Wheels, meals and all in between
As much as Ciclo is about fostering community and connection, it is held together by the strongest of senses—taste. With its primary focus on fresh ingredients and wholesome meals that meet hearty brunches and guilt-free desserts halfway, the menu caters to a wide range of palates. Pick from breakfast bowls laced with the goodness and the taste of fresh avocados, or high-protein meals that come with your choice of grilled meats or tofu. Combine them with the refreshing orange and beetroot summer salads. Their walnut-and-honey spin-off on the regular tomato-and-pesto bruschetta, or the Kerala inspired fish curries and Sri Lankan stews, are not only an explosion of flavours but also nutrition rich.
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Business Standard
an hour ago
- Business Standard
Proximity, culture make Sri Lanka ideal for Indian firms: Sanjiv Puri
Indian companies looking to expand abroad have a good chance in Sri Lanka due to the island nation's proximity, Sanjiv Puri, Chairman and Non-Executive Director on the Board of ITC Hotels, said on Saturday. 'India is in the process of, and has signed FTAs. Many more FTAs are coming,' Puri was quoted as saying by Sri Lankan media website EconomyNext. Puri was attending an event in Colombo at ITC Ratnadeepa. 'I can tell you that Indian companies are particularly coming to Sri Lanka because there are a lot of cultural and historical ties. We understand each other better. When you are going to a new place, the culture becomes very important,' he added. Puri, the former President of the Confederation of Indian Industry (CII), when asked why Indian companies were looking to invest in Sri Lanka if India was growing so fast, said: 'They have become competitive, have access to technology, and have their strengths.' He said manufacturing of electronics and semiconductors was reviving at a very rapid pace in India. 'And now the aspirations are also larger in the Indian enterprises to go beyond geography. And it's a natural process. Some companies will choose to go to proximal countries. Some companies will choose to go elsewhere. Some companies will go far off,' he said. Recently, several Indian companies have invested in Sri Lanka. ITC has built a hotel, Ceat owns a tyre manufacturing subsidiary, Piramal owns a glass bottle-making company, and Adani has invested in a container terminal with John Keells Holdings. Last month, Ceat announced that it is raising ₹500 crore, and it also plans to infuse up to ₹400 crore (equivalent in Sri Lankan rupees) into its wholly owned subsidiary, CEAT OHT Lanka. Similarly, Indian shipbuilding firm Mazagon Dock Shipbuilders Limited (MDL) bought Colombo Dockyard PLC and is expected to take control by injecting cash into the troubled firm.
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First Post
an hour ago
- First Post
Why a tariff standoff with the EU could hurt the US more than it helps
As Trump threatens steep tariffs on European goods, economists warn that the trade standoff could end up hurting the US economy more than helping it. Higher prices, disrupted supply chains and retaliatory EU tariffs could strain American consumers and businesses ahead of a fragile economic recovery. read more As the world watches, President Donald Trump is poised to escalate a brewing trade battle with America's largest trading partner, the European Union, a move economists warn could ultimately backfire on the United States more than it benefits it. Having already slapped a 20% import duty on EU goods in April, Trump temporarily scaled it back to 10% in response to market jitters and to leave room for negotiations. But with a July 9 deadline looming and frustration mounting over the EU's trade stance, the president has now threatened to hike tariffs on European exports to an eye-watering 50%. STORY CONTINUES BELOW THIS AD If enforced, that could make a wide array of goods from French cheese and Italian leather to German electronics and Spanish medicines significantly more expensive in US stores. The EU has signalled it is ready to retaliate with tariffs on hundreds of American products, including beef, auto parts, aircraft and even beer potentially dragging both economies into a protracted and damaging trade war. The stakes are high in transatlantic trade The United States and the European Union together account for the world's most significant commercial relationship, with bilateral trade in goods and services reaching €1.7 trillion ($2 trillion) in 2024 or about €4.6 billion per day, according to Eurostat. Europe is a major buyer of U.S. crude oil, pharmaceuticals, aircraft, and cars, while the U.S. imports high volumes of European cars, chemicals, wine, and medical devices. While Trump has fixated on the EU's €198 billion ($233 billion) surplus in goods, U.S. dominance in services such as cloud computing and legal consulting helps offset that imbalance, bringing the real trade deficit down to roughly €50 billion ($59 billion). But Trump's focus on goods, and his calls for 'fair' trade, have prompted a sharp shift in tone from prior administrations which typically kept tariffs low 1.47% on EU imports to the US and 1.35% in reverse and engaged in more collaborative trade talks. US consumers and businesses may pay the price Raising tariffs may appeal to Trump's base as a show of economic strength, but analysts warn the fallout will likely be felt at home and soon. Higher import costs almost always translate into higher retail prices for consumers, especially for goods with few domestic substitutes. STORY CONTINUES BELOW THIS AD European luxury carmakers like Mercedes-Benz, which assembles some vehicles in Alabama, say they can cushion some of the blow for now. But across the board, auto prices and the cost of consumer goods are expected to climb if tariffs rise sharply. Makers of spirits like Italy's Campari Group have hinted they may absorb or adjust prices based on market conditions, but warn that long-term uncertainty could harm competitiveness. 'This kind of tariff escalation could squeeze US households at a time when inflation remains a sensitive political issue,' warned Holger Schmieding, chief economist at Berenberg Bank as reported by AP. Meanwhile, US manufacturers that rely on imported parts could also suffer, with ripple effects through supply chains and job markets. Though Trump argues that restricting foreign imports will fuel a revival in domestic manufacturing, most analysts say such a shift would take years, if it materialises at all. Trade tensions mask deeper issues Trump has also taken aim at deeper policy issues including EU food safety rules that restrict products like chlorine-washed chicken and hormone-treated beef and Europe's value-added tax (VAT), which ranges from 17% to 27%. But economists argue VAT systems are trade-neutral and aren't typically negotiated in trade deals. The EU, for its part, insists its consumer and environmental regulations are non-negotiable. STORY CONTINUES BELOW THIS AD 'The EU cannot rewrite its internal market rules just to satisfy US complaints that often reflect misunderstandings about how Europe operates,' Schmieding said. Could the US economy take a bigger hit? A failure to reach a deal could be more economically painful for the US than the EU. A review by Brussels-based think tank Bruegel estimates that in the event of tariffs rising to 25%, US GDP could shrink by 0.7%, while the EU's economy would lose around 0.3%. Some multinational companies, like luxury giant LVMH, have floated the idea of shifting more production to the U.S. to avoid tariffs, but warn that such decisions are costly and may ultimately depend on whether a deal is reached. With a tight deadline ahead, both sides may opt for a temporary framework that averts the worst-case scenario. Still, many in Europe believe the U.S. may back down from the most extreme tariff threats not out of goodwill but because of domestic economic realities. 'Trump may claim victory by rolling back some of the harsher threats,' said Schmieding. 'But if tariffs remain high, it's the American consumer who will bear the brunt.' STORY CONTINUES BELOW THIS AD With inputs from agencies
Mint
3 hours ago
- Mint
US tariffs on European goods threaten to shake up worlds largest 2-way trade relationship
Frankfurt (Germany), Jul 6 (AP) America's largest trade partner, the European Union, is among the entities awaiting word Monday on whether US President Donald Trump will impose punishing tariffs on their goods, a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic. Trump imposed a 20% import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10% to quiet financial markets and allow time for negotiations. Expressing displeasure the EU's stance in trade talks, however, the president said he would jack up the tariff rate for European exports to 50%. A rate that high could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals much more expensive in the US. The EU, whose 27 member nations operate as a single economic bloc, said its leaders hoped to strike a deal with the Trump administration. Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. Here are important things to know about trade between the United States and the European Union. A lot of money is at stake in the trade talks. The EU's executive commission describes the trade between the US and the EU as "the most important commercial relationship in the world.' The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. The biggest US export to Europe is crude oil, followed by pharmaceuticals, aircraft, automobiles, and medical and diagnostic equipment. Europe's biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. EU sells more to the US than vice versa Trump has complained about the EU's 198 billion-euro ($233 billion) trade surplus in goods, which shows Americans buy more stuff from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. The US services surplus took the nation's trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3% of overall US-EU trade. What are the issues dividing the two sides? Before Trump returned to office, the U.S. and the EU maintained a generally cooperative trade relationship and low tariff levels on both sides. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products. But the White House has taken a much less friendly posture toward the longstanding US ally since February. Along with the fluctuating tariff rate on European goods Trump has floated, the EU has been subject to his administration's 50% tariff on steel and aluminum and a 25% tax on imported automobiles and parts. Trump administration officials have raised a slew of issues they want to see addressed, including agricultural barriers such as EU health regulations that include bans on chlorine-washed chicken and hormone-treated beef. Trump has also criticized Europe's value-added taxes, which EU countries levy at the point of sale this year at rates of 17% to 27%. But many economists see VAT as trade-neutral since they apply to domestic goods and services as well as imported ones. Because national governments set the taxes through legislation, the EU has said they aren't on the table during trade negotiations. 'On the thorny issues of regulations, consumer standards and taxes, the EU and its member states cannot give much ground,' Holger Schmieding, chief economist at Germany's Berenberg bank, said. 'They cannot change the way they run the EU's vast internal market according to U.S. demands, which are often rooted in a faulty understanding of how the EU works.' What are potential impacts of higher tariffs? Economists and companies say higher tariffs will mean higher prices for US consumers on imported goods. Importers must decide how much of the extra tax costs to absorb through lower profits and how much to pass on to customers. Mercedes-Benz dealers in the US. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. Simon Hunt, CEO of Italian wine and spirits producer Campari Group, told investment analysts that prices could increase for some products or stay the same depending what rival companies do. If competitors raise prices, the company might decide to hold its prices on Skyy vodka or Aperol aperitif to gain market share, Hunt said. Trump has argued that making it more difficult for foreign companies to sell in the US is a way to stimulate a revival of American manufacturing. Many companies have dismissed the idea or said it would take years to yield positive economic benefits. However, some corporations have proved willing to shift some production stateside. France-based luxury group LVMH, whose brands include Tiffany &Co, Luis Vuitton, Christian Dior and Moet & Chandon, could move some production to the United States, billionaire CEO Bernaud Arnault said at the company's annual meeting in April. Arnault, who attended Trump's inauguration, has urged Europe to reach a deal based on reciprocal concessions. 'If we end up with high tariffs, ... we will be forced to increase our US.=-based production to avoid tariffs,' Arnault said. 'And if Europe fails to negotiate intelligently, that will be the consequence for many companies. ... It will be the fault of Brussels, if it comes to that.' Many expect Trump to drop his most drastic demands Some forecasts indicate the US economy would be more at risk if the negotiations fail. Without a deal, the EU would lose 0.3% of its gross domestic product and US GDP would fall 0.7%, if Trump slaps imported goods from Europe with tariffs of 10% to 25%, according to a research review by Bruegel, a think tank in Brussels. Given the complexity of some of the issues, the two sides may arrive only at a framework deal before Wednesday's deadline. That would likely leave a 10% base tariff, as well as the auto, steel and aluminum tariffs in place until details of a formal trade agreement are ironed out. The most likely outcome of the trade talks is that 'the US will agree to deals in which it takes back its worst threats of retaliatory' tariffs well beyond 10%,' Schmieding said. 'However, the road to get there could be rocky.' The US offering exemptions for some goods might smooth the path to a deal. The EU could offer to ease some regulations that the White House views as trade barriers. 'While Trump might be able to sell such an outcome as a win' for him, the ultimate victims of his protectionism would, of course, be mostly the US consumers,' Schmieding said. (AP)
