Transatlantic ties hit new low after Trump-Putin diesel deal, ahead of US midterms

▲ Escalating

EU gas tops €100/MWh as transatlantic ties sour over tariffs and Russian diesel

On Thursday a report said EU-US relations have deteriorated under Trump, citing tariffs on European goods, claims on Greenland and a diesel deal with Putin. A US food distributor facing a $40M tariff bill is suing the Trump administration over 50 per cent tariffs on Canadian goods, arguing they are illegal. Canada and the EU held a summit in Montreal, where they dropped the associate membership proposal but said they will deepen ties.

• Seven tankers tracked by Greenpeace carry an estimated 288,000 tonnes of Russian diesel toward the US, the first phase of a Trump-Putin supply deal; it is uncertain whether they can unload amid a row over legality.
• On Wednesday European gas topped €100 per megawatt hour, the highest since 2022, with EU storage 72% full. The EU says it is not worried about supplies but warns of a difficult winter for households.
• Canada signed a trade deal with the UAE on Wednesday to widen non-US markets, and internal documents say it faces an EU carbon tariff threat within months.
• The UN Security Council held an open debate on Wednesday on how drones, autonomous vessels and cyberattacks threaten shipping lanes.