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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Tariffs

    #2 Here are the major details of the agreement:
    Tariff rate: A 15% tariff will be imposed on most EU goods imported into the US, including automobiles, semiconductors, and pharmaceutical goods. This is a reduction from the previously threatened 30% tariff rate.
    EU commitments:
    Energy Purchases: The EU has agreed to purchase $750 billion worth of American energy, specifically liquefied natural gas (LNG) and nuclear fuel over three years. This is intended to help reduce Europe's dependence on Russian gas.
    Investment: The EU will invest an additional $600 billion in the US on top of existing expenditures.
    Market Access: The EU has agreed to open its markets to US exporters with zero tariffs on certain products.
    Military Equipment: The EU has also committed to purchasing "vast amounts" of US military equipment.
    Exclusions:
    Steel and Aluminum: The existing 50% tariffs on European steel and aluminum will remain in place, though there are suggestions they could be replaced by a quota system in the future.
    Pharmaceuticals: Pharmaceuticals are also excluded from the 15% tariff, and their tariff rate will be determined globally, according to von der Leyen.
    Zero Tariffs: Specific products like all aircraft and component parts, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources, and critical raw materials will have zero tariffs.
    Wine and spirits: The tariff rate for wine and spirits is yet to be determined.

    @catch22
    Thanks for the detailed information.
    I've read WSJ and Reuters articles regarding the EU agreement.
    Much of their information corresponds with what you have posted (quoted above).
    Energy Purchases: Dollar amounts are the same. Energy sources were unspecified.
    Market Access: "Trump also said the EU had agreed 'to open up their countries to trade at zero tariff.' Von der Leyen said the two had agreed to zero-for-zero tariffs for certain strategic products including aircrafts and their parts, certain chemicals, semiconductor equipment and certain agricultural products, among others, and said the two sides would work to add more products to that list." (WSJ)
    Military Equipment: Military equipment wasn't mentioned specifically in either article.
    Steel and Aluminum: "Trump indicated in comments to the press that his global steel-and-aluminum tariffs, which are currently at 50%, would remain unchanged. Von der Leyen said the two had agreed to a quota system that would keep tariffs lower for some EU metals exports to the U.S." (WSJ)
    Pharmaceuticals: Von der Leyen said that 15% tariffs will apply to pharmaceuticals according to both articles.
    Zero Tariffs: Reuters reported the same information (almost verbatim).
    Wine and spirits: Von der Leyen: "'We will keep working to add more products to this list,' she said, adding that the situation on spirits was still to be established." (Reuters)
    The EU trade agreement resembles the Japan agreement.
    We still have not reached trade agreements with several of our largest trading partners:
    Mexico, Canada, and China.
    U.S. and Chinese officials are meeting in Stockholm on Monday and Tuesday—
    it's anticipated that their trade truce will be extended beyond the Aug. 12 expiration date.
  • Tariffs
    I did two searches for the EU US tariff deal using slightly different wording. The results are below with some redundancy.
    #1 A trade deal between the US and EU was announced with a 15% tariff on most European goods imported to the US. The deal also involves the EU agreeing to purchase $750 billion of American energy and increase investment in the US by over $600 billion. Steel and aluminum tariffs were not included in this deal and remain at 50%.
    Here's a more detailed breakdown:
    15% Tariff: Most European goods exported to the US will now face a 15% tariff.
    Energy and Investment: The EU agreed to purchase $750 billion of American energy and increase investment in the US by more than $600 billion.
    No Tariffs on Some Goods: Some goods, including pharmaceuticals, will not be subject to tariffs.
    Steel and Aluminum: The 50% tariff on steel and aluminum remains in place.
    Temporary Resolution: The agreement temporarily resolves months of tense negotiations between the two trade partners.
    "Big One": President Trump described this deal as "the biggest of them all".
    EU Concessions: The EU agreed to accept US imports without tariffs.
    "Rebalancing" Trade: The agreement aims to "rebalance" trade between the US and EU.
    #2 Here are the major details of the agreement:
    Tariff rate: A 15% tariff will be imposed on most EU goods imported into the US, including automobiles, semiconductors, and pharmaceutical goods. This is a reduction from the previously threatened 30% tariff rate.
    EU commitments:
    Energy Purchases: The EU has agreed to purchase $750 billion worth of American energy, specifically liquefied natural gas (LNG) and nuclear fuel over three years. This is intended to help reduce Europe's dependence on Russian gas.
    Investment: The EU will invest an additional $600 billion in the US on top of existing expenditures.
    Market Access: The EU has agreed to open its markets to US exporters with zero tariffs on certain products.
    Military Equipment: The EU has also committed to purchasing "vast amounts" of US military equipment.
    Exclusions:
    Steel and Aluminum: The existing 50% tariffs on European steel and aluminum will remain in place, though there are suggestions they could be replaced by a quota system in the future.
    Pharmaceuticals: Pharmaceuticals are also excluded from the 15% tariff, and their tariff rate will be determined globally, according to von der Leyen.
    Zero Tariffs: Specific products like all aircraft and component parts, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources, and critical raw materials will have zero tariffs.
    Wine and spirits: The tariff rate for wine and spirits is yet to be determined.
    This deal is seen as a way to bring stability and predictability to the transatlantic trade relationship and prevent a potentially damaging trade war. However, it's important to note that the agreement is still preliminary and further details need to be finalized. It is also worth noting that the 15% tariff rate is still significantly higher than the 2.5% that applied before the Trump administration took office.
    Lastly, the Japan and EU deals both indicate $600 billion each investments into the U.S. over a period of years. We shall find what becomes of this, eh?
  • Westinghouse Nukes
    On a recent trip to China, I observed from a couple of high-speed trains (the equal of Europe's) many convex cooling towers of nuclear reactors just about everywhere. I do fear that were there an adverse event that the Chinese authorities would not be forthcoming regarding the severity of the problem. Chernobyl is a text-book case in how an authoritarian system can compound (murderously) the effects of a disaster, simply by acting authoritarian and closed-mouthed. See Adam Higginbotham, Midnight at Chernobyl (2019).
    Westinghouse also manufactured some of the first refrigerators. My great uncle possessed one of the very first models (maybe from 1925) and the company recognized his fridge as one of the longest living. It was still functioning in the mid-1950's, a box on legs with its cylindrical cooling coils mounted on top of the whole shebang. It was so ugly that it had to be put out of sight in a pantry. Not that the radio @hank found would have won any beauty contest.
  • Westinghouse Nukes
    One source
    Excerpts: “According to the Power Reactor Information System (PRIS) of the International Atomic Energy Agency (IAEA), there are (in 1924) 413 nuclear reactors in operation worldwide with an average age of around 32 years.”
    Nuclear energy accounts for the largest percentage of the global electricity mix in France. In 2022 it was 63%. With 56 reactors, France is also the European leader in this respect. However, the last reactor was connected to the grid in 1999 and the average age is 38.6 years. “
    -
    ”Someone explain, please? How playing with nukes for power is a different sort of playing with nukes for weapons? Still gotta be radioactive waste produced, eh?”
    We’ve had several that operated in Michigan dating back to the late 50s. Most have been dismantled. Like everything technological, they have a limited life-span. In simplest terms, fission reactions (the splitting of atoms) in a controlled environment create heat which is then converted into electricity. The early ones were “boiling water” types with the steam produced powering large turbine generators. I suspect they’ve advanced beyond that simple concept today.
    You are correct that waste is created. It can be safely handled and stored, but remains “hot” (highly radioactive) for thousands of years. There has been fierce debate over how to safely dispose of the waste. Deep inside mountains has been proposed. I’m not up to speed on whether this at has been resolved. For now, I believe waste is pretty much stored on-site and shielded somehow. But it’s not a long term solution.
    Accidents are rare. Loss of cooling water is the biggest threat. So these plants are typically located near bodies of water and backup electrical energy is crucial to power the coolant pumps in the event the primary sources fail. The reactors themselves are very small - perhaps smaller than a typical room in a home. Most of what one sees in photos is the supporting equipment, surrounding containment vessels, heat dispersion / cooling apparatus. While accidents are rare they are monstrous when they occur with deadly long lasting contaminants being spread over hundreds or thousands of miles - rendering farmland, water sources, homes, unusable virtually forever and causing illness or death to those contaminated. It’s this last “nightmare” possibility (and some actual catastrophic events) that has made nuclear power generation so controversial and has slowed the development of new plants. Planning must take into consideration potential threats like floods, earthquakes, hurricanes, acts of war and terrorism.
    Key differences from weapons are (1) In generating electrical power, the nuclear fission process is controlled. It can be shut-down if necessary by the plant operators, assuming everything is working correctly, (2) The radiation produced is contained within a structure and not dispersed intentionally into the environment, (3) Rather then blowing something up, the power released is converted into useful electricity..
    See also Nuclear Powered Ships
  • Westinghouse Nukes
    Wiki has head spinning adventures / misadventures of Westinghouse. The name still exists in several venues.
    And more than just making some radios, it started RCA (originally, the Radio Corporation of America) that was the hot in-stock of its era.
    Westinghouse Nuclear is now owned by BBU/BN (Canadian Brookfield).
    https://en.wikipedia.org/wiki/Westinghouse_Electric_Corporation
  • Westinghouse Nukes

    will inform them regarding your concern. already powering half of all nuclear in america.
    "About half of the U.S. nuclear fleet (approximately 60 operating plants) uses technology originally developed or licensed by Westinghouse, including both direct builds and technology transfers."
  • Westinghouse Nukes
    the 'problem' with nuclear energy is not technology, as it should out-rate any current competitor based on power/cost/risk/footprint. in democracies, the problem is politics, and in authoritarian nations, the problem is safety\oversight.
    i.e., like with with any truly meaningful tech, its humans that are the problem.
  • Westinghouse Nukes
    Westinghouse makes nuclear power reactors that are far from nuclear weapons (typically shortened as "nukes"). The sentiment for nuclear power has changed in the US too and more large or small SMRs will be built. However, many more are being built overseas.
    I am in the Chicago area and almost 33% of the power generation here is nuclear via a long and twisted history of Com Ed-->Exelon/EXC-->Constellation Energy/CEG spinoff that's a hot stock now with 19 GW nuclear power capacity.
    Uranium enrichment required for "nukes" is far higher then what is needed for nuclear power fuel.
  • Westinghouse Nukes
    https://www.cnbc.com/2025/07/15/westinghouse-plans-to-build-10-large-nuclear-reactors-in-us-interim-ceo-tells-trump-.html
    Mutants for Nukes! Anyone can join the fraternity. C'mon in! Has anyone seen my spare ear? Liver? Tongue?
  • Fears of a Wider Mid-East War are Growing ...
    Here's some info that I also posted over in the "OT thread"-
    This, from NPR:
    Satellites show damage to Iran's nuclear program, but experts say it's not destroyed
    U.S. officials say that strikes conducted on three key Iranian nuclear sites have devastated its nuclear program, but independent experts analyzing commercial satellite imagery say the nation's long-running nuclear enterprise is far from destroyed.
    "At the end of the day there are some really important things that haven't been hit," says Jeffrey Lewis, a professor at the Middlebury Institute of International Studies at Monterey, who tracks Iran's nuclear facilities. "If this ends here, it's a really incomplete strike."
    In particular Lewis says the strike doesn't seem to have touched Iran's stocks of highly enriched uranium: "Today, it still has that material and we still don't know where it is," he says.
    "I think you have to assume that significant amounts of this enriched uranium still exist, so this is not over by any means," agrees David Albright, the president of the Institute for Science and International Security, which has closely tracked Iran's nuclear program for years.
    The independent assessments stand in stark contrast to congratulatory statements from the Trump Administration in the wake of the strikes: "Iran's nuclear ambitions have been obliterated," Secretary of Defense Pete Hegseth said during a Pentagon press conference on Sunday. "The operation President Trump planned was bold and it was brilliant."
    Both Lewis and Albright say that the strikes themselves may well have been effective, although it is difficult to say for sure. Satellite imagery shows six deep holes in the ground around Fordo, and ashy debris over much of the site. Albright believes that bunker-busters were used to try and strike at the enrichment facility's ventilation system, along with the main hall where uranium-enriching centrifuges were kept.
    "I think the purpose of the attack was to take out centrifuges and infrastructure and they feel they accomplished that," Albright says.
    But as evidence that the strikes may have missed the uranium stocks, both Albright and Lewis point to commercial satellite imagery from the days before the strike. The images show trucks at two key sites — Isfahan and Fordo. The trucks appear to be sealing tunnels that serve as entrances to underground facilities used to store uranium, possibly in anticipation of an American attack.
    image
    Both experts believe Iranians could have also moved their enriched uranium out of the sites in the run-up to the U.S. strikes: "There were trucks seen in imagery apparently hauling stuff away," Albright says. "One would assume that any enriched uranium stocks were hauled away."
    The International Atomic Energy Agency had assessed that Iran has more than 400 kilograms of 60% enriched uranium 235 — enough for around ten bombs, according to independent experts. That 60% enriched uranium is carried in relatively small containers that could fit easily into cars, says Albright.
    Although Albright believes the program has been substantially set back, he thinks it could still be reconstituted. He says Iran may also have thousands of uranium-enriching centrifuges that were never installed in Natanz and Fordo. It might be possible to move the uranium to another, covert facility, where it could be enriched to the required 90% for a nuclear weapon in a relatively short period of time. Even then, Iran would have to take further steps to fashion the uranium into a weapon.
    "The program has been seriously set back, but there's a lot of odds and ends," Albright says. Ultimately he thinks the only way to truly end Iran's nuclear program is through additional nuclear inspections by international monitors and cooperation from the Iranian regime, probably though some kind of diplomatic agreement.
    Lewis agrees: "Even the most brilliant bombing campaign probably is not going to get us where we want to be," he says.
  • Fears of a Wider Mid-East War are Growing ...
    This sums up where we are now:
    https://www.instagram.com/p/DLAO1BOA3yG/
    As a friend noted, "Trump created the problem. The single reason Iran was so close to obtaining a nuclear weapon is that Trump destroyed the diplomatic agreement that put major, verifiable constraints on their nuclear program. So of course the "MSM is doing a bang-up job right now of ignoring the fact that a criminal POTUS unilaterally declared war and instead focusing on Iran’s nuclear capabilities which had a deal w/USA until same criminal pulled out of it because it was achieved under Obama. Trump is a threat to peace everywhere."
    It certainly looks that way. Some Trump voters, in (and outside) MAGA are enraged, who knows if they find a way to rationalize being lied to again. It is their "brand".
    https://www.buzzfeed.com/michaelabramwell/trump-supporters-react-to-us-bombing-iran?origin=hfspl
  • Fears of a Wider Mid-East War are Growing ...
    Boeing makes the MOP. They appear to specialize in things that fall from the sky and result in destruction. .
    From NY Times:
    "A U.S. official said that six B-2 bombers dropped a dozen 30,000-pound bunker buster bombs on the Fordo nuclear site, which lies deep underground, and Navy submarines fired 30 TLAM cruise missiles at the Natanz and Isfahan sites. One B-2 also dropped two bunker busters on Natanz, according to the official, who spoke on condition of anonymity to discuss military operations."
    If accurate, I am supposing that those facilities are gone. Probably a good time for Iran to consider re-entering peaceful society. Not a lot to lose anymore IRT their nuclear ambitions.
    I am also going to suppose that if they keep lobbing weapons at Israel, that Israel will use the opportunity to continue to degrade their entire military and defense infrastructure. It may come down to just how suicidal those nitwits are.
  • Fears of a Wider Mid-East War are Growing ...
    "How will the Iran conflict affect the global balance of power?
    Answering this question may seem a fool’s errand given how fast events are moving now that U.S. President Donald Trump has joined the war on Israel’s side.
    A lot depends on whether Tehran retaliates or sues for peace.
    Still, it is possible to identify some factors that will help determine whether the United States, China, Russia and Europe emerge from the conflict with more or less power.
    Will Iran’s nuclear programme come to an end, will war topple its regime, will a new government be less hostile to the U.S., or will the country descend into anarchy?"

    https://www.reuters.com/commentary/breakingviews/iran-conflict-could-tilt-global-balance-power-2025-06-22/
  • Fears of a Wider Mid-East War are Growing ...
    https://www.thestreet.com/crypto/markets/wall-streets-calling-it-a-shattered-illusion-as-trump-launches-strikes-on-iran
    Wall Street reacts to Trump’s airstrikes on Iran, calling it a “shattered illusion of containment.” Oil, crypto, and global markets brace for impact as Polymarket predictions prove accurate.
    The U.S. bombing of Iran’s nuclear sites has sent shockwaves through Wall Street, with investors and billionaires reacting to what many now see as a turning point in global markets — and geopolitics.
    “This shatters the illusion of containment,” wrote SPI Asset Management’s Stephen Innes. “What was a regional proxy conflict is now a high-stakes, U.S.-driven air war targeting WMD infrastructure — with unpredictable spillovers across energy markets, global shipping lanes, and risk sentiment.”
  • Fears of a Wider Mid-East War are Growing ...
    From NY Times:
    "A U.S. official said that six B-2 bombers dropped a dozen 30,000-pound bunker buster bombs on the Fordo nuclear site, which lies deep underground, and Navy submarines fired 30 TLAM cruise missiles at the Natanz and Isfahan sites. One B-2 also dropped two bunker busters on Natanz, according to the official, who spoke on condition of anonymity to discuss military operations."
  • Fears of a Wider Mid-East War are Growing ...
    This sums up where we are now:
    https://www.instagram.com/p/DLAO1BOA3yG/
    As a friend noted, "Trump created the problem. The single reason Iran was so close to obtaining a nuclear weapon is that Trump destroyed the diplomatic agreement that put major, verifiable constraints on their nuclear program. So of course the "MSM is doing a bang-up job right now of ignoring the fact that a criminal POTUS unilaterally declared war and instead focusing on Iran’s nuclear capabilities which had a deal w/USA until same criminal pulled out of it because it was achieved under Obama. Trump is a threat to peace everywhere."
  • Fears of a Wider Mid-East War are Growing ...
    The U.S. has bombed the Fordow, Natanz, and Esfahan sites.
    Trump's corresponding Truth Social posts are below.
    @realDonaldTrump . 1h
    We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan. All planes are now outside of Iran air space. A full payload of BOMBS was dropped on the primary site, Fordow. All planes are safely on their way home. Congratulations to our great American Warriors. There is not another military in the World that could have done this. NOW IS THE TIME FOR PEACE! Thank you for your attention to this matter.
    @realDonaldTrump . 52m
    I will be giving an Address to the Nation at 10:00 P.M., at the White House, regarding our very successful military operation in Iran. This is an HISTORIC MOMENT FOR THE UNITED STATES OF AMERICA, ISRAEL, AND THE WORLD. IRAN MUST NOW AGREE TO END THIS WAR. THANK YOU!
    Edit/Add: BBC Live Reporting provides additional info.
    https://www.bbc.com/news/live/ckg3rzj8emjt
  • Fears of a Wider Mid-East War are Growing ...
    Mutual Assured Destruction: ”The threat of Mutual Assured Destruction (MAD) created fear (during the Cold War). This theory assumed that each superpower had enough nuclear weaponry to destroy the other. If one superpower attempted a first strike on the other, they themselves would also be destroyed. However, the MAD theory implied that both would be deterred from doing so.”
    So MAD mean mutual destruction. Not what we want; nor is Iran capable of inflicting such damage on us. I’m a bit surprised we haven’t heard much from Russia. Were they to back Iran with their nuclear capability, then MAD could become a viable possibility. Even then, the idea of MAD is that neither side will use a nuclear weapon because it would lead to the total destruction of both.
    I think what @finder means is that If Iran used a nuclear weapon against the U.S. or an ally like Israel we would wipe them off the map with our superior nuclear weaponry. Possibly. But the complete incineration of a country and 100% of the inhabitants presents a daunting moral issue. Could we sleep at night after such a mass extermination? One might study Vonnegut’s Slaughterhouse-Five for psychological insights.
    Might be a good time to watch the 60s flick Fail Safe with Henry Fonda if you haven’t already seen it.