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Zawya
19 minutes ago
- Zawya
U.S. tariff of 15% on EU goods is all-inclusive, EU official says
BRUSSELS - The 15% tariff that European Union goods face when entering the United States is all-inclusive, unlike the deals some other countries have struck with Washington, a senior EU official said on Tuesday. The tariff framework will apply broadly to EU exports, except for steel and aluminium, the official said. The 15% rate will also apply to cars and car parts, with no quotas or limits, he added. "What we have obtained in our deal is the best available treatment," the EU official told reporters, while adding that the 27-nation bloc was not celebrating the 15% rate, but that it considered it was a very good deal compared to others. Tariffs on pharmaceuticals and semiconductors are currently zero, but if they rise as a result of a U.S. probe into imports of those products, they will not exceed the 15% ceiling. Talks on a joint statement with the U.S. that will spell out more details are very advanced, with the text broadly ready, with the EU waiting for a response from Washington to finalise things, the official said. He declined to give a timeline for its release. Discussions on steel are taking longer due to the need to address volume-related issues, he said. The EU is also working to finalise a list of essential products that will be exempt from U.S. tariffs, a process the official said will take some time. The EU is trying to get as many products as possible into the list of tariffs exemption, at a zero-for-zero rate. As part of the agreement, the EU will increase imports of U.S. bison meat. EU exports of car and car parts to the U.S. currently face a 27.5% tariff. But in Scotland last month, the EU and U.S. President Donald Trump announced as part of the framework deal on trade that duties on cars and car parts would be reduced to 15%. The EU official said on Tuesday that he expected that to happen "very soon". "Again, I have to insist that we're not celebrating this (trade deal). This is a sense of relief for us. No calls for celebration," the official said. (Reporting by Jan Strupczewski, Julia Payne, Sudip Kar-Gupta; Writing by Ingrid Melander and Jan Strupczewski; Editing by Alison Williams)
Zawya
19 minutes ago
- Zawya
Consumer gold purchases in Egypt down 20% in Q2 2025
Arab Finance: Consumer gold purchases in several Arab markets saw a noticeable decline in the second quarter (Q2) of 2025, with gold demand falling by 16% and 20% in Saudi Arabia and Egypt, respectively, according to data from the World Gold Council cited by Al Arabiya. In the UAE and Kuwait, gold purchases dropped by 5% and 2%, respectively. Total consumer gold demand across the four countries reached 42.6 metric tons in Q2 2025, down from 49 tons during Q2 2024 and 45 tons in Q1 2025, signaling a broader regional slowdown. In Egypt, consumer gold purchases declined to 11.5 tons in Q2 2025, compared to 14.4 tons in the same quarter of 2024. However, the figure marks a slight increase from the 11.1 tons bought in Q1 2025. Demand for gold bars in Egypt rose to 5.9 tons from 4.7 tons in Q1 2025, though still below the 7.6 tons recorded in Q2 2024. The improvement suggests a partial recovery in investor appetite for direct gold holdings. Meanwhile, demand for gold jewelry in Egypt fell to 5.7 tons in Q2 2025, down from 6.8 tons a year earlier and 6.4 tons in Q1 2025, indicating weaker interest in gold for ornamental use. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
The National
19 minutes ago
- The National
Manus on Markets: Saudi Aramco posts 10th consecutive quarter decline in profit
From tariff turmoil and stock shocks to market meltdowns, the global financial system has never been in such flux. Manus Cranny, The National's geo-economics editor, cuts through the noise and presents insights from the stories making headlines around the world.
