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Mexico eyes uncertainty as US announces 30 percent tariffs
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Trump announces 30 percent tariffs on EU, Mexico imports
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US State Department lays off more than 1,300 employees
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US Secretary of State Marco Rubio spoke to Chinese FM at Asia summit
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US Secretary of State Marco Rubio speaks at ASEAN summit in Malaysia
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Marco Rubio met with Russian & Chinese counterparts during ASEAN summit
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Texas officials are trying to figure out who's really missing from the floods
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'Brazil is ours!': Protests in Sao Paulo after Trump threatens 50% levy
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Euronews
2 hours ago
- Euronews
Time for EU to show its gun in US tariff spat, says ex-trade chief
The EU needs to deploy its 'bazooka' anti-coercion trade weapon and show it means business, since tariff negotiations with the US won't lead to a balanced outcome, the European Commission's former chief of trade has told Euronews in an interview. 'Trump isn't looking for an agreement — he's engaging in mafia-style extortion,' said former Director-General of DG Trade Jean-Luc Demarty, adding: "In addition to the €93 billion in retaliatory measures, I would add the triggering of the anti-coercion instrument. What Trump is doing is clearly coercion. It would be a way to show that we've put our Colt on the table for the negotiation.' On 12 July, US President Donald Trump threatened to impose 30% tariffs on EU imports if a satisfactory agreement is not reached with the EU on tariffs by 1 August. Since mid-March, the US and the EU have been embroiled in a trade dispute, with EU steel and aluminium imports facing a 50% US tariff, cars 25%, and all other imports 10%. The EU has adopted an initial list of retaliatory measures, currently suspended, targeting €21 billion worth of American products. A second list, covering €72 billion, is in the process of being adopted. But Demarty said the EU executive needs to go further, by contrast with Commission President Ursula von der Leyen, who said on 13 July that the situation did not yet amount to coercion. Anti-coercion instrument offers stronger trade defences The anti-coercion instrument, adopted by the EU in 2023, allows the EU to restrict the right to participate in public procurement tenders, restrict licences and adopt restrictions on trade in services and trade-related aspects of intellectual property rights, once coercion by a third country has been established. According to the former senior EU official, since the negotiations stand no chance of resulting in a balanced deal, the EU will have to target US services — and that will require political courage. 'Measures will need to be taken on services, digital and financial sectors, to rebalance an asymmetric deal. Because by targeting US goods, the EU cannot significantly exceed around €100 billion without shooting itself in the foot — since the rest are imports it depends on,' he said. 'It's an existential political moment,' he added. 'If we aren't capable of doing this, then why would the Chinese hesitate to exert coercion against us? Or others ? It would prove that Europe has the courage to take the risk of a trade war, which in my opinion is inevitable. It will be costly for us, but much more costly for the United States, and it will push Trump back.'
France 24
3 hours ago
- France 24
Hong Kong stocks lifted by Nvidia rally on mixed day in Asia
However, other Asian markets were mixed as they weighed Indonesia's trade deal with Washington and a spike in US inflation that saw investors pare their bets on Federal Reserve interest rate cuts. California-based Nvidia, one of the world's most valuable companies, said Tuesday it will restart sales of its H20 artificial intelligence semiconductors to China, having been stopped by US President Donald Trump's tightened export licensing requirements in April. CEO Jensen Huang said they would be shipping "very soon". The news boosted tech firms around the world, with Wall Street's Nasdaq rising to another record higher, while the S&P 500 and Dow fell. In Hong Kong, Chinese tech giants Alibaba, and Tencent jumped to push the Hang Seng Index up around one percent. However, the rest of Asia was mixed, with Tokyo, Shanghai, Sydney, Seoul and Manila falling, while Singapore, Wellington, Taipei and Jakarta rose. The gains in Indonesia came after Trump said a trade deal had been struck with the Southeast Asian country that will see Washington impose tariffs of 19 percent on its goods, below the 32 percent previously threatened. US shipments will not be taxed. The news means the Trump administration has now announced deals with three countries but around two dozen are still in the pipeline just over two weeks ahead of the president's August 1 deadline. Some have suggested that a healthy run-up on Wall Street over the past few weeks could be giving him confidence to keep the threats up. The president also warned Tuesday that he could begin imposing tolls on imports of semiconductors and pharmaceuticals from August 1. Investor confidence was dented by data showing US inflation jumped to 2.7 percent last month, sharply up from 2.4 percent in May and more than forecast as Trump's tariffs began to kick in. The data saw the probability of a Fed rate cut in September slip to just a little higher than 50 percent. That came as Dallas Fed president Lorie Logan said "monetary policy needs to hold tight for a while longer to bring inflation sustainably back to target -- and in this base case, we can sustain maximum employment even with modestly restrictive policy". Still, she added in prepared remarks that: "It's also possible that some combination of softer inflation and a weakening labour market will call for lower rates fairly soon." While markets are generally on an uptrend, Vincenzo Vedda, global chief investment officer at DWS, warned of possible bumps in the road. "The short-term future could... hold a significant market correction, since prevailing risk factors have not suddenly disappeared after all," he wrote in a commentary. "Trump's Beautiful Big Bill will inflate the US budget deficit, and long-term interest rates are set to rise. Tariffs are not completely off the table, either driving or containing inflation -- the latter if economic growth is dampened. "Substantial geopolitical risks are an additional factor." Key figures at around 0230 GMT Tokyo - Nikkei 225: DOWN 0.1 percent at 39,642.40 (break) Hong Kong - Hang Seng Index: UP 1.0 percent at 24,829.23 Shanghai - Composite: DOWN 0.1 percent at 3,501.04 Euro/dollar: UP at $1.1615 from $1.1606 on Tuesday Pound/dollar: UP at $1.3398 from $1.3383 Dollar/yen: DOWN at 148.83 yen from 148.85 yen Euro/pound: DOWN at 86.68 pence from 86.69 pence Brent North Sea Crude: UP 0.4 percent at $69.00 per barrel
LeMonde
6 hours ago
- LeMonde
'Europe must coordinate its response to Trump's tariff threats'
The issue of tariffs between the US and Europe has taken a dangerous turn. The European Commission had made concessions and was ready to sign an imbalanced agreement similar to the one concluded between the United Kingdom and the US. Europeans had demonstrated a spirit of conciliation, telling themselves that a "bad peace" is always preferable to war. Undeterred, Donald Trump decided to press his advantage and test how far Europe would be willing to yield. He then brandished the threat of 30% tariffs as of August 1 − tariffs 10% higher than those announced on the now-famous blackboard displayed like a trophy at the beginning of April. What a strange way to reward the European Commission for having so far postponed any retaliatory measures. This strategy has proven to be a complete failure. Pretending nothing is happening will only lead to disaster. Would it be acceptable to the businesses and citizens of the European Union (EU) for the Commission to obtain a less favorable deal, despite Europe weighing nearly six times as much as the United Kingdom? Has the Commission failed to see that Trump only respects the strong – Vladimir Putin, Benjamin Netanyahu and Xi Jinping – and holds the weak in contempt? As long as Trump does not sense real resistance, he will not sign any agreement; in his world, each party must wield threats. The current response is laughably weak, impacting only $23 billion – just 3% of US exports of goods and services to Europe. That strategy must urgently change; it is not simply a matter of flexing muscles or turning into a hawk after playing the dove. Rather, a bold, new strategic move must be made. To do so, Europeans should not proceed alone, but must coordinate with others in the name of multilateralism. By imposing higher tariffs on all countries in February, Trump made a gamble. He succeeded because the other countries, caught off guard by the force of the attack, failed to coordinate their response.
