Trump targets Bombardier; EU boosts Greenland funding; Gas prices hit Labor Day record
Quick Look
- Donald Trump demands Bombardier build in the U.S., while the EU pledges 200 million euros to Greenland.
- Oil prices extend gains as Middle East tensions escalate, and U.S.
- Labor Day gas prices reach a record high.
AI-generated summary
Why It Matters
US-Canada trade conflicts persist while the EU aims to strengthen ties with Greenland. Middle East regional tensions remain elevated.
Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.
U.S.-Canada trade relations continue to be under strain, with U.S. President Donald Trump on Monday saying that Canadian airplane maker Bombardier must build its products locally in order to keep selling to the American market.
The European Union, meanwhile, is strengthening its ties with Greenland with a fresh boost in the form of a 200-million-euro funding package, amid Trump's annexation drive for the self-governing Danish territory.
The hostile trade war between Washington and Ottawa continues to bubble and brew, after Trump said that Canada's Bombardier must manufacture in the U.S. to retain access to the American market.
"NO MORE SELLING BOMBARDIER IN THE UNITED STATES!" Trump wrote on Truth Social. "If they want our Market, they must build here, and stop treating America like a 'piggybank.'"
U.S. relations with its traditional allies in Europe aren't doing too good either.
The European Union is seeking to shore up Arctic ties with the Greenland amid Trump's continued fixation on the territory, which became a major trans-Atlantic issue at the start of the year.
European Commission President Ursula von der Leyen announced a fresh funding boost for Greenland with a 200-million-euro ($232.3 million) funding package, which would focus on connectivity, clean energy and critical raw materials.
Speaking of energy: oil prices extended gains Tuesday, after rising to a six-week high the day before, as tensions in the Middle East continued to escalate with the U.S. and Iran trading strikes over the weekend.
In the markets, U.S. futures were broadly lower, with investors continuing to keep a close eye on Mideast developments. Stock markets in Asia were mixed Tuesday.
The German rocket maker and SpaceX rival Isar Aerospace is looking to increase launches to meet what it claims to be "booming demand." Chief Commercial Officer Stella Guillen told CNBC that its commercial pipeline exceeds 10 billion euros.
The company successfully reached orbit for the first time over the weekend, marking a significant achievement for the commercial space industry in Europe.
—Justina Lee
Gasoline prices, over $4 per gallon, hit record high for Labor Day
A late-summer surge in gasoline prices means drivers are paying more at the pump than they ever have on Labor Day.
And, since the holiday weekend is one of the busiest travel weekends of the year, according to rental car company Hertz, that means road trips may be more expensive than usual.
The national average for a gallon of regular unleaded gas was $4.15 on Monday, a record high for the holiday, according to AAA.
The price has never been above $4 per gallon on Labor Day, according to AAA. The previous record was $3.82, reached on Sept. 3, 2012.
—Sarah Agostino
Open Questions
- Will Bombardier comply with U.S. manufacturing demands?
- How will U.S. policy adapt to the EU's funding package for Greenland?
