Stocks Dip On ‘Tariff Day' Tension, TikTok Sale Deadline Nears
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 minutes ago
- Yahoo
Trump announces EU trade deal that sees 15% flat tariff for products coming to US
Donald Trump announced a trade agreement with the European Union Sunday that will cut tariff rates down to 15 percent on imports from the trade bloc, while US exports will be tariff-free. The president spoke alongside European Commission President Ursula von der Leyen at his Turnberry golf course in Scotland as he announced the news. 'All of the countries will be opened up to trade with the United States at zero tariff [for U.S. exports],' Trump told reporters, shaking von der Leyen's hand. 'We are agreeing that the tariff straight across for automobiles and everything else, will be a straight across tariff of 15 percent. So we have a tariff of 15 percent; we have the opening up of all of the European countries, which I think I could say [those markets] were essentially closed,' said the president. He also touted a number of impending EU investments, including a purchase of military materials. Von der Leyen confirmed: 'It is 15 percent tariffs across the board.' 'We have a trade deal between the two largest economies in the world, and it's a big deal. It's a huge deal. It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic,' said the European Commission president. The announcement comes ahead of the Trump administration's planned August 1 deadline for enforcement of the president's so-called 'reciprocal' tariffs. Trump had threatened to hike that rate to 30 percent in a letter this month. Asked about U.S. concessions in the deal, and the apparent imbalance of the U.S.-E.U. tariff rates going forward, von der Leyen cast the agreement as meant to address existing issues, and told one reporter: 'The starting point was an imbalance, a surplus on our side and a deficit on the U.S. side.' The president briefly answered questions from reporters, though he claimed not to hear one about his deputy attorney general (and former personal attorney)'s meeting with Ghislaine Maxwell, imprisoned accomplice of Jeffrey Epstein. He also claimed to have told the respective leaders of Cambodia and Thailand that the two countries needed to cease armed clashes along their respective borders in order to secure trade agreements with his administration. The president would go on to complain that the U.S. was not sufficiently praised for its investment in the Gaza Humanitarian Foundation, an Israeli-led effort to provide aid in Gaza that appears to have utterly failed to avert widespread famine and has long been labeled an effort by the Israeli government to save face by its critics. Further information about the agreement was not immediately released by the White House, either to pool reporters or through other media channels. 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
5 minutes ago
- Yahoo
US expects to result of probe into chip imports in two weeks
TURNBERRY, Scotland (Reuters) -The Trump administration will announce the result of a national security probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick said on Sunday, without providing details. Lutnick told reporters after a meeting between U.S. President Donald Trump and European Commission President Ursula von der Leyen that the investigation - which is expected to result in tariffs on chips imports - was one of the "key reasons" the EU sought to negotiate a broader trade agreement that would "resolve all things at one time." Trump said many companies would be investing in semiconductor manufacturing in the United States, including some from Taiwan and other places, to avoid getting hit by new tariffs. Sign in to access your portfolio
Business Insider
5 minutes ago
- Business Insider
Trump strikes a deal with the EU on tariffs
The US and the EU reached a trade deal on Sunday after negotiations in Scotland between President Donald Trump and European Commission President Ursula von der Leyen. The deal sets 15% tariffs on most European goods imported to the United States, a significant reduction from the 30% Trump had threatened earlier, but more than the 10% the EU originally sought. In return, Trump said the EU would ramp up investments in the United States. "The European Union is going to agree to purchase from the United States $750 billion worth of energy," Trump told reporters. "They are going to agree to invest into the United States $600 billion more than they're investing already." The EU also agreed to purchase a "vast amount" of military equipment from the US. "I think it's the biggest deal ever made," Trump said. There are some exceptions to the 15% tariffs, including steel, which Trump said would remain at the 50% he earlier set for all countries worldwide. The agreement comes days before August 1, when the Trump administration's tariffs will go into effect for numerous countries, some of which could face levies as high as 50%. Commerce Secretary Howard Lutnick said Sunday that there would be no more extensions and that tariffs would go into effect on August 1 as planned.
