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07:10Very important for our miners.
07:11Very similar talks taking place in Brussels and other talks that took place here in Brussels just last Friday.
07:16Very urgent talks on how to deal with China.
07:19What would Australia's advice be here?
07:21How can Brussels learn from your example of dealing with Beijing?
07:26Well, patience is a good first start with the Chinese.
07:32When I became the Trade Minister four years ago, we had $20 billion worth of trade impediments with China.
07:42Now, you've got to put that in perspective.
07:44China is our largest trading partner.
07:46And at the time, trade was worth about $330 billion, two-way trade between Australia and China.
07:54But we set about to stabilise our relationship.
07:58We'd had a very rocky relationship, the previous government, and to win back all of that trade.
08:05And it took us three years.
08:08We didn't get it fixed overnight.
08:10But by the end of our last term in government, we had resolved all of those trade impediments.
08:16And for most of the products that had been subject to those impediments,
08:20we were now actually selling more than before the impediments were imposed.
08:26Okay.
08:26So I'll pass that message on to EU leaders.
08:28They need some patience.
08:29Just finally, do you consider China your biggest military threat?
08:32And are you also focused on tech sovereignty like the European Union is doing today by presenting a master plan?
08:38Well, we'd like to see peace in our region, Maeve.
08:43And when you look around the world, there's plenty of trouble spots around the world,
08:50whether it be the Middle East or in Europe.
08:52One of the things that we've been very focused on is, as a middle power in the region,
08:59is ensuring that we project our policies of a peaceful region.
09:04That's been very good for Australia in recent months, particularly with the troubles around the rest of the world.
09:12We've been able to continue pretty much uninterrupted our trade relationships.
09:17And that's the way we'd like to keep it.
09:19Okay. Minister Don Farrell, thank you so much for joining us this morning live here on Euronews on Europe Today.
09:25Now, moving on.
09:26In the meantime, the European Union is preparing its 21st package of sanctions against Russia.
09:31But its chief engineer, David O'Sullivan, has already touted he does not expect the bloc to go harder on Russian
09:38oil
09:38due to the ongoing war in the Middle East driving up crude.
09:42China, on the other hand, is always in his line of sight.
09:44For more, we're joined by our defence correspondent, Anja Scugins, who actually sat down with the EU's sanction envoy
09:50to discuss the package in detail.
09:51Good morning.
09:52Tell us, what should we look out for in this next bundle of measures?
09:55Good morning, Maeve.
09:56So, officially, unfortunately, everything is under wraps for now.
09:59But what I can say is that EU heads of state want the bloc to put the pedal to the
10:03metal
10:03and get ready with this 21st sanctions package because it's needed now.
10:08This was underscored by a drone incursion in Romania last week, demonstrating Russia's continued invasion of Ukraine,
10:16as well as the impact and the spillover effects this is happening, occurring across the bloc.
10:21Now, all eyes will also be on the new Hungarian Prime Minister, Peter Magyar,
10:26who takes a less friendly stance towards the Kremlin compared to his predecessor, Viktor Orban.
10:31Many are hoping to see that this sanctions package will have more bite to it.
10:34A major point of contention will be whether the EU moves forward with its maritime service ban
10:40on those Russian oil tankers this previously flopped due to a veto by Malta and Greece.
10:47Also, we'll be looking out for whether the EU continues to go harder
10:50on Chinese companies helping Russia circumvent EU sanctions.
10:55As you rightly pointed out, I sat down with the EU's sanction envoy, David O'Sullivan,
10:59to talk to him about this suite of measures, and I started by asking him first
11:03about how that crackdown was faring, particularly as some of these Chinese companies
11:08produced the components found in Russian drones.
11:12We recently listed some, I mean, in a previous package,
11:15some Chinese banks who then agreed to discontinue funding Russian activities.
11:21So we have been active in taking action against Chinese companies.
11:27But I won't hide from you that China remains a very big problem for the circumvention of our sanctions.
11:33How big?
11:34Well, it's one of the biggest sources of circumvention, both in terms of what we call backfilling.
11:41This means simply selling Chinese versions of goods which we previously sold as Europeans.
11:47So, you know, things like household goods and so forth, which is, of course, perfectly legitimate.
11:51But also, unfortunately, as a platform for the re-export from China of Western-branded goods and EU-branded goods.
12:00So this is still a problem.
12:02We raise it regularly at the highest level with the Chinese authorities.
12:05But you know their answer, which is to say that they don't feel they're doing anything wrong.
12:09So we still have to take unilateral action against Chinese companies and financial institutions.
12:15But they've also retaliated following the 20th package of sanctions.
12:19China responded by banning at least seven European defence companies from receiving certain dual-use products.
12:26Should we expect more reprisals from Beijing?
12:28Yeah, I think the Chinese play hardball, as the Americans say.
12:33And I think we have to face up to that, that if we want to take action, they will also
12:37take equal action.
12:42But I think it is very important, nonetheless, that we continue to be able to send a strong message
12:46that we are vigilant about efforts to circumvent our sanctions
12:50and that where we see the evidence, we will take action.
12:53On the 20th package of sanctions, there was also the proposal from the Commission
12:57for the full ban on maritime services for Russian tankers as part of the country's shadow fleet.
13:04The understanding was that there should be approval first at the G7.
13:08Now, those leaders will meet later this month in Evian.
13:11Do you expect a breakthrough?
13:12I think events in the Gulf have clearly changed the calculus about anything to do with energy.
13:20For the moment, what all Western economies are struggling with is access to energy at reasonable prices.
13:27The price has gone up and there is scarcity of supply also in the area, for example, of refined products,
13:35so diesel, jet fuel and so forth.
13:37So I think at this point, there is no appetite to take additional measures which might aggravate that situation.
13:44But I think the fundamental point, Angie, is that, you know, our sanctions on the energy side are having a
13:49huge impact on Russia.
13:51Russia's revenue has gone down.
13:53The public finances are in great difficulty.
13:55They're in deficit.
13:56So I think notwithstanding the fact that we may not move forward in the short term on the maritime services
14:01ban,
14:02everything that we have done, whether it's the oil price cap, whether it's the actions against the shadow fleet,
14:07All of this has contributed to seriously undermining Russia's revenue from hydrocarbon exports.
14:14And this was one of our key objectives.
14:16And it is working.
14:20Our Angela Scudin's there with David O'Sullivan.
14:22But moving on now to the Middle East, in signs that peace talks have made very little political progress,
14:28the US and Iran have launched fresh strikes.
14:30Despite claims from the US Secretary of State, Marco Rubio, that a deal was within reach,
14:35the reality on the ground looks different.
14:37For more of your news, Stefan Kobe joins me now here in the studio.
14:41Good morning, Stefan.
14:41Good morning, Maeve.
14:42It's getting very hard to follow all these mixed messages.
14:45Please enlighten us.
14:46Yeah, well, absolutely, Maeve.
14:48Donald Trump likes to call himself the master of the deal.
14:52But when it comes to a ceasefire with Iran, it's really hard to tell what exactly he is negotiating for.
14:59One day, Trump says peace is within reach.
15:03The next day, he sounds pessimistic.
15:05Then he suggests the breakthrough could happen any moment.
15:08A few hours later, he appears to lower expectations again.
15:12Now, for America's allies, financial markets, and certainly Iran,
15:17deciphering Donald Trump's latest position has become a full-time job.
15:22Now, Trump would argue that's exactly the point.
15:26Unpredictability has always been a part of his brand.
15:29You know, keep everyone guessing, and you keep the upper hand.
15:33But there is, of course, another way of looking at it.
15:36Now, critics say the shifting messages reveal a deeper problem,
15:40and it's not strategic ambiguity, but strategic uncertainty.
15:45They argue that the White House has no plan and is trying to find a solution sort of on the
15:49fly.
15:50So every new Trump statement is now scrutinized for clues.
15:55Is he signaling a breakthrough, preparing the ground for a compromise,
15:59or is he just changing course again?
16:02So that's the challenge with Trump's diplomacy.
16:06The line between negotiating tactic and confusion is sometimes not visible, Maeve.
16:13And certainly keeping you very busy.
16:14And, of course, we can read more of your analysis on yournews.com, Stephen Coby.
16:18Thanks for that.
16:19And due to this, of course, oil prices have been incredibly volatile again this week
16:23because of the uncertainty around supplies getting through Hormuz
16:26and prolonged holdups.
16:27For more on the impact on financial markets and energy prices,
16:31we're joined now by Osama Rizvi.
16:32He's an international economic and energy analyst.
16:35So good morning, Osama.
16:36Welcome to Europe Today.
16:37So first question, are markets reacting rationally, do you think, to the risks right now?
16:41Or do you think investors are underestimating how serious this could become?
16:46Well, thank you so much for having me today.
16:48I think it's a bit of both.
16:50When you see the markets, there seems to be a continuum on which the reactions can be purged upon.
16:57For instance, the oil markets.
16:59Look at the oil markets.
17:00A few weeks ago, the difference between the physical markets and the paper markets was huge.
17:06The spread was somewhere around $36 to $38.
17:08But now, as we speak today, that spread seems to be shrinking.
17:11But is the conditions or the circumstances better now?
17:15Are the circumstances better now?
17:16Not at all.
17:17So which means that markets are sort of divided, confused.
17:22They are in a haze as to what will happen next.
17:25And this confusion, uncertainty is what is fueling this dual behavior, I would say.
17:31But moving forward, one thing is very important to understand.
17:34that fundamentally speaking, from oil markets to the financial markets,
17:37the chances of both turning ugly or things getting worse are unfortunately more than them getting better before.
17:44And you said the markets are feeling confused.
17:46What about consumers?
17:47How concerned should consumers, should we be, about fuel prices rising further at the pumps?
17:52Well, consumers have been very clear about what is going around and also been very clear in terms of their
18:00future confidence regarding the global economy.
18:02For instance, economic confidence in Europe is down.
18:06When you look at the U.S., it's at the U.S.-Michigan Consumer Sentiment Index is down to multi-years
18:12low.
18:13You look at the cost, input cost, especially in Europe, it has increased to a four-year high.
18:19Similarly, you know, you look at across the consumer centers, I think it's showing confusion.
18:26It's all very gloomy, isn't it, Osama Rizvi?
18:28But thank you so much for joining us this morning and bringing us all your analysis.
18:31And now, as you heard earlier, EU leaders are still scratching their heads about how to prepare for increasing drone
18:37incidents along the EU borders.
18:39For more on what's at stake, here's our Jakubianus.
18:44If you think this is how war sounds, your reporter has bad news for you.
18:48Things have changed and you should be more wary of this sound.
18:55After last week's Russian drone crash into Romanian apartment block, Moscow offered no apologies.
19:00Instead, Russia's Deputy Security Council chairman, Dmitry Medvedev, issued a chilling threat.
19:06He warned that because European governments supply weapons to Kyiv,
19:10the citizens of EU states will not be able to sleep peacefully.
19:14So how can Europeans defend themselves from drones?
19:17The EU has an action plan on drone security.
19:20But a leaked document from last week reveals how member states actually plan to put it into practice,
19:26focusing on three key areas.
19:28Number one is stricter identification.
19:31The block wants tighter registration rules so authorities can instantly tell
19:35a harmless civilian drone from a hostile threat.
19:38And second is smarter detection.
19:40Member states want to use advanced sensors and artificial intelligence
19:44to spot incoming drones near critical infrastructure.
19:48And lastly, we have intelligence sharing.
19:50Brussels wants to act as a central hub for coordinating data across the continent.
19:55But here we have a little problem.
19:57National governments insist this sharing must remain strictly voluntary
20:01to protect classified information and avoid duplicating NATO's efforts.
20:06So let's go back to our drone case in Romania.
20:08The Ministry of Defense acknowledged it could not shoot down the drone
20:12due to its proximity to people's homes.
20:14And authorities have just four minutes to act.
20:17And as long as the drone security remains primary and national competence,
20:21European governments will operate in silos
20:23and citizens will see the consequences.
20:26The Baltic region was rattled by at least six suspected incursions in May alone,
20:31with one incident even forcing Lithuanian president to take shelter underground.
20:35So yes, the EU is trying to work together on securing its skies.
20:39But with threats from Russia,
20:41it must build a truly unified defense before it's too late.
20:50And that brings this edition of Europe Today to an end.
20:53Thank you so much for your company.
20:54As always, you can always reach out at europetoday at euronews.com.
20:57But in the meantime, stay tuned to us here at Euronews and see you soon.
21:26Euronews and see you soon.
21:42Euronews and see you soon.
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