming weeks lawmakers will vote on a text lowering EU tariffs, key to rolling out the full agreement with Washington.

So far, von der Leyen's main allies are split: the centrists won't yet commit to backing the text, while the socialist bloc threatens to vote against.

"To argue that having a bad deal is better than no deal is just totally unacceptable," Iratxe Garcia Perez, leader of the Socialists and Democrats, said Tuesday.

Renew's Hayer concedes, however, that von der Leyen had a mandate to negotiate for EU states -- including powerhouses France and Germany -- and that many businesses wanted the predictability of a deal, even a lopsided one.

Gaza inaction

Von der Leyen's own party, the European People's Party (EPP), will back the accord -- without sugar-coating it.

"Obviously, 15-percent export tariffs to the US doesn't make us happy," said EPP boss Manfred Weber.

But with an American president "who loves tariffs", he said, "that is the best that we can get -- and what we need for our economy and our stability".

The hard-right ECR group -- which includes the party of Italian leader Giorgia Meloni -- strikes a similar tone.

Trade aside, the EU chief is expected to vaunt the bloc's mobilization in support of Ukraine's war effort -- with France and Germany among countries pledging to join a "reassurance force" to deploy there after any peace deal with Russia.

She may also preview the 19th package of EU sanctions being drawn up against Russia -- and its oil revenue in particular -- an area where cooperation with Washington has rekindled in the wake of July's trade accord.

But the EU chief can expect a fraught reception over the bloc's failure to weigh in on the Gaza conflict, due to longstanding divisions between countries backing Israel and those more sympathetic to the Palestinians.

Those divisions have been on show inside von der Leyen's top team as well -- with Spanish commissioner Teresa Ribera calling the Gaza war a "genocide" and slamming the bloc's inaction.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.