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Yahoo
16 minutes ago
- Yahoo
EU, South Korea seek US trade deals to soften tariff blow
By Philip Blenkinsop and Hyunjoo Jin BRUSSELS/SEOUL (Reuters) -The European Union and South Korea said on Monday they were working on trade deals with U.S. President Donald Trump that would soften the blow from looming tariffs as Washington threatens to impose hefty duties from August 1. Trump stepped up his trade war on Saturday, saying he would impose a 30% tariff on most imports from the EU and Mexico from next month, adding to similar warnings for other countries including Asian economic powerhouses Japan and South Korea. White House Economic Adviser Kevin Hassett said on Sunday that countries' trade deal offers so far have not satisfied Trump and "the tariffs are real" without improvements to their proposals. "The president thinks that deals need to be better," Hassett told ABC's This Week program. "And to basically put a line in the sand, he sent these letters out to folks, and we'll see how it works out." European Trade Commissioner Maros Sefcovic expressed optimism that Washington and the EU were approaching a positive outcome for both sides. He warned, however, that a 30% tariff would practically eliminate trade between the U.S. and the 27-nation bloc, which are currently each other's largest trading partners. "We continue to engage with the U.S. administration and prioritise a negotiated solution by the new deadline of August 1. I cannot imagine walking away without any effort," Sefcovic said ahead a meeting with EU trade ministers in Brussels. German Chancellor Friedrich Merz, meanwhile, issued a stark warning on Sunday regarding the impact of a tariff at that level on the EU's largest economy. "If that were to happen, we would have to postpone large parts of our economic policy efforts, because it would interfere with everything and hit the German export industry to the core," Merz said. The EU has so far held off on retaliatory measures to avoid a spiralling tit-for-tat escalation in the trade war while there remains a chance of negotiating an improved outcome. But Italy's Foreign Minister Antonio Tajani said the EU has already prepared a list of tariffs worth 21 billion euros ($24.5 billion) on U.S. goods if the two sides fail to reach a trade deal. MARKETS' MUTED REACTION Since returning to the White House earlier this year, Trump has sought to use an array of tariffs to boost the U.S. economy, push companies to invest in the United States, and revitalise sectors including manufacturing. His initial "Liberation Day" tariff announcement in April, which set a baseline tariff of 10% on all imports and higher duties on certain products or countries, raised fears of global supply chain disruptions, sending shockwaves through markets. But subsequent U-turns and delays, including a 90-day pause on most duties aimed at allowing time for trade deal negotiations, have left investors largely inured to Trump's chaotic policy roll-outs. Stocks eased moderately on Monday, while the dollar gained little on the euro. The impact on European spirits companies, many of which rely heavily on the U.S. market, was also mixed. Shares in Diageo, whose U.S. business is driven by sales of Canadian whisky and Mexican tequila, rose 1% in early European trade. Rival Pernod Ricard, maker of Jameson Irish whiskey, saw its shares fall 1%, while cognac maker Remy Cointreau dropped 2.4% SCRAMBLE FOR DEALS The looming August 1 deadline has set off a scramble by governments around the world to seal trade agreements. South Korea's top trade envoy said on Monday it may be possible to strike an "in-principle" deal by the deadline and signalled that Seoul may be open to allowing the U.S. greater access to its agriculture markets, local media reported. Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea was seeking to avoid "unfair" U.S. tariffs on sectors key to its industrial prowess that would undermine industrial cooperation with its main security ally and trading partner, media reports said. "I believe it's possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail," he added. South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports, the same level faced by Japan. (Additional reporting by Milan Strahm, Cristina Carlevaro, David Lawder, John Revill, Andreas Rinke, Wayne Cole and Emma RumneyWriting by Keith WeirEditing by Joe Bavier) Sign in to access your portfolio
Washington Post
25 minutes ago
- Washington Post
Texas just gutted free speech on college campuses. Is your state next?
Laura Benitez is state policy manager and Jonathan Friedman is Sy Syms managing director for PEN America's U.S. free expression programs. As thousands of students return to college campuses this fall, they will find themselves stepping into an environment reshaped by political and ideological mandates. Across the country, state legislators have been racing to exert new influence over free expression in higher education. Now, Texas has surged to the forefront, closing its 2025 legislative session by passing two alarming laws that take effect Sept. 1.
Yahoo
36 minutes ago
- Yahoo
EU nations request secrecy in phasing out Russian oil and gas by 2027
EU countries have urged the European Commission (EC) to maintain confidentiality regarding their strategies to cease using Russian oil and gas by the end of 2027, reported Reuters, citing sources. The EC's proposal last month, which mandates member states to develop national plans detailing measures and timelines for this transition, is currently under negotiation, with governments demanding secrecy as per a draft document. Currently holding the EU presidency and leading the talks is Denmark, which has drafted a document stating that these plans should be kept under "professional secrecy" and not disclosed without the member state's consent. The plans are expected to outline national or regional actions to reduce demand, boost renewable energy, secure alternative supplies, and identify potential obstacles to diversification. The call for confidentiality may stem from concerns over market impacts on gas prices or the exposure of sensitive information about sourcing non-Russian fuels. Although submission to Brussels is obligatory, the "professional secrecy" clause would prevent disclosure to other parties or authorities. The EC's initial proposal did not clarify whether the plans would remain confidential. Denmark's EU presidency spokesperson has refrained from commenting on the ongoing negotiations. Discussions among EU diplomats are set to continue next week, addressing early-stage negotiations and potential legal implications for companies breaching Russian gas contracts. Slovakia and Hungary, still reliant on Russian gas pipelines, have resisted the ban, though the EU designed the measure to pass without their support. Slovakia's opposition to new sanctions on Russia, pending resolution of its gas supply concerns, threatens the unanimity required for EU sanctions. Slovakian Prime Minister Robert Fico has expressed the country's refusal to support the 18th sanctions package without addressing issues of high gas prices and compensation for ceasing Russian imports. Slovakia is seeking an agreement by Tuesday with the EU on guarantees against the repercussions of ending Russian gas supplies and on a new sanctions framework, according to a separate Reuters report. Fico highlights the need for political commitments and assurances that Slovakia will not bear the burden alone. With a contract valid until 2034, the country's reliance on Gazprom for gas has been complicated by Ukraine halting Russian gas transit since late 2024. Slovakia has since sourced gas through the Turkstream pipeline and Hungary. The proposal to cease Russian energy imports by 2028 can proceed with a majority vote. However, sanctions require unanimous agreement, leading Slovakia to link the two matters and withhold sanction support until its energy concerns are met. The EC's latest sanctions proposal, targeting Russia's energy revenues and military industry, awaits EU foreign ministers' approval, contingent on Slovakia's stance. "EU nations request secrecy in phasing out Russian oil and gas by 2027" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
