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Yahoo
2 hours ago
- Yahoo
EU-US Trade Agreement Now Hinges Mostly on Trump's Verdict
(Bloomberg) -- After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the US now rests mostly on Donald Trump. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Trump Administration Sues NYC Over Sanctuary City Policy European Commission President Ursula von der Leyen will travel to Scotland to meet the US president on Sunday, as the two sides aim to conclude a deal ahead of Friday's deadline, at which point 30% tariffs on the bloc's exports to the US are otherwise due to kick in. 'Intensive negotiations at technical and political have been ongoing,' said Paula Pinho, von der Leyen's spokesperson. 'Leaders will now take stock and consider the scope for a balanced outcome that provides stability and predictability for businesses and consumers on both sides of the Atlantic.' EU officials have repeatedly cautioned that a deal ultimately rests with Trump, making the final outcome difficult to predict. The US president recently negotiated with Japan and appeared to change certain final terms on the fly before a deal was eventually agreed earlier this week. The EU and US have been zeroing in on an agreement over the past week that would see the EU face 15% tariffs on most of its trade with the US. Limited exemptions are expected for aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, Bloomberg previously reported. Steel and aluminum imports would likely benefit from a quota under the arrangements under discussion, but above that threshold they would face a higher tariff of 50%. Alongside a universal levy, the US president has hit cars and auto parts with a 25% levy, and steel and aluminum with double that. He's also threatened to target pharmaceuticals and semiconductors with new duties as early as next month, and recently announced a 50% tariff on copper. The EU is expecting the same 15% ceiling on some sectors that could be the target of future tariffs, including pharmaceuticals, according to people familiar with the matter. But that's one of the key points where Trump's position will be crucial to a deal being sealed, the people added. 'We'll see if we make a deal,' Trump said as he arrived in Scotland on Friday. 'Ursula will be here, highly respected woman. So we look forward to that.' Trump reiterated that he believed there's 'a 50-50 chance' of a deal with the EU, saying there were sticking points on 'maybe 20 different things' that he didn't want to detail publicly. 'That would be actually the biggest deal of them all if we make it,' the president said. Trump gave similar chances of an agreement with European negotiators before leaving Washington, but also said the EU had a 'pretty good chance' of reaching an agreement. The US president announced tariffs on almost all US trading partners in April, declaring his intent to bring back domestic manufacturing, pay for a massive tax-cut extension, and stop the rest of the world from — as Trump has characterized it — taking advantage of the US. In addition to levies, any agreement would cover non-tariff barriers, cooperation on economic security matters, and strategic purchases by the EU in sectors such as energy and artificial intelligence chips, Bloomberg previously reported. The bloc has also offered to remove tariffs on many industrial goods and non-sensitive agricultural imports. The terms of any initial deal, which is likely to take the form of a short joint statement if agreed upon, would need to be approved by member states, some of the people said. The statement would be seen as a stepping stone toward more detailed talks. Because of the ongoing uncertainty, the EU has in parallel sketched out countermeasures in the event of a no-deal scenario. That would see it quickly hit American exports with up to 30% tariffs on some €100 billion ($117 billion) worth of goods — including Boeing Co. aircraft, US-made cars and bourbon whiskey — in the event of a no-deal, and if Trump carries through with his threat to impose that rate on most of the bloc's exports after Aug. 1 or in future. The package also includes some export restrictions on scrap metals. In a no-deal scenario, the bloc is also prepared to move forward with its anti-coercion instrument, a potent trade tool that would eventually allow it to target other areas such as market access, services and restrictions on public contracts, provided a majority of member states backs its use. While Trump didn't explicitly link negotiations to non-trade matters on Friday, he did suggest that he planned to raise concerns over migration flows. Trump has imposed strict anti-immigration policies since returning to office, carrying out a mass deportation effort of those in the US illegally while also narrowing pathways to legally move to the US. 'You got to stop this horrible invasion that's happening to Europe, many countries in Europe,' Trump said, adding that he believed 'this immigration is killing Europe.' --With assistance from Josh Wingrove. Burning Man Is Burning Through Cash Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
3 hours ago
- CNBC
China releases AI action plan days after the U.S. as global tech race heats up
SHANGHAI — The tech race between the world's two largest economies just intensified. China on Saturday released a global action plan for artificial intelligence, calling for international cooperation on tech development and regulation. The news came as the annual state-organized World Artificial Intelligence Conference kicked off in Shanghai with an opening speech by Premier Li Qiang, who announced that the Chinese government has proposed the establishment of a global AI cooperation organization, according to an official readout. Days earlier, U.S. President Donald Trump announced an American action plan for AI that included calls to reduce alleged "woke" bias in AI models and support the deployment of U.S. tech overseas. "The two camps are now being formed," said George Chen, partner at the Asia Group and co-chair of the digital practice. "China clearly wants to stick to the multilateral approach while the U.S. wants to build its own camp, very much targeting the rise of China in the field of AI," Chen said. He noted how China may attract participants from its Belt and Road Initiative, while the U.S. will likely have the support of its allies, such as Japan and Australia. In his speech, Premier Li emphasized China's "AI plus" plan for integrating the tech across industries and said the country was willing to help other nations with the technology, especially in the Global South. The category loosely refers to less developed economies, especially countries outside the U.S. and European orbits. Since 2022, the U.S. has sought to restrict China's access to advanced semiconductors for training AI models. Earlier this month, U.S. chipmaker Nvidia said the U.S. was allowing it to resume shipments of a less advanced H20 chip to China after a roughly three-month pause. However, China has been developing homegrown alternatives, which Nvidia CEO Jensen Huang both praised and described as "formidable" during his third trip to China this month. Former Google CEO Eric Schmidt met with Shanghai Party Secretary Chen Jining on Thursday in the city ahead of the AI conference, according to a city announcement. Schmidt did not immediately respond to a CNBC request for comment.
Business Insider
5 hours ago
- Business Insider
I left the US after being laid off from Amazon. Living in the Netherlands is more affordable, and my small business is thriving.
This as-told-to essay is based on a conversation with Denise Segler, 54, who moved from Seattle to Haarlem, a city in North Holland, the Netherlands, in 2024. The conversation has been edited for length and clarity. I fell in love with Europe at 18 during a school trip and promised to live abroad someday. I didn't know when or where, but I would make it happen. Later in life, I found myself divorced, with grown children, and recently laid off from my job. I'm a project manager in Information Technology (IT), and I used to work for Amazon. In January 2023, the company laid off my entire team. After that, I asked myself: What do I want to do with my life? I also questioned what was keeping me in the US. A lot of different things were pulling me toward Europe. I wanted to be my own boss and work as a freelancer. But health insurance in the US is incredibly expensive, and that's not the case in much of Europe. I also think Europeans have a better quality of life and work-life balance. In addition, the political climate in the US added a sense of urgency. Europe was calling my name When 2024 came around, I knew it was finally a good time to take a chance abroad. I had earned higher-level project management credentials and started actively promoting my own business as an IT project manager. I had also taken a trip to Ireland. I spent three weeks there — two on my own, and then my 27-year-old joined me for the last week. During that trip, I realized: OK, I can do this. I can go somewhere unfamiliar and be just fine. I researched different European visas and discovered the Dutch American Friendship Treaty (DAFT) visa. It allows Americans to live in the Netherlands as independent business owners. They just need to maintain a minimum of €4,500 ($5,278) in a business bank account. The visa was attractive to me. I also found out that the Netherlands had more affordable health insurance. Then I looked around, and other things were cheaper: cellphone and internet services. I thought, "Why not give that a try?" While you can do it yourself, I used a Dutch legal professional to file my visa paperwork. The legal office submitted my visa application and documents to the Dutch government on my behalf in August 2024 and let me know the visa was approved in September. I landed in Amsterdam on November 5. The Netherlands is the perfect place for me Before I moved to the Netherlands, I had never visited. But I received a lot of advice from people who had. Everyone had wonderful things to say — it was beautiful, and the people were fantastic. I live just south of Haarlem, the capital of North Holland, in a really cute neighborhood with shops, restaurants, and cafés. I feel very lucky, there's a train station just an eight-minute walk away from my apartment, and I'm right near a shopping area with all kinds of grocery stores. In some ways, the area reminds me of parts of Seattle, like the South Lake Union neighborhood. Before moving to the area, I hired a makelaar, a real estate agent, who helped me find a place to live. There's a housing shortage in the Netherlands, so you have to be either very flexible about where you live or be prepared to spend a lot of money. I was very lucky and ended up getting the first apartment I looked at. I had to pay six months' rent in advance because, as someone new to the country, I didn't have any local rental history. My apartment has a bedroom, a bathroom, and a small second room that I use as an office. There's also a combined living and dining area that leads past the kitchen. I spend more on housing but less on everything else I am self-employed, and I am withdrawing from my retirement account for now, which I do not recommend. So budgeting is important. I am paying more for housing in the Netherlands, about €1,735 ($2,041) for my apartment, but all my other bills are significantly cheaper than in the US. I pay €38 ($45) a month for internet and TV, whereas in the US, I paid over $100. My health insurance is also much cheaper here. Legally, you must have health insurance in the Netherlands, and there are a variety of insurance companies to choose from. In the US, I was on COBRA, which cost over $800 a month. Here, I pay €190 ($224) a month. It could be cheaper, but I added dental coverage and extra benefits for chiropractic care. Since I've been here, I've had my teeth cleaned once by a dentist, and that was about €150 ($176). The insurance paid half, and I paid the other half. I worried that food would be more expensive in the Netherlands, but it's not that bad. Produce is pretty cheap. For example, eggs usually come in packs of 10, costing between $3 and $4, depending on the type. The produce here is fantastic. There are farmers markets all over. I go to one every Wednesday, and I have to be careful because I always come back with all kinds of potatoes and cheeses. I think the bread is better here, too; many stores have in-house bakeries. There are pros and cons to living here English isn't an official language of the Netherlands, though most people speak it fluently. French is also commonly spoken, which works well for me. While I wasn't fully immersed in French, I practiced it five days a week for over a decade, starting when I was about nine years old. The locals are generally welcoming. I have seen someone shouting at people speaking a language other than Dutch or English, but only once or twice in the several months that I've been here. No one has been angry with me for speaking English. I think they take me as a tourist and are glad that I have a few words of Dutch. The people here are kind of direct, but I don't mind that much. Once, I went to get my hair cut, and the hairdresser commented, "Oh, you have to color your gray." I said, "No, I like my gray."' It can be hard to make friends, but there are meetup groups and Tinder, if you want to date. I do miss my chosen friends and family, and I have standing phone calls with them every Sunday night. Moving to the Netherlands was the right decision for me My life is more relaxed in the Netherlands because, honestly, I feel safer here. There aren't nearly as many guns, and I'm living in a safer neighborhood than I was in the US. I'm also not worried that a medical emergency is going to bankrupt me. I'm paying significantly less in bills, and the money I am saving every month on health insurance is going toward my savings and my business. My business is also about ready to take off. I joined two networking organizations of business owners, one based in the Netherlands and one based in the UK. I am working with a business coach, and I will be hiring a branding expert next month. My visa expires in July next year. I can request an extension, which I believe would grant me an additional three years. At that point, I would have been here five years, and I can apply for permanent residency, or, after taking Dutch classes, citizenship. I don't know if I want to become a citizen of the Netherlands, but for now, I'm just happy to be here because I can support myself.
