EU Targeted by China for Retaliation Over Bank Sanctions
China issued the warning ahead of a summit scheduled with EU leaders later this week in Beijing. The two trading giants had sought to improve commercial ties as a buffer against US President Donald Trumps import duties. But that initial calculus seems to have changed as the EU also seeks to ramp up pressure against entities violating sanctions against Russia.
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Yahoo
8 minutes ago
- Yahoo
EU and US agree trade deal, with 15% tariffs for European exports to America
The United States and European Union have reached a trade deal, ending a months-long standoff between two of the world's key economic partners. After make-or-break negotiations between President Donald Trump and European Commission President Ursula Von der Leyen in Scotland, the pair agreed on a blanket US tariff on all EU goods of 15%. That is half the 30% import tax rate Trump had threatened to implement starting on Friday. Trump said the 27-member bloc would open its markets to US exporters with zero per cent tariffs on certain products. Von der Leyen also hailed the deal, saying it would bring stability for both allies, who together account for almost a third of global trade. Trump has threatened tariffs against major US trade partners in a bid to reorder the global economy and trim the American trade deficit. As well as the EU, he has also struck tariff agreements with the UK, Japan, Indonesia and Vietnam, although he has not achieved his goal of "90 deals in 90 days". Sunday's deal was announced after private talks between Trump and Von der Leyen at his Turnberry golf course in South Ayrshire. Trump - who is on a five-day visit to Scotland - said following a brief meeting with the European Commission president: "We have reached a deal. It's a good deal for everybody." "It's going to bring us closer together," he added. Von der Leyen also hailed it as a "huge deal", after "tough negotiations". Under the agreement, Trump said the EU would boost its investment in the US by $600bn (£446bn), purchase hundreds of billions of dollars of American military equipment and spend $750bn on energy. That investment in American liquified natural gas, oil and nuclear fuels would, Von der Leyen said, help reduce European reliance on Russian power sources. "I want to thank President Trump personally for his personal commitment and his leadership to achieve this breakthrough," she said. "He is a tough negotiator, but he is also a dealmaker." The US president also said a 50% tariff he has implemented on steel and aluminium globally would stay in place. Both sides can paint this agreement as something of a victory. For the EU, the tariffs could have been worse: it is not as good as the UK's 10% tariff rate, but is the same as the 15% rate that Japan negotiated. For the US it equates to the expectation of roughly $90bn of tariff revenue into government coffers – based on last year's trade figures, plus there's hundreds of billions of dollars of investment now due to come into the US. How are trade deals actually negotiated? They made America's clothing. Now they are getting punished for it In pictures: President Trump's private visit to Scotland Trade in goods between the EU and US totalled about $975.9bn last year. Last year the US imported about $606bn in goods from the EU and exported around $370bn. That imbalance, or trade deficit, is a sticking point for Trump. He says trade relationships like this mean the US is "losing". If he had followed through on tariffs against Europe, import taxes would have been levied on products from Spanish pharmaceuticals to Italian leather, German electronics and French cheese. The EU had said it was prepared to retaliate with tariffs on US goods including car parts, Boeing planes and beef. British Prime Minister Keir Starmer plans his own meeting with Trump at Turnberry on Monday. Trump will be in Aberdeen on Tuesday, where his family has another golf course and is opening a third next month. The president and his sons plan to help cut the ribbon on the new fairway. Australia to lift import ban on US beef after Trump tariffs tiff
Bloomberg
11 minutes ago
- Bloomberg
EU, US Differ on Pharma Tariffs, Complicating Trump's Trade Deal
The European Union and the US appear to differ on some fundamental details in their new trade agreement, underscoring the difficulty they'll have in turning this deal into a reality. The EU said it would accept a 15% tariff on nearly all its exports to the US. President Donald Trump told reporters that the bloc also agreed to open up its 'countries to trade at zero tariff.'
Yahoo
15 minutes ago
- Yahoo
Trump Says ‘I Absolutely Love' That Stephen Colbert Got ‘Fired' and ‘I Hear Jimmy Kimmel Is Next'
President Donald Trump weighed in on CBS's announcement that it is canceling Stephen Colbert's late-night talk show — and the president is hopeful Jimmy Kimmel will be next to get axed. CBS said Thursday that it plans to end 'The Late Show With Stephen Colbert' in May 2026, calling it a 'purely a financial decision against a challenging backdrop in late night.' More from Variety CBS Canceling Stephen Colbert's 'Late Show' Is an End of an Era for Television - and a Chilling Sign of What's to Come Trump Celebrates Congress Pulling $1.1 Billion in Funding From 'Atrocious' NPR and PBS: 'This Is Big!' Jimmy Kimmel Says 'F- You CBS' for Canceling 'Late Show With Stephen Colbert' as Speculation Stirs if the Series Is Ending for 'Political Reasons' 'I absolutely love that Colbert' got fired. His talent was even less than his ratings,' Trump wrote in a Truth Social post on Friday morning. 'I hear Jimmy Kimmel is next. Has even less talent than Colbert!' The president then went on to praise Fox News late-night comedian Greg Gutfeld, whom Trump said 'is better than all of them combined, including the Moron on NBC who ruined the once great Tonight Show,' referring to Jimmy Fallon. CBS's move to pull Colbert off the air came two weeks after Paramount Global announced that it agreed to pay Trump $16 million to settle his lawsuit alleging a '60 Minutes' interview with Kamala Harris was deceptively edited. And the announcement of 'The Late Show' cancelation came three days after Colbert had said on his show that the settlement by CBS's parent company was 'a big, fat bribe,' alleging that Paramount made the payment because it's seeking to secure the Trump administration's approval to merge with Skydance Media. 'As someone who has always been a proud employee of this network, I am offended, and I don't know if anything will ever repair my trust in this company,' Colbert joked in his July 14 opening monologue. 'But just taking a stab at it, I'd say $16 million would help.' Colbert added, 'Paramount knows they could have easily fought it because in their own words, the lawsuit was 'completely without merit.' And keep in mind, Paramount produced 'Transformers: Rise of the Beast.' They know 'completely without merit.'' Critics of Trump including Sen. Elizabeth Warren (D-Massachusetts) suggested that CBS's cancelation of Colbert's show may have been related to the Paramount settlement with the president. 'America deserves to know if his show was canceled for political reasons,' Warren wrote on social media Thursday evening. Kimmel on Thursday wrote in an Instagram story, 'Love you Stephen' — and lashed out at CBS: 'Fuck you and all your Sheldons CBS.' Kimmel, host of ABC's 'Jimmy Kimmel Live!', has been attacked by Trump in the past. In an interview last month with Variety, Kimmel was asked if he was worried that Trump would start coming after comedians in the way that he's tried to intimidate news media outlets and journalists. 'Well, you'd have to be naive not to worry a little bit. But that can't change what you're doing,' Kimmel said. 'And maybe it is naive, but I have the hope that if and when the day comes that he does start coming after comedians, that even my colleagues on the right will support my right to say what I like. Now, I could be kidding myself, and hopefully we'll never find out. But if we do, I would hope that the outrage is significant.' At Thursday's taping of 'The Late Show,' Colbert broke the news to the audience that the show was ending. 'It is a fantastic job. I wish somebody else was getting it,' he said. Colbert also thanked CBS executives and the 200 or so staffers who work on the program. To the boos of the audience at the news, Colbert said, 'Yeah, I share your feelings. It's not just the end of our show, but it's the end of 'The Late Show' on CBS. I'm not being replaced. This is all just going away.' Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? Final Emmy Predictions: Talk Series and Scripted Variety - New Blood Looks to Tackle Late Night Staples Solve the daily Crossword
