Watch Trump announce framework for a trade deal with EU
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Yahoo
12 minutes ago
- Yahoo
Europe Inc swerves Trump trade war 'hurricane' but laments higher tariffs
LONDON (Reuters) -European companies were left wondering on Monday whether to cheer a hard-won U.S. trade deal or lament a still sharp jump in tariffs versus those in place before President Donald Trump's second term. A day earlier, European leaders heralded a framework trade deal with the United States that would impose a 15% import tariff on most EU goods, averting a spiralling battle between two allies which account for almost a third of global trade. Although the deal is better than the 30% rate threatened by Trump and will bring clarity for European makers of cars, planes and chemicals, the 15% baseline tariff is well above initial hopes of a zero-for-zero agreement. It is also higher than the U.S. import tariff rate last year of around 2.5%. "Those who expect a hurricane are grateful for a storm," said Wolfgang Große Entrup, head of the German Chemical Industry Association VCI, calling for more talks to reduce tariffs that he said were "too high" for Europe's chemical industry. "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." The deal, which also includes $600 billion of EU investments in the United States and $750 billion of EU purchases of U.S. energy over Trump's second term, includes some exemptions, even if details are still to be ironed out. Carmakers Volkswagen and Stellantis, among others, will face the 15% tariff, down from 25% under the global levy imposed by Trump in April. Stellantis shares rose 3.5% and car parts maker Valeo was up 4.7% in early trade. German pharma group Merck KGaA gained 2.9%. Aircraft and aircraft parts will be exempt - good news for French planemaker Airbus - as will certain chemicals, some generic drugs, semiconductor equipment, some farm products, natural resources and critical raw materials. Shares in the world's biggest chip maker ASML rose more than 4%, among the biggest gainers on the pan-European STOXX 600 index. STILL TO BE NEGOTIATED Dutch brewer Heineken cheered the deal, with CEO Dolf van den Brink welcoming the certainty it brought. The world's No.2 brewer sends beer, especially its namesake lager, to the U.S. from Europe and Mexico, and has also suffered from the indirect effect on consumer confidence in important markets like Brazil. The rate on spirits that could impact firms such as Diageo, Pernod Ricard and LVMH, is still being negotiated though. "It seems that in coming days there could be negotiations for certain agricultural products, zero for zero, which is what the European and U.S. sectors have been calling for," said Jose Luis Benitez, director of the Spanish Wine Federation. Benitez added that a 15% rate could put Europe at a disadvantage versus other wine exporting regions subject to 10% tariffs. "If there are any exceptions, we hope that the (European) Commission understands that wine should be one of them." Lamberto Frescobaldi, the president of Italian wine body UIV, said on Sunday that 15% tariffs on wine would result in a loss of 317 million euros ($372.63 million) over the next 12 months, though the group was waiting to see the final deal text. Others said that the agreement- which followed on the heels of a similar one with Japan - helped bring greater clarity for company leaders, but still threatened to make European firms less competitive. "While this agreement puts an end to uncertainty, it poses a significant threat to the competitiveness of the French cosmetics industry," said Emmanuel Guichard, secretary general of French cosmetics association FEBEA, which counts L'Oreal, LVMH and Clarins among its members. ($1 = 0.8507 euros)
Yahoo
12 minutes ago
- Yahoo
100ml liquid restriction set to be scrapped across European airports – but there's a catch
Airports across the European Union (EU) are finally set to scrap the 100ml liquid restrictions for passengers – but there's a catch. The constraint was due to be scrapped last summer, but a European Commission (EC) ruling kept it in place temporarily. Now, aviation hubs with advanced scanners will allow passengers to carry wine, olive oil, perfume and other liquids in containers of up to two litres. Participating airports include travel hotspots such as Berlin, Rome, Amsterdam and Milan, with more expected to follow. While many major airports already have the advanced scanners, not all do, including London's Heathrow. It would cost the airport £1.04bn to install the equipment. There will be no mandatory requirement for airports to implement the new technology and it will be the decision of individual facilities to purchase the scanners. Consequently, the new ruling could cause confusion for passengers departing from an airport with the scanners, but returning home via an airport without them. In this instance, only 100ml would be allowed in the hand luggage on the return flight. The scanners use computed tomography (CT) to scan luggage with increased accuracy. Their introduction also means passengers will no longer have to remove other items from cabin baggage, such as laptops and tablets, further streamlining the security process. The major change was first reported by Italian news outlet Corriere della Sera and confirmed by the European Commission, with the European Civil Aviation Conference (ECAC) set to green light the move imminently. European Commission spokesperson Anna-Kaisa Itkonen told The Independent that they were expecting the ruling to be confirmed 'in the next [few] days.' 'Once individual manufacturer's airport equipment passes tests and gets ECAC approval, it can receive the EU Stamp, permitting the screening of liquids of larger than 100ml. 'After receiving this approval, the equipment may be deployed for use at airports.' The Independent has approached the ECAC for comment. The news mirrors the recent decision by Birmingham and Edinburgh airports to remove the 100ml liquid restriction, while other UK airports still enforce the limit. Under existing rules, hand luggage liquids must be packed in containers carrying no more than 100ml, with some exceptions for baby products and medicines. Travellers are being advised to check the current rules from both their departing and return airports before travelling.
Newsweek
12 minutes ago
- Newsweek
Trump Threatens 'Stupid' Iran
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump ridiculed Iran's continued pursuit of uranium enrichment following U.S. airstrikes on its key nuclear sites last month, expressing disbelief on Sunday at Tehran's persistence despite what he described as a decisive military blow to its ambitions. "They got the hell knocked out of them and they…I don't think they know it," Trump told reporters at his golf course in the Scottish village of Turnberry. He said Iran's insistence on enrichment was "stupid" and vowed to stop the program outright. Newsweek has reached out to the State Department and Iran's Foreign Ministry for comment. Why It Matters Trump's comments marked one of the sharpest threats from Washington since last month's 12-day war, when Israeli and U.S. strikes targeted Iran's nuclear facilities. Despite the losses, Tehran remains defiant on uranium enrichment—a key issue behind decades of U.S.-Iran tensions. The U.S. leader's remarks highlight a growing divide: Iran claims its program is peaceful and scientific, while the U.S. sees enrichment as a path to nuclear weapons—something Trump insists he would never allow. President Donald Trump speaks as he meets European Commission President Ursula von der Leyen at the Trump Turnberry golf course in Turnberry, Scotland Sunday, July 27, 2025. President Donald Trump speaks as he meets European Commission President Ursula von der Leyen at the Trump Turnberry golf course in Turnberry, Scotland Sunday, July 27, 2025. Jacquelyn Martin/AP Photo What to Know Following a meeting with EU chief Ursula Von der Leyen, Trump expressed surprise at Iran's ongoing pursuit of uranium enrichment. "They still talk about enrichment," he said. "Who would do that? You just come out of something that's so bad, and they talk about, we want to continue enrichment." He added: "How stupid can you be to say that?" Trump also condemned Iran's rhetoric, saying: "Iran has been very nasty with their words, with their mouth. They got the hell knocked out of them and they…I don't think they know it. I actually don't think they know." Nuclear Damage On June 22, U.S. forces struck Iran's nuclear facilities at Fordow, Esfahan and Natanz, following a 12-day Israeli offensive. In retaliation, Iran launched missile attacks on Al-Udeid Air Base in Qatar—the largest U.S. military installation in the Middle East—claiming it was a direct response to American aggression. Although Iran reported successful strikes, U.S. and Qatari officials stated that all missiles were intercepted and no casualties or major damage occurred. Portraits of children and teenagers who were killed in the June 13 Israeli airstrike at a residential compound in Tehran, Iran, are displayed with some of their belongings on Saturday, July 19, 2025. Portraits of children and teenagers who were killed in the June 13 Israeli airstrike at a residential compound in Tehran, Iran, are displayed with some of their belongings on Saturday, July 19, 2025. AP Photo National Pride Iranian Foreign Minister Abbas Araghchi recently reaffirmed that Iran would not abandon its uranium enrichment program. He called the effort both a scientific success and a patriotic symbol. "Our enrichment is so dear to us," Araghchi said. Meanwhile, Iran has said that it would proceed with nuclear negotiations alongside European powers following "serious, frank and detailed" discussions in Istanbul last week. What People Are Saying U.S. President Donald Trump: "The whole thing's a con job…Iran was beaten up very badly, for good reason. We cannot have them have a nuclear weapon." Iranian Foreign Minister Abbas Araghchi: "Obviously we cannot give up our enrichment, because it is an achievement of our own scientists and now more than that, it is a question of national pride." What Happens Next Trump's latest comments indicate the U.S. will continue pressuring Iran diplomatically and militarily to abandon uranium enrichment. While talks with European powers are ongoing following recent meetings in Turkey, no deal has been reached yet, and tensions between Washington and Tehran remain high with the risk of further escalation.
