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The Hill
27 minutes ago
- The Hill
US tariffs on European goods threaten to shake up the world's largest 2-way trade relationship
FRANKFURT, Germany (AP) — America's largest trade partner, the European Union, is among the entities awaiting word Monday on whether U.S. President Donald Trump will impose punishing tariffs on their goods, a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic. Trump imposed a 20% import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10% to quiet financial markets and allow time for negotiations. Expressing displeasure the EU's stance in trade talks, however, the president said he would jack up the tariff rate for European exports to 50%. A rate that high could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals much more expensive in the U.S. The EU, whose 27 member nations operate as a single economic bloc, said its leaders hoped to strike a deal with the Trump administration. Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. Here are important things to know about trade between the United States and the European Union. A lot of money is at stake in the trade talks. The EU's executive commission describes the trade between the U.S. and the EU as 'the most important commercial relationship in the world.' The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. The biggest U.S. export to Europe is crude oil, followed by pharmaceuticals, aircraft, automobiles, and medical and diagnostic equipment. Europe's biggest exports to the U.S. are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Trump has complained about the EU's 198 billion-euro ($233 billion) trade surplus in goods, which shows Americans buy more stuff from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. The U.S. services surplus took the nation's trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3% of overall U.S.-EU trade. Before Trump returned to office, the U.S. and the EU maintained a generally cooperative trade relationship and low tariff levels on both sides. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products. But the White House has taken a much less friendly posture toward the longstanding U.S. ally since February. Along with the fluctuating tariff rate on European goods Trump has floated, the EU has been subject to his administration's 50% tariff on steel and aluminum and a 25% tax on imported automobiles and parts. Trump administration officials have raised a slew of issues they want to see addressed, including agricultural barriers such as EU health regulations that include bans on chlorine-washed chicken and hormone-treated beef. Trump has also criticized Europe's value-added taxes, which EU countries levy at the point of sale this year at rates of 17% to 27%. But many economists see VAT as trade-neutral since they apply to domestic goods and services as well as imported ones. Because national governments set the taxes through legislation, the EU has said they aren't on the table during trade negotiations. 'On the thorny issues of regulations, consumer standards and taxes, the EU and its member states cannot give much ground,' Holger Schmieding, chief economist at Germany's Berenberg bank, said. 'They cannot change the way they run the EU's vast internal market according to U.S. demands, which are often rooted in a faulty understanding of how the EU works.' Economists and companies say higher tariffs will mean higher prices for U.S. consumers on imported goods. Importers must decide how much of the extra tax costs to absorb through lower profits and how much to pass on to customers. Mercedes-Benz dealers in the US. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. Simon Hunt, CEO of Italian wine and spirits producer Campari Group, told investment analysts that prices could increase for some products or stay the same depending what rival companies do. If competitors raise prices, the company might decide to hold its prices on Skyy vodka or Aperol aperitif to gain market share, Hunt said. Trump has argued that making it more difficult for foreign companies to sell in the U.S. is a way to stimulate a revival of American manufacturing. Many companies have dismissed the idea or said it would take years to yield positive economic benefits. However, some corporations have proved willing to shift some production stateside. France-based luxury group LVMH, whose brands include Tiffany & Co., Luis Vuitton, Christian Dior and Moet & Chandon, could move some production to the United States, billionaire CEO Bernaud Arnault said at the company's annual meeting in April. Arnault, who attended Trump's inauguration, has urged Europe to reach a deal based on reciprocal concessions. 'If we end up with high tariffs, … we will be forced to increase our U.S.-based production to avoid tariffs,' Arnault said. 'And if Europe fails to negotiate intelligently, that will be the consequence for many companies. … It will be the fault of Brussels, if it comes to that.' Some forecasts indicate the U.S. economy would be more at risk if the negotiations fail. Without a deal, the EU would lose 0.3% of its gross domestic product and U.S. GDP would fall 0.7%, if Trump slaps imported goods from Europe with tariffs of 10% to 25%, according to a research review by Bruegel, a think tank in Brussels. Given the complexity of some of the issues, the two sides may arrive only at a framework deal before Wednesday's deadline. That would likely leave a 10% base tariff, as well as the auto, steel and aluminum tariffs in place until details of a formal trade agreement are ironed out. The most likely outcome of the trade talks is that 'the U.S. will agree to deals in which it takes back its worst threats of 'retaliatory' tariffs well beyond 10%,' Schmieding said. 'However, the road to get there could be rocky.' The U.S. offering exemptions for some goods might smooth the path to a deal. The EU could offer to ease some regulations that the White House views as trade barriers. 'While Trump might be able to sell such an outcome as a 'win' for him, the ultimate victims of his protectionism would, of course, be mostly the U.S. consumers,' Schmieding said.
Yahoo
27 minutes ago
- Yahoo
I'm 59 and broke after a brutal divorce — can I still retire with dignity? Here are 3 urgent moves to make now
Jamie, 59, is inching closer to retirement, but after going through a nasty divorce, his emergency fund and savings have been wiped out. He still has a 401(k) (the American equivalent of an RRSP), a pension and some investments, but his divorce will impact the value of those assets. Without additional savings to supplement those assets — which will be divided up with his ex — he's worried he'll have to delay retirement or do some serious downsizing. If you're in a situation like Jamie, here are three crucial things to do right now to help cobble together a comfortable nest egg. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich — and 'anyone' can do it The Canadian economy is showing signs of softening amid Trump's tariffs — protect your wallet with these 5 essential money moves (most of which you can complete in just minutes) I'm almost 50 and don't have enough retirement savings. What should I do? Don't panic. Here are 6 solid ways you can catch up You can't plan a roadmap if you don't know where you're going. Since Jamie had a retirement plan with his ex-wife, he now has to create a new one for himself. That means he'll need to calculate a new 'retirement number' — the target amount you need to live the life you want in retirement. A rule of thumb is to save 10 to 12 times your final salary. That number should take into account the age at which he wants to retire, his annual salary, his expenses and savings, as well as investment portfolio performance. It should also take into account the standard of living he wants to maintain in retirement. Depending on his final retirement number, he may have to make a few adjustments, such as working a few years longer than he planned or perhaps downsizing his standard of living. He may even change his retirement plans altogether, like working part-time at a side hustle or moving out of the country. While the divorce wiped him out, Jamie still has some retirement income. Since he will soon qualify for the Canada Pension Plan (CPP), he can use this to supplement any savings he manages to cobble together before he retires. At 59, the earliest he could claim his CPP retirement benefit is one year from now, at age 60. However, if he starts collecting CPP at 60, his payments would decrease 0.6% each month — or 7.2% per year — up to a maximum reduction of 36%. If he waits to claim his benefit after the age of 65, Jamie will see his payments increase by 0.7% each month — or 8.4% per year — up to 42% by age 70. While his savings may be depleted, Jamie still has a pension, Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). It's important to review your existing retirement accounts and understand how divorce will impact the division of those assets. This can be made more complicated because the rules on dividing pensions and assets vary from province to province, so it's a good idea to consult a divorce lawyer and financial advisor. During a divorce, traditional pension plans, such as CPP, are subject to provincial division laws. For instance, in Ontario and British Columbia, the money incurred can be divided equally between spouses or even allocated based on other factors determined by the court, such as the duration of the relationship, date of separation, as well as eligibility and entitlement. Funds that you've contributed during the course of your marriage to a RRSP are considered marital property in most provinces, although each has their own rules on how the funds are allocated during the separation process. For a regular RRSP, contributions made by the plan holder using their own income would not typically be subject to division. However, any instance of growth or increase in the value of the RRSP during the marriage may be subject to division. Thankfully, any contributions to a TFSA are typically not subject to division, as each spouse is able to retain their right to their individual assets accumulated throughout the marriage. Read more: Here are — and very quickly regret. How many are hurting you? Once you have a new retirement number in mind and understand how much you'll have left over after divvying up your retirement assets, you can come up with a new retirement savings strategy. This should also factor in at what age you plan to claim your CPP retirement benefit. For someone in their late 50s, it's harder to catch up — you won't benefit from the power of compounding — but it's not impossible to cobble together some savings. Jamie may need to cut back and live on less so he can direct as much as he can into savings. He may want to start by building up an emergency fund (to cover about three to six months of expenses) and paying down any high-interest debt. From there, he can start rebuilding his retirement savings. That includes maxing out his RRSP, especially if his employer matches his contributions. The maximum contribution limit for a RRSP in 2025 is $32,490. Additionally, any unused contribution room from previous years can also be added to your limit in the current year. Jamie may also want to work with his financial advisor to explore his investment options and optimize his portfolio to meet his new goals. While his marriage may be over, it doesn't mean his retirement dreams have to be. 1. Government of Canada: When to start your retirement pension 2. Canada Life: What happens to your pension in a divorce or separation? (Jul 18, 2023) Are you rich enough to join the top 1%? Here's the net worth you need to rank among Canada's wealthiest — plus a few strategies to build that first-class portfolio Warren Buffett's Berkshire Hathaway bought nearly 26 million shares of this Canadian company in 2024 — here are 3 ways to help you invest like the Oracle of Omaha Pet owners, here's how you can get up to 90% cashback on expensive emergency veterinary bills — and you can even get a free quote in 30 seconds Billionaires like Mark Zuckerberg and Jay-Z have taken out mortgages for homes they can easily afford — here's why This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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
Newsweek
32 minutes ago
- Newsweek
Tucker Carlson Previews Interview With Iran's President
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. Tucker Carlson has teased a new interview with Iranian President Masoud Pezeshkian, which the conservative former Fox News host said will air in the next few days. Why It Matters U.S. strikes on three of Iran's major nuclear sites in June split President Donald Trump's support base, and drew fierce criticism from Carlson, a former Trump ally. Carlson became embroiled in a high-profile and much-watched spat with GOP Senator Ted Cruz prior to the U.S. attacking Iranian sites, during which he accused Cruz of not knowing "anything" about Iran. What To Know Carlson said he had conducted the interview with Iran's president "because we were just at war with Iran 10 days ago and maybe again." "American citizens have the constitutional right, and the God-given right, to all the information they can gather about matters that affect them," he said in a brief clip posted to social media on Saturday. Carlson said the interview, conducted remotely and via a translator, would be broadcast after editing "in a day or two." Political commentator Tucker Carlson attends the United States Capitol in Washington, D.C., on January 20, 2025. Political commentator Tucker Carlson attends the United States Capitol in Washington, D.C., on January 20, 2025. Shawn Thew-Pool/Getty Images Carlson said he had swerved putting questions to the Iranian politician he believed would not yield honest answers, such as the impact of U.S. strikes on Tehran's nuclear program. "There's no chance he's going to answer that question honestly—I didn't bother to ask it," Carlson said. Trump has said the U.S. strikes "obliterated" the Iranian nuclear program, but the Pentagon only said the attacks had "degraded their program by one or two years." Assessments on how much damage huge U.S. bombs wrought on the deeply buried nuclear sites in Iran are still coming in, but experts have said it is very difficult to erase the nuclear knowledge cultivated by Tehran over decades. Majid Takht-Ravanchi, Iran's deputy foreign minister, told NBC that the U.S. had caused "serious damage" to the country's nuclear program but that Iran would continue to enrich uranium. Tehran has long said its nuclear program is peaceful, but international inspectors have found evidence of uranium enriched far beyond the threshold needed for non-military purposes. Israeli strikes on Iran last month, before the U.S. became involved, were aimed at taking out Tehran's ability to make a nuclear weapon, Israel said. "Can you believe everything you hear from the president of Iran? Probably not," Carlson said. "But that's not the point. The point is, you should be able to decide for yourself whether you believe it or not." Carlson said he had also put in a fresh request to interview Israeli Prime Minister, Benjamin Netanyahu, who will meet Trump in Washington on Monday. Iran's supreme leader, Ayatollah Ali Khamenei, was seen for the first time in public on Saturday since the start of the war with Israel, which has become known as the "12 day war." What People Are Saying President Donald Trump said of Carlson during a press conference with British Prime Minister Sir Keir Starmer last month: "Let him go get a television network." What Happens Next Carlson's interview with Masoud Pezeshkian will be broadcast shortly, he said.
