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EU chief von der Leyen heads to Scotland for trade talks with Trump
By Andrew Gray and Andrea Shalal BRUSSELS/EDINBURGH (Reuters) -EU Commission President Ursula von der Leyen headed to Scotland on Saturday ahead of a meeting with U.S. President Donald Trump on Sunday afternoon, commission spokespeople said, as EU officials said the two sides were nearing a trade agreement. Trump, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that he was looking forward to meeting with von der Leyen, calling her a "highly respected" leader. He repeated his view that there was a 50-50 chance that the U.S. and the 27-member European Union could reach a framework trade pact, adding that Brussels wanted to "make a deal very badly". If it happened, he said it would be the biggest trade agreement reached yet by his administration, surpassing the $550 billion accord agreed with Japan earlier this week. The White House has released no details about the planned meeting or the terms of the emerging agreement. The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of U.S. goods in case the talks collapse. To get a deal, Trump said the EU would have to "buy down" that tariff rate, although he gave no specifics. EU diplomats say a possible deal between Washington and Brussels would likely include a broad 15% tariff on EU goods imported into the U.S., mirroring the U.S.-Japan deal, along with a 50% tariff on European steel and aluminum. The broad tariff rate would be half the 30% duties that Trump has threatened to slap on EU goods from August 1. It remains unclear if Washington will agree to exempt the EU from sectoral tariffs on automobiles, pharmaceuticals and other goods that have already been announced or are pending. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce in Brussels warned in March that any conflict jeopardized $9.5 trillion of business in the world's most important commercial relationship. 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
Yahoo
14 minutes ago
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Milei Cuts Export Levies on Argentine Soybeans in Nod to Farmers
(Bloomberg) -- President Javier Milei said he's chopping tariffs on Argentina's exports of meat and crops including soybean products to appease the country's farmers, who view the libertarian leader as falling short on his free-trade promises. 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? Trump Administration Sues NYC Over Sanctuary City Policy Argentina's influential farming associations have been seeking relief from the levies, which have held back rural development in Argentina and helped make Brazil the region's undisputed agricultural powerhouse. Tariffs on soy meal and soy oil — Argentina is the top exporter of both — will fall to 24.5% from 31%. For soybeans, the rate drops to 26% from 33%, and for corn to 9.5% from 12%. Several beef cuts will now be taxed 5% instead of 6.75%. Argentina's export tariffs are 'a great scourge that should never have existed,' Milei said at an annual cattle show in Buenos Aires. 'These reductions are permanent and won't be reversed while I'm in power. Extinguishing export tariffs is an obsession of our administration.' Lower rates will make Argentina more competitive as global trade is redrawn by US President Donald Trump's tariffs. While Milei is ideologically opposed to the levies, he still needs the billions of dollars in annual revenue that come from crop and meat cargoes, especially soy, to achieve his priority of posting budget surpluses. While Milei has been unshackling agriculture from years of government intervention, export tariffs remain the elephant in the room. The cuts announced Saturday will help growers, who have strongly backed Milei but are struggling to turn a profit amid low global crop prices. Nicolás Pino, head of the Argentine Rural Society, called on Milei to keep shrinking the tax burden on farmers. 'That includes, above all else, scrapping export tariffs,' he said, addressing the event just before Milei. 'They're worse than the plague, floods or drought.' 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.
Yahoo
39 minutes ago
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China Premier Warns of AI ‘Monopoly' as US Effort Quickens
(Bloomberg) — China will spearhead the creation of an international organization to jointly develop AI, the country's premier said, seeking to ensure that world-changing technology doesn't become the province of just a few nations or companies. 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? Trump Administration Sues NYC Over Sanctuary City Policy Artificial intelligence harbors risks from widespread job losses to economic upheaval that require nations to work together to address, Premier Li Qiang told the World Artificial Intelligence Conference in Shanghai on Saturday. That means more international exchanges, Beijing's No. 2 official said during China's most important annual technology summit. Li didn't name any countries in his short address to kick off the event. But Chinese executives and officials have taken aim at Washington's efforts to curtail the Asian country's tech sector, including by slapping restrictions on the export of Nvidia Corp. chips crucial to AI development. On Saturday, Li acknowledged a shortage of semiconductors was a major bottleneck, but reaffirmed President Xi Jinping's call to establish policies to propel Beijing's ambitions. The government will now help create a body — loosely translated as the World AI Cooperation Organization — through which countries can share insights and talent. 'Currently, key resources and capabilities are concentrated in a few countries and a few enterprises. If we engage in technological monopoly, controls and restrictions, AI will become an exclusive game for a small number of countries and enterprises,' Li told hundreds of delegates huddled at the conference venue on the banks of Shanghai's iconic Huangpu river. China and the US are locked in a race to develop a technology with the potential to turbocharge economies and — over the long run — tip the balance of geopolitical power. This week, US President Donald Trump signed executive orders to loosen regulations and expand energy supplies for data centers — a call to arms to ensure companies like OpenAI and Google help safeguard America's lead in the post-ChatGPT era. At the same time, the breakout success of DeepSeek has inspired Chinese tech leaders and startups to accelerate research and roll out products such as open-sourced models, robots and AI agents. That parade of technology represents Chinese developers' efforts to set world standards and benchmarks, and grab a bigger slice of the global market. They also dovetail with Beijing's broader efforts to ensure self-reliance on critical technologies in the face of tensions between the world's economic superpowers. The weekend conference in Shanghai — gathering star founders, Beijing officials and deep-pocketed financiers by the thousands — is designed to catalyze that movement. The event, which has featured Elon Musk and Jack Ma in years past, was launched in 2018 to showcase China's cutting-edge technology. This year's attendance may hit a record because it's taking place at a critical juncture in the global race to lead the development of generative AI. It's already drawn some notable figures: Nobel Prize laureate Geoffrey Hinton and former Google chief Eric Schmidt were among industry heavyweights who met Shanghai party boss Chen Jining on Thursday, before they were due to speak at the conference. Going forward, China will seek to propel AI development in the Global South, Li said, referring to a loose gathering that includes Brazil and Africa. Schmidt later echoed Li's call for nations to work together — particularly China and the US. 'The upsides are phenomenal,' he told delegates. 'As the largest and most significant economic entities in the world, the United States and China should collaborate on these issues,' he said. 'We have a vested interest to keep the world stable, keep the world not at war, to keep things peaceful, to make sure we have human control of these tools.' —With assistance from Jing Li and Charlie Zhu. (Updates with Schmidt's comments from the 11th paragraph.) 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
