Trump announces trade deal with European Union
Speaking during a meeting with European Commission President Ursula von der Leyen in Scotland, Trump said the agreement followed intensive negotiations and aims to reduce the US trade deficit and establish a more balanced economic relationship between the two sides.
He noted that the US trade deficit with the EU reached US$235.6 billion in 2024.
The president revealed that pharmaceutical products would be exempt from the new tariffs, along with limited exclusions for aircraft and medical equipment.
Trump added that the tariff rate, initially expected to reach 30 percent, was reduced to 15 percent under the new agreement, which is set to take effect in August.
Von der Leyen expressed the EU's satisfaction with the agreement, describing it as a balanced outcome for both parties.
She also stated the EU's intention to increase purchases of US military equipment as part of the bilateral understanding, while remaining prepared to introduce precautionary trade measures if necessary.
Follow Emirates 24|7 on Google News.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
29 minutes ago
- Gulf Business
India unites against US tariff threat over Russian oil trade
India's ruling party and main opposition condemned on Tuesday a threat by US President Donald Trump to raise tariffs on goods from India over its Russian oil purchases, in a show of political unity as a trade rift deepens with Washington. Trump had already in July announced 25 per cent tariffs on Indian imports, and US officials have cited a range of geopolitical issues standing in the way of a US-India trade accord. Manish Tewari, a member of parliament and leader of the opposition Congress, said Trump's 'disparaging remarks hurt the dignity and self-respect of Indians'. 'The time has come to call out this constant bullying and hectoring,' he added. BJP Vice President Baijayant Jay Panda quoted Henry Kissinger — the most powerful US diplomat of the Cold War era — in a post on X: 'To be an enemy of America can be dangerous, but to be a friend is fatal.' India's Foreign Ministry said the country was being unfairly singled out over its purchases of Russian oil, and highlighted continued trade between Moscow and both the United States and the European Union, despite the war in Ukraine. 'It is revealing that the very nations criticising India are themselves indulging in trade with Russia,' it said in a statement issued late on Monday. 'It is unjustified to single out India,' the ministry said. It said the EU conducted 67.5 billion euros ($78.02bn) in trade with Russia in 2024, including record imports of liquefied natural gas (LNG) reaching 16.5 million metric tons. The United States, the statement said, continues to import Russian uranium hexafluoride for use in its nuclear power industry, palladium, fertilisers and chemicals. It did not give a source for the export information. The US embassy and the EU's delegation in New Delhi did not immediately respond to a request for comment. Both the United States and EU have sharply scaled back their trade ties with Russia since it launched a full-scale invasion of Ukraine in February 2022. In 2021, Russia was the EU's fifth-largest trading partner, with goods exchange worth 258 billion euros, according to the EU executive European Commission. SUDDEN RIFT India is the biggest buyer of seaborne crude from Russia, importing about 1.75 million barrels per day of Russian oil from January to June this year, up 1 per cent from a year ago, according to data provided to Reuters by trade sources. It has faced pressure from the West to distance itself from Moscow since Russia invaded Ukraine. New Delhi has resisted, citing its longstanding ties with Russia and economic needs. India's National Security Adviser Ajit Doval is likely to travel to Russia this week on a scheduled visit, two government sources said. Foreign Minister S Jaishankar is expected to visit in the coming weeks. The sudden rift between India and the US has been deepening since July 31, when Trump announced the 25 per cent tariff on goods being shipped to the US and for the first time threatened unspecified penalties for buying Russian oil. Trump has said that from Friday he will impose new sanctions on Russia as well as on countries that buy its energy exports, unless Moscow takes steps to end the war with Ukraine. The trade tensions have caused concern about the potential impact on India's economy. The equity benchmark BSE Sensex .BSESN closed down 0.38 per cent, while the rupee dropped 0.17 per cent versus the dollar.
Filipino Times
44 minutes ago
- Filipino Times
Trump to Establish White House Olympics Task Force for 2028 LA Games
United States President Donald Trump is set to sign an executive order on Tuesday to create a White House task force focused on preparing for the 2028 Summer Olympics in Los Angeles. According to a senior administration official, the task force will be responsible for handling issues related to security, logistics, and coordination across various levels of government. The task force will include members from Trump's cabinet as well as multiple federal agencies. Its main duties will involve coordinating efforts between federal, state, and local authorities, particularly in areas such as transportation and infrastructure. It will also work to streamline visa and credentialing processes for international athletes, coaches, officials, and media personnel coming to the United States for the event. Trump, whose second presidential term is set to coincide with the global sporting event, views the Olympics as a key milestone of his presidency. The former president, who played a role in securing the U.S. bid for the 2028 Games during his first term, considers the opportunity to oversee the Olympics a personal and national achievement. Organizers of the LA28 Games recently revealed the initial Olympic competition schedule, as excitement builds for the city's third time hosting the event—following the 1932 and 1984 editions. Casey Wasserman, chair and president of LA28, praised the creation of the federal task force, calling it a major step in ensuring the Games are the most successful in history.
Gulf Today
an hour ago
- Gulf Today
Tesla's UK sales drop 60% year-on-year last month
Tesla's new car sales in Britain dropped nearly 60 per cent to 987 units in July from a year earlier, figures from industry body Society of Motor Manufacturers and Traders (SMMT) showed on Tuesday. Data last week showed registrations of new Tesla cars in several key European markets fell in July, despite a revamp to its signature Model Y, as the EV maker struggles with a backlash against CEO Elon Musk's political views, regulatory challenges and rising competition. Overall, new car registrations in Britain fell about 5 per cent year-on-year in July to 140,154 units, the SMMT said, with growth in battery electric vehicle sales moderating to 9.1 per cent in the month. Battery electric vehicles are now projected to account for 23.8 per cent of new registrations in 2025, slightly up from SMMT's previous forecast of 23.5 per cent. 'July's dip shows yet again the new car market's sensitivity to external factors, and the pressing need for consumer certainty,' SMMT chief executive Mike Hawes said in a statement. The new electric car grant offers a helpful financial boost to encourage people to buy BEVs. However, it's still unclear which models will be eligible, so some buyers are waiting, the SMMT said. 'Confirming which models qualify for the new EV grant, alongside compelling manufacturer discounts on a huge choice of exciting new vehicles, should send a strong signal to buyers that now is the time to switch,' Hawes said. Reuters
