*By Alisha Haridasani*
President Donald Trump on Wednesday demanded NATO allies double their contributions to defense spending from 2 to 4 percent, further straining relationships with EU allies.
“The tone that Trump has brought, on the back of trade frictions, has really brought the transatlantic alliance to the lowest point,” said Joshua Meltzer, senior fellow of global economy and development at the liberal-leaning Brookings Institute.
The summit comes just over a month after the Trump administration levied tariffs on imported steel and aluminum, affecting even allies like the EU, Canada, and Mexico and making trade the focus of a summit that usually centers on military readiness on the European continent.
Industry leaders and congressional lawmakers have been sounding the alarm on tariffs, claiming that the barriers will only end up hurting the very industries that Trump is trying to protect.
“The steel and aluminium tariffs are a double-edged sword,” said Rep. French Hill (R-Ark.). “I think it should be used only very discreetly on individual products that have a true national security aspect.”
“Tariffs, to some degree, hurt American consumers, hurt American manufacturers,” he said.
While the summit unfolded in Brussels, back home the administration floated the idea of slapping more tariffs on $200 billion of Chinese goods to punish them for retaliating to an original round of American import taxes.
The news sent shock waves through markets, with major U.S. indexes closing down after a few days in the green.
For the full segment, [click here.](https://cheddar.com/videos/trade-war-fears-escalate)
The White House is lending its support to an auto industry effort to standardize Tesla’s electric vehicle charging plugs for all EVs in the United States.
Some of America’s biggest retailers are working to increase their shipping speeds to please shoppers expecting faster and faster deliveries.
A group representing several big tech companies is suing Utah over state laws about children's social media use.
Google has agreed to pay $700 million to settle an anti-trust settlement.
Stocks were up after the closing bell as Wall Street continued to pin their hopes on rate cuts after last week's comments from the Fed.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Google has agreed to pay $700 million and make several other concessions to settle allegations that it had been stifling competition against its Android app store — the same issue that went to trial in another case that could result in even bigger changes.
Nicki Minaj just reached a milestone that no other woman in rap has reached.
Apple announced that starting this week, it will stop selling some versions of the Apple watch in the U.S.
Southwest Airlines will pay a $35 million fine as part of a $140 million settlement to resolve a federal investigation into a debacle in December 2022 when the airline canceled thousands of flights and stranded more than 2 million travelers over the holidays.
