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Mint
3 hours ago
- Mint
EU and US Rush to Nail Down Final Details and Lock In Trade Deal
The European Union dodged an imminent trade war with the US this week, but markets and a growing chorus of critics have dispelled early hopes that the deal will bring a sense of stability back to transatlantic relations. The euro dropped the most in over two months against the dollar Monday, plunging more than 1%. That's after the common currency had surged to a near three-year high last week on the prospect of an agreement with the US. The EU over the weekend agreed to accept a 15% tariff on most of its exports, while the bloc's average tariff rate on American goods should drop below 1% once the deal goes into effect. Brussels also said it would purchase $750 billion in American energy products and invest $600 billion more in the US. 'The free trade principles that have underpinned transatlantic prosperity since the end of World War II are being systematically dismantled,' Karin Karlsbro, a Swedish member of the European Parliament's trade committee, said in a statement. 'The risk of European economic and political marginalization grows with each concession made.' German Chancellor Friedrich Merz, who initially cheered the deal as having 'succeeded' in avoiding a trade conflict and enabling the EU to safeguard its interests, seemed to sour on the accord. 'The German economy will suffer significant damage from these tariffs,' he told reporters Monday. 'I'm pretty sure this won't be limited to Germany and Europe. We'll also see the consequences of this trade policy in America.' French Prime Minister Francois Bayrou was also critical, saying on social media: 'It's a dark day when an alliance of free peoples, united to affirm their values and defend their interests, opts for submission.' The EU and US will seek to clinch a non-legally binding joint statement by Aug. 1 that will expand on some of the elements negotiated over the weekend, according to a senior EU official. Once the statement is finalized, the US will begin lowering its tariffs on specific sectors, in particular for cars and car parts, which currently face a 27.5% levy. The two sides will then start work on a legally binding text, said the official, who spoke on the condition of anonymity. The content and legal form of this document aren't clear, but it would require the support of at least a qualified majority of EU countries and possibly the European Parliament. The EU official said that reaching a consensus on the legal text could take a long time; many trade accords require years of negotiations. The EU won't start implementing the terms it agreed to — such as lowering tariffs on US products — until after this legal text is approved, according to the official. 'The agreement removes some tail downside risks but is short on details, which will need to be thrashed out over the coming weeks, risking new volatility,' Oliver Rakau — chief Germany economist at Oxford Economics — said in a note. 'Uncertainty is likely to remain elevated.' European Commission President Ursula von der Leyen said that the US agreed to bilaterally lower tariffs to zero on certain strategic products, including aircraft and component parts, certain generics, semiconductor equipment and certain agricultural products. One potential sticking point in negotiations will be EU metal exports, which currently have a 50% tariff rate. The EU is pushing for a quota on metals that would lower the levies on a certain volume of goods, while anything above that would pay the 50% rate, according to the EU official. 'Uncertainty remains regarding all the details concerning the European steel industry,' said Axel Eggert, director-general of the European Steel Association. Discussions are ongoing on whether some goods, such as wine and spirits, would be exempt from the 15% tariff rate, the EU official said. Another possible issue is the EU's promise to purchase $750 billion of American energy imports over three years, an integral part to securing the deal. Yet it's hard to see how the EU attains such ambitious flows over such a short time frame. Total energy imports from the US accounted for less than $80 billion last year, far short of the promise made by von der Leyen to Trump. Total US energy exports were just over $330 billion in 2024. The EU's pledge to invest an additional $600 billion in the US is just as problematic. The investment is just an aggregate of pledges by companies and not a binding target as the European Commission can't commit to such goal, said the EU official. The uncertainty from the trade war has weighed on EU economic forecasts, with the commission in May cutting its GDP growth expectations for the year to 1.1%. It projected a 1.5% rate in November. Despite the critics, the commission, which handles trade matters for the EU, insists this was the only course of action. 'This is clearly the best deal we could get under very difficult circumstances,' Maros Sefcovic, the EU's trade chief, told reporters on Monday. With assistance from Michal Kubala, Arne Delfs and John Ainger. This article was generated from an automated news agency feed without modifications to text.
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First Post
3 hours ago
- First Post
FirstUp: Op Sindoor debate in Rajya Sabha, IMF to publish report on world economy... Top news today
The Rajya Sabha will hold a special debate on the Operation Sindoor today, with the Opposition likely demanding a detailed explanation of the operation's objectives. This comes a day after the Lok Sabha debate. The IMF will publish its latest World Economic Outlook, a comprehensive analysis of the global economic situation read more A debate will take place in the the Upper House of Parliament over India's Operation Sindoor. Representational Image/PTI It is set to be a busy Tuesday with several events lined up for the day. Firstly, a debate will take place in the Rajya Sabha over Operation Sindoor today. Meanwhile, the International Monetary Fund (IMF) will publish its report on the world economy. German Chancellor Friedrich Merz will meet King Abdullah II of Jordan today. The National Disaster Management Authority, along with the Indian Army and state governments, will conduct large-scale disaster management exercises from today. STORY CONTINUES BELOW THIS AD Twin meteor showers, the Southern Delta Aquariids and the Alpha Capricornids, are expected to peak simultaneously today. Here are all the events that will take place today. Operation Sindoor debate in Rajya Sabha The Upper House of the Parliament, Rajya Sabha, is set to hold a special debate on Operation Sindoor, India's military response to the April 22 Pahalgam terror attack. The debate was agreed upon by both the government and the opposition. The session will follow a similar marathon discussion in the Lok Sabha on Monday (July 28) and aims to examine national security, intelligence, and diplomatic implications. The government is expected to face intense scrutiny from the Opposition benches, who are likely to demand a detailed explanation of the operation's objectives, its precise geographical scope, the forces involved, and, crucially, the outcomes and any potential implications for regional stability. IMF to publish report on world economy The International Monetary Fund is set to release its latest World Economic Outlook (WEO) update, providing a comprehensive analysis of the global economic situation, offering revised growth forecasts, inflation projections, and assessments of key economic risks and opportunities for countries worldwide. The International Monetary Fund is set to release its latest World Economic Outlook update. File image/AP The July update is particularly crucial as it follows a period of significant global economic uncertainty. Analysts and policymakers will be closely scrutinising the report for the IMF's revised GDP growth forecasts, especially given persistent inflation concerns, varying monetary policy stances across major economies, and ongoing geopolitical tensions. The update will likely detail how these factors are impacting different regions and highlight potential divergences in economic performance. German Chancellor to meet Jordan's King Abdullah II German Chancellor Friedrich Merz is scheduled to meet Jordan's King Abdullah II today during a visit to Berlin. The discussions between Chancellor Merz and King Abdullah II are expected to focus on strengthening cooperation across various sectors, including economic partnerships, development aid, and security collaboration. A significant portion of the talks will undoubtedly be dedicated to recent developments in West Asia, particularly the ongoing conflict in Gaza and the broader humanitarian situation. Both leaders have previously emphasised the urgent need for an immediate ceasefire, unimpeded humanitarian aid delivery to Gaza, and a political solution based on the two-state solution. King Abdullah II has been a prominent voice on these issues, and Merz recently urged Israeli Prime Minister Netanyahu to provide aid to 'starving' civilians in Gaza. STORY CONTINUES BELOW THIS AD Disaster mock drill in Delhi-NCR Delhi and the National Capital Region (NCR) will witness a massive multi-agency disaster management exercise, 'Exercise Suraksha Chakra.' This large-scale drill will be spearheaded by the National Disaster Management Authority (NDMA) in collaboration with the Indian Army and the state governments of Delhi, Haryana, and Uttar Pradesh. School students participate in a mock drill. File image/PTI The four-day exercise, which runs until August 1, aims to significantly strengthen coordination and response mechanisms for major disaster scenarios, specifically during large-scale earthquakes and industrial chemical hazards. The drill is structured in phases, moving from strategic planning to on-ground action. Twin meteor showers to light up skies Two meteor showers, the Southern Delta Aquariids and the Alpha Capricornids, are expected to peak simultaneously today across the Northern Hemisphere. The Southern Delta Aquariids are typically active from mid-July to mid-August, reaching their peak around late July. They originate from the debris left by Comet 96P/Machholz. Under ideal conditions, this shower can produce up to 20 meteors per hour. Sharing the sky, the Alpha Capricornids are a smaller, but often more dramatic, shower. Active from early July to mid-August, they peak around the same time as the Southern Delta Aquariids. This shower is notable for producing bright fireballs, even if their hourly rate is lower. With inputs from agencies
Time of India
3 hours ago
- Time of India
Angry France slams US trade pact 'submission' as EU peers breathe sigh of relief
France denounced the trade agreement between the European Union and the U.S. as a "submission" on Monday though other EU states largely backed a deal they acknowledged was lopsided but which averts an economically damaging trade war with Washington. The framework deal, announced on Sunday between two economies accounting for almost a third of global trade, will see the U.S. impose a 15% import tariff on most EU goods from next month, but offers some protection for critical industries like cars and pharmaceuticals. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science Management others CXO Data Science Digital Marketing Project Management Healthcare Artificial Intelligence Product Management Design Thinking healthcare PGDM Public Policy Finance Leadership Data Analytics MCA Technology MBA Operations Management Others Degree Cybersecurity Skills you'll gain: Data Analysis & Interpretation Programming Proficiency Problem-Solving Skills Machine Learning & Artificial Intelligence Duration: 24 Months Vellore Institute of Technology VIT MSc in Data Science Starts on Aug 14, 2024 Get Details Skills you'll gain: Strategic Data-Analysis, including Data Mining & Preparation Predictive Modeling & Advanced Clustering Techniques Machine Learning Concepts & Regression Analysis Cutting-edge applications of AI, like NLP & Generative AI Duration: 8 Months IIM Kozhikode Professional Certificate in Data Science and Artificial Intelligence Starts on Jun 26, 2024 Get Details That is half the rate Washington had threatened, though much more than Europeans hoped for. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Shooter Action MMO Crossout Play Now Undo U.S. President Donald Trump, who has sought to leverage tariff threats to reshape global trade since returning to the White House this year, feted the accord on Sunday during a trip to Scotland, calling it "the biggest deal ever made". But France, Europe's second largest economy, poured scorn on the agreement. Live Events "It is a dark day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission," Prime Minister Francois Bayrou wrote on X. French President Emmanuel Macron made no public comment. While the mood among other European governments was decidedly sombre, most agreed that the failure to strike a deal would have been disastrous. "This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy hard," said German Chancellor Friedrich Merz, who heads the 27-nation EU bloc's largest economy. Speaking to journalists on Monday, the top trade official for the European Commission, which negotiates trade deals for the EU, said allowing the 30% tariffs to be imposed would have been "much, much worse". "This is clearly the best deal we could get under very difficult circumstances," EU Trade Commissioner Maros Sefcovic said. Several EU countries acknowledged that the deal establishes some certainty with Europe's biggest trading partner following months of turmoil, with Sweden, for example, calling it the "least bad alternative" and Spain backing it, albeit "without enthusiasm." Any final deal is likely to need approval from EU capitals. STILL WORK TO DO Since managing trade falls under the responsibilities of the European Commission, unhappiness with the outcome of the months-long negotiations from countries like France will not scupper the framework agreement. But there is still work to be done. Many of the specifics of the agreement were not immediately known, but EU officials said they would be clarified in a joint statement that should be finalised by August 1. Further negotiations over the coming weeks will be held to reach a full-fledged deal. Even Germany said more work was necessary, including with regards to the steel sector. Trump said the deal, including an investment pledge topping the deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of U.S. exporters. Japan's package will consist of equity, loans and guarantees from state-run agencies of up to $550 billion to be invested at Trump's discretion, Tokyo says. EU officials, in contrast, said the EU's $600 billion investment pledge is based on the combined intended private-sector investments expressed by European companies. The deal will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15% baseline tariff, while an improvement on the threatened rate of 30%, compares to an average U.S. import tariff rate of around 2.5% last year before Trump's return to the White House. MORE CLARITY, BUT A CHALLENGE European stocks opened up on Monday, with the STOXX 600 touching a four-month high and all other major bourses also in the green. Tech and healthcare stocks led the way. "The 15% rate is better than the market was fearing," said Jefferies economist Mohit Kumar. Still, European companies were left wondering whether to cheer or lament the accord. "Those who expect a hurricane are grateful for a storm," said Wolfgang Große Entrup, head of the German Chemical Industry Association VCI. "Further escalation has been avoided. Nevertheless, the price is high for both sides. European exports are losing competitiveness. U.S. customers are paying the tariffs," he said. Among the many questions that remain to be answered, however, is how the EU's promise to invest hundreds of billions of dollars in the U.S. and steeply increase energy purchases can be turned into reality. It was not immediately clear if specific pledges of increased investments were made or whether the details still must be hammered out. And while the EU pledged to make $750 billion in strategic purchases over the next three years, including oil, liquefied natural gas (LNG) and nuclear fuel, the U.S. will struggle to produce enough to meet that demand. While U.S. LNG production capacity is due to almost double over the next four years it will still not be enough to ramp up supplies to Europe, and oil production is expected to be lower than previously forecast this year. Despite the lingering unknowns, analysts stressed the deal still helped decrease uncertainty. Oil prices edged higher on Monday.
